DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Ordinance approving execution of a Development Agreement with GrayStreet Houston - E. 305 Houston Street, LLC for the Grant/Kress Building Rehabilitation project in an amount not to exceed $1,250,000.00. The project is located at 305 and 315 East Houston Street in City Council District 1 and within the Houston Street Tax Increment Reinvestment Zone (TIRZ).
SUMMARY:
City Council is being asked to consider an Ordinance approving execution of a Development Agreement between the Houston Street TIRZ Board of Directors, GrayStreet Houston - E. 305 Houston Street, LLC and the City of San Antonio for the Grant/Kress Building Rehabilitation project in an amount not to exceed $1,250,000.00 in reimbursable TIRZ funds for facade renovation and waterproofing, green roof, and landscaping.
BACKGROUND INFORMATION:
The Kress Building was built circa 1938 as a "five-and-dime" store by Edward Sibbert, the head architect for S. H. Kress & Co. While the five-and-dime store closed in 1992, various restaurants and retailers have occupied the space since. The Grant Building, originally known as the Vance building, was built circa 1946 and housed a dime store for many years. Between 1995 and 2015, it was the site of San Antonio Children's Museum.
The developer, Graystreet Partners, purchased the Kress Building, 315 East Houston Street, in April 2015, and the Grant Building, 305 E. Houston Street, in June 2016. This project will see the two buildings integrated on multiple levels to create a unique 75,000 square feet office work space, with a food hall on the ground floor, and a rooftop terrace. The developer will invest $43M in the Grant and Kress Buildings. The upper floors of the Kress Building have been vacant since 1992 and the Grant Building has been vacant since 2015.
WeWork Companies Inc. has leased th...
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