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SAISD sees strong response to proposed land sales
May 4, 2016 -- San Antonio ISD is halfway through the competitive sealed bid process to sell a number of prime real estate properties – and is seeing strong response from developers both locally and nationally.
“We are very pleased with the activity on all six parcels – San Antonio is certainly on the national radar,” stated Larry Mendez, Executive Managing Director with Transwestern, the brokerage firm managing the bid process.
“We are seeing a major uptick in the number of institutional investors and national developers that see the value and benefit of investing in our urban core,” Mendez said.
The release of the properties to the market has so far generated more than 100 inquiries, mostly from multi-family developers, with the deadline for bids set for May 26, 2016.
“The sale of these properties will put us well on our way to achieving the $55-60 million needed for the development of a consolidated central office building, as well as a service center for transportation and maintenance,” said Kamal ElHabr, SAISD Associate Superintendent of Facilities.
“We're buoyed by the response and have been told that this is the largest portfolio of desirable urban core properties in San Antonio to come on the market in many, many years. Some inquiries seem focused on carefully selected individual properties - and others seem more enthusiastic about buying all the listings. We are pleased with the tremendous response from the development community,” said ElHabr.
For sale are properties at: 1702 N. Alamo St. and nearby parcels on Austin Street; Fox Tech High School football and baseball fields; the Gonzales Center at 518 E. Magnolia Ave.; the Food Services warehouse at 2 Haven for Hope Way; the lots on South Presa Street; and the vacant lots on Lord Road.