An AC Hotel is in the works as part of Fulcrum Development and GrayStreet Partners’ expansive mixed-use project north of downtown San Antonio.
The proposed 211-room hotel, spearheaded by Merritt Development Group in partnership with DLR Group, would replace a shuttered Pig Stand diner and two neighboring buildings along Broadway, near the Pearl District, the San Antonio Express News reported.
The Pig Stand, at 1508 Broadway, was the last vestige of a historic restaurant chain, but the hotel plans reflect the vision that Fulcrum, founded by brothers Jacques and Steve Braha, and GrayStreet, led by managing partner Kevin Covey, have for the area’s redevelopment.
Central to this broader revitalization is Broadway East, a 15-acre development with retail, office, residential and hotel. GrayStreet began acquiring land for the project in 2014, accumulating over 20 acres between Broadway and North Olive Street, including the Pig Stand, which closed last year.
GrayStreet previously planned to collaborate with Houston-based Midway on a phased development stretching through 2030. However, after selling part of the property to Encore Enterprises, GrayStreet reduced its role.
GrayStreet sold 14.6 acres to Fulcrum in 2021, and the two firms have since partnered to refine the vision for Broadway East.
The updated plans scaled back the height and density of the buildings fronting Broadway and removed office space due to financing challenges. Despite these revisions prolonging the redevelopment, construction on the first phase is expected to start this year, with retail and parking elements slated for completion by 2026.
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Although the AC hotel is still in the early stages, the project would mark a significant addition to the area’s ongoing transformation. A lot of due diligence is still required before the project can get off the ground, said David Merritt of Merritt Development.
The AC Hotel isn’t the only development on the horizon. Broadway East will be joined by several other hotel projects, including a $37 million Residence Inn by Marriott and a 166-room hotel by Oxbow Development Group.
—Andrew Terrell