A Dallas-Fort Worth area-based developer bought two properties across the street from the the Tower Life Building downtown, which a few years ago were slated for high-rise apartments.
A shell company of Roanoke-based Newstream Capital Partners acquired two properties at 112 Villita St. and 126 Villita St. totaling almost an acre, according to a deed filed Jan. 4 with Bexar County.
The properties are between the River Walk and St. Mary’s Street, east of the Riverwalk Plaza Hotel and west of the Mexican Consulate. The eastmost lot houses a one-story office building.
Two affiliates tied to Dallas-based JMJ Development’s President Timothy Barton previously owned the sites.
JMJ previously proposed two 24-story towers on the properties, one of which — the Villita Tower — would have been a partnership with the San Antonio Housing Authority. It was last reported on by the Business Journal in 2019.
That deal fell through, according to SAHA. Neither tower projects have come to fruition.
Newstream is reportedly working up plans for the site. It is considering what was proposed by JMJ but also leaving open the possibility for another kind of development, President and CEO Tim Nystrom told the San Antonio Heron.
The sale price was undisclosed, but the properties combined hold an assessed value of $4.67 million, according to the Bexar County Appraisal District.
The group is new to San Antonio but has developed hotel, mixed-use, residential and retail properties in North Texas, according to its website. It has also bought a 20-story tower in Louisville, Kentucky. for redevelopment, SABJ sister publication Louisville Business First reported. Nystrom did not respond to requests for additional comment prior to publication.
Just next door, a partnership tied to the leaders of local development and investment group GrayStreet Partners earlier this month bought a 1-acre parking lot next to the Mexican Consulate from CPS Energy for $5.6 million, the Express-News reported.
Peter French, director of development for GrayStreet, told the Business Journal in a text message that the property will continue to operate as a parking lot. He wrote that while it is a potential development site — “every surface parking lot is!” he said — GrayStreet is not considering developing the site.