The City of San Antonio, Weston Urban, and Frost Bank announced a deal yesterday that will consolidate city operations downtown, provide a new headquarters for Frost Bank and facilitate the creation of 265 new housing units in the Central Business District.
According to a press release, the city will sell the Municipal Plaza Building at 114 West Commerce and properties at 319 West Travis and 403 North Flores to Weston Urban. These properties, along with the properties that Frost will sell to Weston Urban, will facilitate the creation of 265 new housing units downtown.
Frost will sell the Frost Bank Tower and its 732-space parking garage to the city. Weston Urban will build a 400,000-sf office tower to serve as Frost Bank’s headquarters at Flores and Houston Streets.
“This transaction will centralize approximately 1,400 employees into three city-owned buildings,” City Manager Sheryl Sculley said. “Currently, the City of San Antonio leases office space in four buildings in the downtown area, costing the city $3.5 million annually. This transaction will result in a net savings to the city’s budget.”
A public hearing on the proposal and comprehensive development agreement is scheduled for 9 a.m. May 28. The city council will take action on the agreement at its June 4 meeting.