Midway, GrayStreet Partners Unveil San Antonio Master Plan
The first phase of the Lone Star District will consist of office, multifamily and retail totaling nearly half a million square feet.
Midway, of Houston, and GrayStreet Partners, of San Antonio, have revealed their plans for the first phase of Lone Star District, a master-planned mixed-use project just south of downtown San Antonio that will eventually total 32 acres.
READ ALSO: CPE’s February 2021 Must-Reads
Using a combination of renovated historic buildings and new construction, the 12-acre former site of the Lone Star Brewery will include about 250 apartment units totaling around 300,000 square feet, about 100,000 square feet of office space and 50,000 square feet of retail, restaurant and entertainment space.
A spokesperson for the developers told Commercial Property Executive that the site, on the south side of Lone Star Boulevard and just west across the San Antonio River from Roosevelt Park, has been unused since 1996, when the brewery closed down and operations were moved to Longview, Texas.
As things stand now, groundbreaking will take place later this year, with vertical construction beginning in 2022. Phase one is scheduled for completion in 2025.
The developers intend to create a walkable environment that will “encourage an active, al-fresco lifestyle with Southwestern-style open-air plazas, pocket parks and dynamic outdoor programming.”
Midway and GrayStreet plan to develop Lone Star District over a decade. The spokesperson added that the companies are working on master-plan alternatives for the balance of the site, a 20-acre parcel immediately south of the first phase.
Lone Star District is about a mile and a half south of downtown San Antonio, within the city’s Southtown Arts District, and barely a mile from the intersection of I-10 and I-37.
The project’s design team includes master-plan architects Lake|Flato, OJB Landscape Architecture and civil engineer WGI Engineers.
Still falling, slowly
Though negative absorption in San Antonio’s office market continued into the fourth quarter, increases in sublease activity slowed, according to a report from JLL. And asking rental rates are holding steady, though concessions are increasing.
JLL noted “a full pipeline of new construction” currently, including a 53,000-square-foot property at 7600 Broadway.
The Downtown/CBD Class A office submarket has a total vacancy of 8.7 percent on an inventory of about 2.3 million square feet, also according to JLL.
In January, the investment arm of NAI Partners, Partners Capital, sold Marymont Office Park, a four-building, 85,368-square-foot property in San Antonio, to Citadel Venture Holdings.
