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File #: 15-3444   
Type: Procedural
In control: City Council A Session
On agenda: 6/4/2015
Posting Language: A Public Hearing and consideration of the following ordinances related to a Public Private Partnership among the City of San Antonio, Weston Urban LLC and Frost Bank for the purchase of the Frost Bank Tower; the creation of 265 residential units in the central business district; and the construction of a Class A office tower in downtown San Antonio: [Carlos Contreras, Assistant City Manager; Lori Houston, Director; Center City Development and Operations]
Related files: 15-3502, 15-3503, 15-3500, 15-3501, 15-3504, 15-3505
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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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