IBC buys site of Harris Bay’s canceled hotel development

Laredo-based bank bought River Walk lot after it changed hands in foreclosure

International Bank of Commerce's Dennis Nixon and 151 East Travis Street (International Bank of Commerce, Google Maps, Getty)
International Bank of Commerce's Dennis Nixon and 151 East Travis Street (International Bank of Commerce, Google Maps, Getty)

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.

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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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