Ready Capital seeks buyer for downtown development site

Proposed luxury RV park use was denied by city council

Ready Capital’s Jack Ross with development site at 1008 and 1012 Hoefgen Avenue (Getty, Google Maps,  readycapital)
Ready Capital’s Jack Ross with development site at 1008 and 1012 Hoefgen Avenue (Getty, Google Maps, readycapital)

A large tract in downtown San Antonio that’s ripe for development has come available.

New York-based Ready Capital hired CBRE brokers Andrew Price, Daniel Wall and Braeden Bernstein to sell the vacant land at 1008 and 1012 Hoefgen Avenue, the San Antonio Business Journal reported. An asking price has not been disclosed.

Until May, the nearly 2-acre tract was owned by an LLC led by local developer Craig Glendenning, who unveiled plans last fall to turn the site into a luxury RV park. Glendenning eventually wanted to develop a mixed-use complex with 300 apartments and 270 hotel rooms, with the RV park serving as a short-term solution for the property to generate revenue.

The parcels, valued at a combined $1.4 million for tax purposes, are zoned for industrial use. CBRE is playing up the offering as a prime development opportunity less than 2 miles from downtown, while emphasizing the site’s location off Interstate 37 and proximity to attractions such as the Alamodome and Convention Center.

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A future developer may face challenges getting a project off the ground, given that Glendenning’s request to rezone the property for RV use was denied by the city council. The zoning commission, however, gave initial approval.

Glendenning argued that the RV park was the best option for the land, until market conditions and tight lending standards improved enough for the multifamily component to become viable. 

A handful of development sites in the downtown area have hit the market this year. An affiliate of Newstream Capital Partners recently listed properties spanning nearly an acre along the River Walk. Marketing materials show a rendering of a 24-story apartment building with 226 units.GrayStreet Partners also has CBRE seeking buyers for the low-rise retail buildings at 100 and 108 Soledad Street. They’re being marketed as a redevelopment opportunity, with possible uses including multifamily, hotel or mixed-use.

—Quinn Donoghue 

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