Plans are underway to convert office floors of the historic Tower Life Building in downtown San Antonio to apartment units. A group comprising Red McCombs and real estate investors Jon Wiegand and Ed Cross purchased the 30-story building in May. Likely options for the new development based on the developers’ plans include condominiums and apartments, both market rate and affordable.
At present, the developers have formed a partnership with Bexar County and are seeking tax incentives to include affordable housing units. Negotiations on the deal began after the Bexar County Commissioners Court’s Public Facility Corporation approved the process. According to Wiegand, the Tower Life Building is only 40% occupied and is no longer sustainable as an office space. He further stated that the project’s aim is to provide mixed-use housing for a diverse population, with mixed incomes and ages.
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Initial plans for the Tower Life Building development
The developers’ initial plan for the Tower Life Building was to convert its spaces into 234 housing units. Thereby making half of those units available for households earning 80% or less than the area median income (AMI). Meanwhile, 23 of the units would be for households earning up to 60% AMI. In addition, the ground-floor retail space which has remained vacant for over 20 years, will also be redeveloped.
Another aspect of the plan includes removing the concrete barrier between the building and the San Antonio RiverWalk. This served as armor in 1929 when the Tower Life Building was first built, to help manage flood risks. But presently, the San Antonio River is under control and the development can now be connected to this downtown amenity.
Wiegand also pointed out that there were several office problems at the Tower Life building which started long before COVID. Eventually, the majority of the office and business workers pulled out, in favor of remote work or newer office sub-markets. He said this has resulted in the downtown streets becoming quiet during the week, and local businesses struggling. However, the new redevelopment project is intended to bring a full-time resident population back to the core of downtown.
Cross wasn’t sure of the renovation costs for the Tower Life building, but he said it was still in good shape. He said the previous owner, the H.B. Zachry family had taken care of it over the past 70 years. Over the course of the negotiation process, Cross said they would iron out details of the plan with the county. The exact cost of the project would also be worked out as well.
