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McCombs Eyeing Tax Breaks for San Antonio Mixed-Use Venture
McCombs Enterprises is seeking to capture tax revenue to fund the infrastructure needs of a mixed-use project the company is proposing.
The developer estimates the project will require roughly $43.6 million in public infrastructure improvements and says any reimbursement would come through a proposed TIRZ cutout. McCombs would pay for half of those costs.
The San Antonio Business Journal reports plans for the site include retail and office space between Pearl, the San Antonio Museum of Art and the River Walk. McCombs has said the development would cost around $395 million.
The completed project could generate more than $160 million in city property and sales tax revenue over time, excluding taxes paid to the San Antonio Independent School District.
Staff said they expect to return to the committee in October. Any incentive package would require approval from the Midtown TIRZ board before going to city council.
- ◦Development
