DEPARTMENT: Center City Development & Operations Department
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: District 1
SUBJECT: Economic Development Agreement for La Panader?a
SUMMARY:
This Ordinance approves a Chapter 380 Economic Development Loan Agreement for up to $118,000 in Inner City Incentive Funds to GrayStreet Partners for retail tenant finish-out improvements at the Vogue Building located at 600 Navarro Street in Council District 1.
BACKGROUND INFORMATION:
The City is engaged in revitalizing and supporting economic development activities to reactivate the San Antonio Central Business District. Significant challenges to economic revitalization include the lack of adequate housing, transit barriers, lack of parking, and high instances of vacancy. Through the Center City Development and Operations Department (CCDO), the City continues to encourage and incentivize downtown retail opportunities, specifically along Houston Street where the City has made significant investments in public infrastructure improvements. The City is working with various stakeholders including GrayStreet Partners to work towards an economic revitalization of this corridor. GrayStreet Partners recently acquired a number of properties in the Central Business District and is working to fill the longstanding retail vacancies and underutilization.
GrayStreet Partners owns the Vogue Building located at 600 Navarro Street and has engaged La Panader?a to lease 5,900 square feet of street-level restaurant space in the building. La Panader?a is a locally-owned and operated "Pan American bakery" that sells artisan-quality Latin American breads, coffee, and light fare at affordable prices.
La Panader?a is seeking to expand from its first location in the Alamo Heights area to a second location, possibly in the Central Business District. If located in the Vogue Building, the restaurant is projecting to open for business by the end of the year and to hire 40 to 50 employee...
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