DEPARTMENT: Center City Development & Operations
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
A Public Private Partnership (P3) among the City, Weston Urban LLC and Frost Bank for the acquisition of the Frost Bank Tower, development of 265 residential units in the central business district and the construction of a class A office tower in downtown.
SUMMARY:
City Council action authorizing the execution of a Comprehensive Development Agreement (the "CDA") and ancillary documents among and between the City, Weston Urban LLC and Frost Bank that will result in: 1) a consolidated administrative office tower for the City; 2) 265 housing units in the central business district; and 3) the construction of the first class A office tower in downtown San Antonio since 1989.
This action also declares as surplus three City-owned properties: 300 N. Santa Rosa St. (also known as 319 West Travis), 114 W. Commerce, and 401 N. Flores and authorizes the sale of each property to Weston Urban LLC.
BACKGROUND INFORMATION:
On June 25, 2014, the City received a Pre-Proposal letter from Weston Urban and Frost Bank in accordance with the City's Public-Private Partnership Guidelines. The letter described a series of transactions that would result in a consolidated administrative office tower for the City, 265 housing units in the central business district, and the construction of the first class A office tower downtown since 1989. Following a preliminary review by City staff of the concepts within the Pre-Proposal Letter, the City invited Weston Urban and Frost Bank to submit a detailed proposal outlining the specifics of the project. The detailed proposal was submitted on August 8, 2014.
Original Proposal
Under the terms of the original detailed proposal: 1) Frost would sell the Frost Bank Tower and Parking Garage to the City for the purpose of consolidating the City's administrative offices an...
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