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File #: 19-9168   
Type: Real Property Sale
In control: City Council A Session
On agenda: 6/4/2020
Posting Language: Ordinance approving the sale of City-owned property at 322 W. Commerce, in Council District 1, known as the Continental Hotel property, through an Economic Incentive Agreement with Weston Urban, LLC for $4,700,000, and depositing the sale proceeds into the City Tower fund. [Lori Houston, Assistant City Manager; John Jacks, Director, Center City Development & Operations]
Attachments: 1. Revised Contracts Disclosure Form for Weston Urban, 2. Consensus Summary, 3. Map, 4. Agreement, 5. Draft Ordinance - updated, 6. Signed Agreement, 7. Ordinance 2020-06-04-0364
DEPARTMENT: Center City Development and Operations Department


DEPARTMENT HEAD: John Jacks


COUNCIL DISTRICTS IMPACTED: Council District 1


SUBJECT:

Sale of Continental Hotel Property


SUMMARY:

A Master Development Agreement and sales contract with Weston Urban, LLC for the Sale of the Continental Hotel Property located at 322 W. Commerce.


BACKGROUND INFORMATION:

Property Information
The Continental Hotel property is located at 322 W. Commerce and includes a historic building and former City parking lot on a total of 1.08 acres. The property is within the Central Business District, the Main/Military Plaza Historic District, and Zona Cultural. It is adjacent to the San Pedro Creek Culture Park, and in close proximity to Phase 1 of UTSA's Downtown campus expansion, which is expected to add over 3,000 faculty, staff, and students to the area by 2028.

The building was constructed as a hotel and has since undergone numerous interior and storefront alterations. In 1984, extensive renovations transformed the building's interior into offices and lab space for the City's Metropolitan Health District. The building has remained vacant since the Health District relocated in 2016.

Request for Proposals
To facilitate the sale and redevelopment of the property, the City issued a Request for Proposals on September 11, 2019. The RFP sought proposals for multifamily projects which maximized residential density, respected the historic structure, and responded to the surrounding downtown context. Respondents were asked to disclose their proposed affordability mix and opportunities for public parking. The minimum purchase price was $4.7 million.

Procurement Process
The Audit and Accountability Committee received a pre-solicitation briefing on August 30, 2019. The RFP was released on September 11, 2019 and responses were due on October 28, 2019. One firm responded to the RFP.

The evaluation committee included representatives from the City Manager's Office, UTSA, able...

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