San Antonio Office Owner Exploring Apartment Conversion

Woodbranch Management is hoping to convert a San Antonio medical office building into apartments. The Highpoint One and Two office towers on the city’s northwest side could see 848 apartment units in the future if Woodbranch is successful in changing the zoning.

The San Antonio Business Journal reports it isn’t clear if this would involve a conversion of the two buildings or a demolition and replacement. Previously owned by Richmond Honan, the two properties were parties to a bankruptcy case that recently settled. Richmond Honan’s ownership entity for the buildings filed for bankruptcy in 2022, owing $53 million on defaulted loans, mostly to Capital One. After a two-year process, ownership was transferred to Woodbranch, which possessed the ground lease under the buildings.

The zoning change request is currently under review in the Development Services Department and would need approvals from the Zoning Commission and City Council.