The long-delayed redevelopment of HemisFair is poised to move closer to fruition. The nonprofit Hemisfair Park Area Redevelopment Corp. (HPARC) will soon solicit bids from contractors for the first phase of Civic Park, a nine-acre public park, the San Antonio Heron reported.
However, that doesn’t mean construction of the buildings surrounding Civic Park will begin anytime soon. HPARC CEO Andres Andujar told the Heron that developer Zachry Corp. is in talks with HPARC and the city to change its $200-million proposal, drawn up three years ago in a pre-pandemic real estate market.
Zachry’s 2018 plan called for a 14-story hotel, an eight-story office building and 70,000 square feet of retail along with an apartment tower. Financing a hotel project would be nearly impossible now, Andujar said.
The developer is now considering changing the mix of uses in the development, or scaling it back, said Andujar.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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