A Loredo-based bank has taken on the site of Harris Bay’s canceled hotel project in downtown San Antonio.
International Bank of Commerce acquired the 0.2-acre parcel at 151 East Travis Street from Equity Secured Investments, the San Antonio Express News reported. The price wasn’t disclosed; the Bexar Appraisal District values the land at $3.9 million.
Equity Secured Investments had acquired the vacant site at a foreclosure auction in June for $2.3 million.
IBC’s plans for the land are under wraps, but the acquisition could serve as a springboard for development.
The land has been on a roller coaster over the past few years. It was targeted for a boutique hotel development by Florida-based Seaside Hospitality in 2018. When those plans fell through, the property was sold to an entity associated with California-based real estate investment firm Harris Bay.
Harris Bay envisioned a 121-room hotel, called Artista, with restaurant and bar spaces, meeting rooms, and more than 2,500 square feet for events. It secured $2.2 million in funding and had an opportunity zone created, but construction never began, and the project was abandoned.
IBC’s purchase comes as Visionworks of America, a key tenant in IBC’s 240,200-square-foot office complex, prepares to vacate its 150,000-square-foot space for a 30,000-square-foot office in Far North Central by the end of the year.
Even though the land’s previous owners struggled to bring their vision to life, IBC’s acquisition marks a new chapter for the vacant site. With its strategic investment, the bank could reinvigorate the area, drawing new business and tourism to the River Walk.
— Andrew Terrell
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