Tall & Urban News

The historic 1929 Tower Life Building that stands at 123.1 meters (404 ft) has plans to retrofit its office spaces for condominiums and apartments, at both market rate and affordable prices. San Antonio businessman Red McCombs and real estate investors Alamo Capital Advisors and McCombs Properties purchased the 30-story building in May 2022. They will enter negotiations with Bexar County for tax incentives to include affordable housing units. Bexar County Commissioners Court’s Public Facility Corporation approved the negotiation process on 16 August 2022.

The initial plan is to convert the office space into 234 housing units, half of which could be reserved for households who make 80% or less than the area median income (AMI) and 23 of the units for households making 60% AMI.

The current space in the building is around 40% occupied. The ground-floor retail space of the building, which has been vacant for over 20 years, will also be revitalized.

For more on this story go to the San Antonio Report