DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP, Director
COUNCIL DISTRICTS IMPACTED: 5
SUBJECT:
Execution of a Chapter 380 Economic Development Grant Agreement for the Lone Star District Project located at 500 and 600 Lone Star Blvd., in Council District 5.
SUMMARY:
This ordinance authorizes the execution of a Chapter 380 Economic Development Grant Agreement between the Inner City TIRZ Board of Directors, GrayStreet Lone Star, LP, and the City of San Antonio for an amount not to exceed $24,000,000 over a 15-year term for the Lone Star District Project located at 500 and 600 Lone Star Blvd., in Council District 5.
BACKGROUND INFORMATION:
The Lone Star District is a 32-acre mixed-use development that will include commercial space, multi-family housing, retail space, entertainment, hospitality, office space, and open market space. The core of the development will be the adaptive reuse of the historic Lone Star brewhouse. The project will be built in multiple phases starting in the fourth quarter of 2021 and continuing for approximately a decade. The total built space will exceed 1,000,000 square feet and include approximately 1,282 housing units of which 20% will be affordable, 186 hotel rooms and 359,052 sq ft of office space among its many uses.
The Lone Star District redevelopment-with a total development cost of approximately $596,000,000 and an assessed value of approximately $709,267,533-will have both an economic and a community impact. During construction, the project is estimated to create approximately 3,900 direct jobs and 7,734 indirect jobs. Once the development is completed, approximately 1,550 full-time jobs are estimated to be created. The development will have an impact on the community by transforming a formerly industrial use that has been vacant since 1996 to an active use that will include a refurbished Lone Star Boulevard with new widened sidewalks, bikes lanes, and bur...
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