The Alamo Heights City Council unanimously approved an incentive package valued at up to $2 million to support Ridgemont Properties’ redevelopment of a long-vacant medical office building at 5307 Broadway.
The agreement, structured under Chapter 380 of the Texas Local Government Code, provides a 100 percent property tax rebate for 10 years and a 75 percent sales tax rebate for 15 years, the San Antonio Business Journal reported. Projects in Fort Worth and elsewhere in the state have negotiated similar deals.
The agreement requires San Antonio-based Ridgemont to invest at least $9 million in planning and construction, and stipulates that one restaurant must be operational by the end of 2027.
The site, formerly occupied by Nix Health until 2020, has remained empty for years. Rather than pursue another medical tenant, Ridgemont plans a mixed-use redevelopment.
Ridgemont Vice President Trebes Sasser Jr. outlined a strategy to activate the ground floor with food and beverage tenants, while converting the second floor into smaller office spaces. Another empty Nix site in Houston may convert to apartments.
The company is targeting late 2026 for initial move-ins, with Studio8 Architects leading the design of the project.
Sasser emphasized that the Broadway corridor has suffered from limited commercial investment in recent years. He hopes the project will spur broader redevelopment, encouraging other property owners to pursue similar investments.
“This project will serve as a catalyst for not just this asset, but also casts a vision for other property owners along the corridor,” he told the Business Journal.
Ridgemont, run by CEO Trebes Sasser Sr., has other properties along Houston Street in San Antonio purchased last year. Ridgemont’s website describes the company as a family investment firm focused on infill sites in San Antonio submarkets. It has holdings in multifamily, offices, retail, industrial and land.
Alamo Heights, about five miles north of Downtown San Antonio, has become a target for teardowns as it gentrifies.
— Joel Russell