In an unsolicited proposal to the city of San Antonio, Graham Weston’s Weston Urban and Frost Bank have joined forces to possibly bring a new building to downtown San Antonio. The proposal asks the city to turn over 5 downtown San Antonio buildings, including the San Fernando Gym, the Continental Hotel, and the Municipal Plaza building to Weston and Frost. In return, Frost would give the city ownership of the Frost Bank Building and parking garage at 11 W Houston Street. Weston Urban would then build Frost Bank a new headquarters at Flores and Houston Streets and with it new residential space, something the city has been pushing hard over the last few years.
The city would benefit from the deal by being able to consolidate offices spread out across several buildings, while bringing a new development to the city that promises to be an exciting addition to the downtown landscape. Currently, the city leases space in 5 separate building in downtown San Antonio and spends $3.4 million in lease payments for that space.
Graham Weston, founder of Rackspace has made no secret of the fact that he wants to propel downtown San Antonio into the future and make it a world-class downtown on par with cities of San Antonio’s size. If the city takes this offer, this could be a large step in that direction.
image (of Frost Bank Tower in Austin) courtesy of Kumar Appaiah
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