September 11, 2018
SAN ANTONIO – The Historic and Design Review Commission (HDRC) today granted its final design approval for the adaptive rehabilitation of the Print Building, part of GrayStreet Partners’ Light Building project at 420 Broadway. With this final approval, all components of the Light Building adaptive reuse project have received HDRC approval.
“Over the past year, GrayStreet has worked closely with the City, the HDRC, and neighborhood associations to align our design and vision for the entire Light Building project with input from the various stakeholders involved. We’re proud that our work has paid off, and we have been able to build consensus around our project. We’re creating something that we can all be proud of on the Broadway Corridor, which is fast growing into the significant thoroughfare it is destined to be,” said Kevin Covey, Managing Partner of GrayStreet Partners.
“This final HDRC approval on the Print is a key milestone as we continue to develop this project, and we’re eager to continue our timely progress in what will be a really special project,” said Peter French, GrayStreet’s Director of Development.
The final approval comes amidst support from members of the McCullough Avenue Consortium, comprised of the Christian Assistance Ministry (CAM) and other McCullough Avenue neighboring organizations. These include the Metropolitan Methodist Hospital, First Baptist Church, Grace Lutheran Church, CPS Energy, DPT Laboratories, KLRN, Tobin Center for the Performing Arts, and other downtown businesses and developers. GrayStreet is also a member.
In a letter written to the Commissioners of the HDRC, Dawn White-Fosdick, Executive Director of CAM and a leader of the McCullough Avenue Consortium, said: “Our consortium recognized that urban development was going to occur and that we had an opportunity to be part of this change or possibly be victims of little unified planning resulting in poor traffic patterns, poor integration of our varied clients (possibly resulting in displacement) and a lack of a unified architectural identity. As we began coalescing, we realized that this urban development could be done with a strategic design that linked our efforts to create a corridor with a similar architectural motivation and guiding principles that were mutually beneficial to all and honored the varied businesses and buildings that make up such a diverse and historic corridor. We were most excited to see that three rather large structures that anchored the street were undergoing or had plans to undergo renovations,” among them being the San Antonio Light and Print Buildings.
In another letter of support, Greg Seiler, CEO of Metropolitan Methodist Hospital which is also a member of the consortium, wrote: “We are especially encouraged to see the transformation of the once industrial facades of the Print building into vibrant elevations that open to the street, provide a human scale, and are rich in material and detail. We […] are excited that a building that literally turned its back to the street is moving to a positive pedestrian experience with new fenestration and a modern façade.”
“The San Antonio CBD office market has hit an all-time high with regard to rates and deal velocity, said Larry Mendez, Transwestern Executive Managing Director. “The Light project will be one of the most sought-after developments recently delivered in San Antonio. The 140,000 square feet of efficient, rectangular floorplates and above-market, generous parking ratios offer solutions never before available in downtown San Antonio.”
“The Light Building project is a direct response to growing tenant needs,” said Brad Kaufman, Transwestern Senior Associate. “The tenants we are working with will utilize their space to elevate their business and to attract and retain talent. This project is like upgrading a classic car with all new systems.” Mendez and Kaufman are handling the leasing of the property for GrayStreet.
Construction for the Light Building is well underway, and work on the Print Building will continue to progress; the project is expected to be completed by Q2 2019.
About GrayStreet Partners
GrayStreet Partners is a private equity firm focusing on the investment, development, and management of urban commercial real estate. Our portfolio of real estate investments includes office, retail, mixed-use, urban land, and parking assets, primarily in San Antonio, Texas.
About Transwestern
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 211 offices in 36 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern.