On Monday, USAA will move about 300 employees into four floors of the office tower at 300 Convent St., as part of its budding multimillion-dollar "downtown campus."
The tech employees are being relocated from USAA's University Park location, which will be vacated with the move.
USAA will now have a presence in the 28-story office tower, formerly known as the Bank of America Plaza, which it purchased in August 2017. According to Bexar County, USAA is investing $50 million into the building.
Overall, USAA will have about 700 employees working at 300 Convent—in floors 7, 9, 14, and 16—and at adjacent One Riverwalk Place, 700 N. St. Mary's St., a mid-rise office building the company purchased in 2013.
USAA is also expanding the six-level parking garage attached to One Riverwalk Place from about 300 spaces to 500, a side project that will likely be completed by third quarter 2019, company spokesman Matthew Hartwig said via email.
The garage will be available to the public after business hours on weekdays, and all day on weekends and holidays, Hartwig said. The garage expansion will eliminate an obscure downtown street called Hagner Arc, which dead ends with Hotel Havana at Navarro Street.
A year ago this month, the City Council approved an incentives package in which USAA receives a $4 million Chapter 380 economic development loan, and a tax rebate capped at $2 million—or for 10 years—whichever comes first.
Longterm, USAA has agreed to bring 1,500 jobs to San Antonio, while increasing its downtown presence and adding more public parking—hence the garage expansion. The city estimates USAA total investment into its downtown campus at $70 million.
On Monday, Bexar County commissioners approved a 10-year, 75 percent tax abatement on county property taxes for 300 Convent St. worth an estimated $1 million.
USAA has said in the past it wants to move 2,000 employees to its downtown campus, but has not given a timeframe beyond next week's relocation.
USAA employs more than 19,500 people in the San Antonio area, Hartwig said.
Setting It Straight: Hagner Arc was misspelled in the original version of this article.
USAA's 'downtown campus' taking shape