Blueprint Hospitality has purchased the former headquarters of CPS Energy, located on San Antonio’s River Walk, for $19 million with plans to convert the property into a hotel, the Express-News reports.
The transaction also includes a stake in the Tower Life Buildings parking garage, according to the daily.
The 10-story office building was one of more than $50 million in real estate properties the CPS put on the sales in 2019, the paper reports. The municipally owned utility plans to use the potential proceeds to pay down the $210 million it spent on a headquarters on McCullough Ave.
The location of the original CPS headquarters along the River Walk and its proximity to attractions such as the Henry B. Gonzalez Convention Center was too good of an opportunity to pass up, Blueprint managing partner Kishan Patel told the Express-News.
“We feel strongly about the market … believing that corporate business will be back again; it seems like it’s well-positioned to capture some of the opportunities down there,” Patel said.
Blueprint specializes in renovating old and distressed buildings such as the old CPS headquarters, which was built in 1926 and included later additions. The developer is also working on projects in St. Louis, Fort Worth and Little Rock, Arkansas.
Final plans for the site located at 145 Navarro St., such as the new hotel’s name, number of rooms and opening date have yet to be released.
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