On Tuesday, the Houston Street Tax Increment Reinvestment Zone (TIRZ) board unanimously granted up to $2.5 million for the rehabs of the Travis Park Plaza office building and garage, across from Travis Park; and the Grant and Kress buildings on Houston Street.
The two projects, which are each due to receive up to $1.25 million, are being lead by GrayStreet Partners, the local developer that's become a major downtown player.
For the $13.4 million project at Travis Park Plaza, 213 E. Travis St., the TIRZ funding will go towards removing the pavement around the building to make way for landscape beds and tree wells. The rehab is expected to be done in 6-9 months, said Peter French, GrayStreet Partners' director of development.
In a TIRZ, which are created by the city, revenue generated from the rise in property taxes is reinvested into projects within the boundary.
On the retail end at Travis Park Plaza, Hopscotch, an "immersive art experience" venue, will occupy the first floor, along with Lola Coffee, a local coffee purveyor.
Previous plans to add more levels to the building's garage have been scrapped. Instead, the company plans to use a valet service and "stackers," which are mechanical platforms allowing cars to be stacked two to three vehicles within the same parking space inside the northwest side of the garage.
District 1 Councilman Roberto Treviño, who chairs the Houston Street TIRZ board, offered the TIRZ's assistance for lighting if GrayStreet Partners needed it.
The TIRZ contribution in the $43.5 million refurbishing of the Grant and Kress buildings, 305 and 315 E. Houston St., will fund facade renovation and waterproofing, the creation of a "green roof" space, and other landscaping.
The Grant and Kress buildings, which have been vacant for decades, are the future home of WeWork’s first San Antonio space.
WeWork, the upscale shared workspace, will occupy 75,000 square feet of space in both buildings—the top two floors of the Grant (former children's museum) and the top four floors of the Kress buildings. Currently, the space is being prepared. French said WeWork would begin its own finish-out in early 2020, but he didn't know how long it would take the company to move in.
A 15,000-square-foot food hall, on the bottom levels of the Grant, is slated to open in early 2020.
The TIRZ funding agreements go to the City Council in June 6 for approval.
For more articles on GrayStreet's other projects throughout downtown, click here.