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.
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.
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.
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.