Much of the new development along the Museum Reach of the San Antonio River and the adjacent Broadway corridor has been multi family residential projects. There are two new projects, neighboring one another in fact, that will not be residential; the Wyndham Garden, recently opened, and the Phipps Law Offices, still under construction.
The two neighboring projects front the recently renovated Museum Reach of the river and represent over $23 million in investment to the area. Total, they benefited from approximately $1.5 million in incentives from the River North Tax Increment Reinvestment Zone (TIRZ). A TIRZ area collects taxes that are then reinvested specifically back into the zone in which they were collected. The City currently has 25 TIRZ areas, with much of downtown within one. The incentives for these two projects will be used for public improvements, including water main upgrades.
The hotel features 130 rooms, a pool overlooking the river, and a ground floor restaurant, Bourbon St. Seafood Kitchen. The Phipps Building is four stories with approximately 25,000 square feet of office space, bringing more employees to this stretch of downtown.
Even with these two new projects, the Museum Reach still has significant capacity for continued development. Just across the river sit vacant lots, however no plans for development have been announced yet.