A $295 million mixed-use development is coming to a northern stretch of San Antonio’s River Walk.
McCombs Enterprises plans to redevelop a 5.9 acre site it bought in January from CPS Energy, the San Antonio Business Journal reported. The San Antonio-based firm, founded by legendary Texas businessman Red McCombs, is partnering with Denver-based McWhinney on the development.
Their planned development is called Jones Avenue at Museum Reach, and it’s near the Pearl District. The partnership is seeking $35 million in public funding, the outlet reported.
It is applying for funds from a tax increment reinvestment zone. Also, the Texas Legislature recently created a municipal management district specifically to serve this development, the San Antonio Express-News reported. The municipal management district can levy property taxes and issue bonds to benefit development. Those funds ultimately will come from tenants’ rents, the outlet reported.
Jones Avenue and Museum Reach would comprise two mid-rise apartment buildings with 325 units, a four-story office building spanning 70,000 square feet, 146 hotel rooms and two parking garages fitting 900 cars. Public space and something called “the Barn” are also mentioned in planning documents, the outlet reported.
Red McCombs, who died in February, was the founder of Red McCombs Automotive Group and a co-founder of Clear Channel Communications. McCombs Properties has developed residential communities in Texas and Colorado, as well as multifamily and commercial buildings and master-planned communities.
“We want it to be timeless, to be catalytic, to help change in a good way this particular stretch of Museum Reach, to be approachable by all types and to be well done,” Harry Adams, managing executive at McCombs Properties, told the San Antonio Express-News in June. “It’s part of Red’s legacy, in our eyes.”
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