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CPS Energy selling six downtown properties

by Ben OlivoSep 25, 2018
CPS Energy's headquarters at 145 Navarro St. will soon be for sale. BEN OLIVO | SAN ANTONIO HERON

CPS Energy is preparing to sell six prominent downtown properties, including its 10-story, River Walk headquarters and the circa-1959 Villita Assembly Building.

On Monday, the utility's board of directors declared the properties surplus, as well as a customer service center on San Pedro Avenue, as it prepares to move into its new headquarters on McCullough Avenue in 2020. Another property, the former Jones Avenue Service Center, which was declared surplus in 2015, will also be placed on the market.

The properties that will be up for sale this year:

» Headquarters building, 145 Navarro St., built in 1928

» Navarro building and garage, 146 Navarro St., built for the 1968 World's Fair

» Parking garage between CPS Energy headquarters and the Tower Life Building, which is co-owned by the utility and members of the Zachry family, owners of the Tower Life.

» The surface lot adjacent to the Mexican Consulate on Navarro Street

» Villita Assembly Building, 401 Villita St.

» Former Jones Avenue Service Center, 326 W. Jones Ave., which faces Jones and the San Antonio River

» Northside Customer Service Center, 7000 San Pedro Ave.

The downtown properties total $66.5 million in assessed value and about 10.5 acres, according to property records. The revenue generated from the sale will help off-set the cost of CPS Energy's new $210 million headquarters. Currently, the utility has hollowed out the twin mid-rises on McCullough and the river, which were used by AT&T and by Valero Energy Corp. for its headquarters, in their previous lives.

There is no asking price for the properties, said CPS Energy Spokeswoman Nora Castro.

"Right now, it's so preliminary, we just had the vote to put them out there, so that hasn't been determined or anything," Castro said.

Castro said the properties could be sold in a package deal or individually, "All options are on the table."

CPS Energy has hired CBRE to broker the deal or deals. The entire process is expected to take two years.

Rendering of CPS Energy's new headquarters on McCullough Avenue and the San Antonio River. COURTESY CPS ENERGY

Contact Ben Olivo: 210-421-3932 | ben@saheron.com | @rbolivo on Twitter

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