McCombs family buys prime real estate near Pearl, next to San Antonio Museum of Art, from CPS Energy
McCombs Family Partners Ltd. purchased 5.9 acres next to the San Antonio Museum of Art for $29.5 million from the city-owned utility this week. It’s a “special piece of land” and “an asset that really could be developed into something meaningful for the city,” said Harry Adams, managing executive at McCombs Properties.
It’s unclear how the property might be redeveloped, however. The family is not ready to disclose its plans, Adams said, but is eyeing something that would increase the connection between the museum and Pearl, the popular entertainment district that’s beginning to expand outside its original footprint. The site was among multiple locations under consideration for a ballpark in 2017. But a baseball stadium doesn’t appear to be in the works now. “It’s not something we’re looking at,” Adams said. “We’re not going to rule anything out, but it’s not currently part of our plans.”, 95, started his real estate dealings as a young man in Corpus Christi before coming to San Antonio, Adams said. He was involved in efforts to build the Tower of the Americas, Shops at Rivercenter and the Alamodome, among other projects. McCombs Enterprises, the family’s office, has multiple arms. Marsha Shields, one of McCombs’ daughters, leads it.Former CPS Energy building in downtown San Antonio to undergo multi-million-dollar renovation Its holdings include automotive operations and dealerships, which is the core business; McCombs Energy, which holds oil and natural gas resources; McCombs Properties, which focuses on real estate and development; McCombs Partners, which invests in companies; and a philanthropic foundation, Adams said. McCombs Partners speculates on land, invests in real estate with partners, self-develops projects and holds investments in offices, industrial buildings or hotels that operate on their own.recently purchased the iconic Tower Life building downtownAdams said the McCombs family was interested in the CPS property at West Jones Avenue and Camden Street since it came on the market. CPS used about seven acres there for various operations until 2015, when the utility’s board of trustees declared it as surplus. CPS voted to donate about 3.5 acres to the museum and planned to sell the other half to help cover the cost of CPS’ $210 million headquarters at 500 McCullough Ave. McCombs Properties offered to buy more than the 3.5 acres, envisioning a development that would “create a union” between the museum and Pearl, Adams said. Other groups also expressed interest in the property, but CPS opted not to move forward. The utility reduced its donation to the museum after the parties failed to reach an agreement by a 2019 deadline and amid financial fallout from the pandemic and February 2021 winter storm.and put the remaining acreage back on the market. McCombs Partners went after it again, Adams said. With the acquisition done, he expects it will be several years before dirt is turned on any new developments. CPS will retain control for some time, likely into 2024, to conclude obligations related to the property. “Putting together the right plan” will also take time, Adams said.CPS has sold most of the other properties it put on the market to help foot the bill for its new headquarters. Los Angeles-based BH Properties bought the utility’s office building and parking garage at 146 Navarro St. for $22.25 million. The firmBlueprint Hospitality bought the utility’s former headquarters at 145 Navarro St. and its interest in the Tower Life building parking garage for $19 million. Blueprint, which has offices in Houston and Chicago,KEM Texas Ltd., an entity affiliated with local developer GrayStreet Partners, bought a building at 7000 San Pedro Ave. for $5.25 million. The building is currently used as the city’s migrant resource center and has since changed hands.
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