PROJECT UPDATE: Primera Partners Counter Bid to Weston Urban Frost Building

October 31, 2014 by Taylor Allen

In June, commercial developer Weston Urban, submitted an unsolicited public private partnership proposal to the City of San Antonio. As previously reported, the deal involves a series of land swaps between the City and Weston Urban, in exchange for Weston Urban to develop a new 400,000 office tower, to be anchored by locally headquartered Frost Bank.  City staff would then be consolidated at Frost Bank’s current downtown building.  The deal would save the City upwards of $1.3 million in annual rents, bring 300 new residential units to the city core, and develop the first high rise office tower in San Antonio in over 20 years.

 

Rendering of proposed tower, Courtesy Weston Urban
Rendering of proposed tower, Courtesy Weston Urban

The City has been reviewing Weston Urban’s proposal and last week, received a competing bid from Primera Partners, a local real estate firm. Primera’s bid was the only competing bid, and was submitted less than an hour before the deadline.

 

Rendering of proposed tower, Courtesy Weston Urban
Rendering of proposed tower, Courtesy Weston Urban

The City is now reviewing the proposal with a committee comprised of staff from the City Manager, City Attorney, City Finance, and Department of Center City Development. Should it be a serious contender, the City will initiate a 30-day due diligence process for further review.

Rendering of proposed tower, Courtesy Weston Urban
Rendering of proposed tower, Courtesy Weston Urban

Details of Primera’s proposal are limited, as the City has not released a copy. There is speculation the deal would involve Primera’s building at 111 Soledad St, a 20-story office tower.

Riverview Towers, Courtesy Primera Partners
Riverview Towers, Courtesy Primera Partners

Written by Taylor Allen

Taylor Allen

Taylor Allen is a resident of Downtown San Antonio. He graduated from Texas A&M University, and is a practicing civil engineer in San Antonio. He is the Chair of LOOP, Leadership San Antonio Class 42, and is actively involved in ULI.