It’s taken three years, but the process of converting the iconic Tower Life office building into apartment units is underway. McCombs Enterprises, Ed Cross and Jon Wiegang purchased the property and hired J. Jeffers & Co. to oversee the renovations. The team will transform the 31-story tower at 310 S. Saint Mary’s St. into a 243-unit mixed-income apartment community, with retail opportunities on the ground floor and River Walk level.

The San Antonio Business Journal reports that the building was approved by the Historic and Design Review Commission for the city’s historic tax certification last year. This means it would not be subject to ad valorem taxes for five years after the renovations are finished. After that term, the property would be reappraised and taxed at 50% of its market value every five years. In a presentation to the panel at the time, an architect indicated the redevelopment would span 20 months.

The office building opened in 1929, designed by local architects Ayres & Ayres.