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The fate of Lone Star Brewery’s redesign is unclear as the site returns to the market

Editor’s note: This story was published via a partnership between KSAT and the San Antonio Business Journal.

The 32-acre site that once housed the Lone Star Brewery is up for sale again, calling into question plans for a major destination south of downtown San Antonio.

The latest reversal in a decades-long effort to revitalize the once-jumping San Antonio River area comes less than a year after the City Council approved a $ 24 million incentive to support the nearly $ 600 million project.

The Business Journal reported in the spring of 2020 that a GrayStreet Partners subsidiary was buying real estate along Lone Star Boulevard.

Last year, GrayStreet enlisted the help of Midway, a Houston-based investment, development and property management company, to help redesign the Lone Star property. This was followed by a renovation plan for the former brewery that could include a combination of office, hotel and retail development.

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The fate of Lone Star Brewery’s redesign is unclear as the site returns to the market

“Together with our partners, we are exploring the opportunity to sell all or part of the Lone Star District,” Midway said in a statement, noting that the company frequently considers such sales throughout its development cycle.

GrayStreet director Kevin Covey was not available for comment at press time.

In May, despite previous failed attempts by others to re-develop Lone Star, Covey said he wanted to save the once-popular area from nostalgia and was optimistic his team had the right vision and enough bandwidth to promote its plan.

“We feel we have a lot of flexibility to do something good,” he said, noting that Midway brought extra experience to the table.

Now, it is not clear what the future holds for the property.

“While we remain committed to working in San Antonio, the Lone Star District is first and foremost an investment in land,” Midway said in a statement. “We are constantly evaluating the current market opportunities for our investment, in order to maximize the value for our investors.”

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The Business Journal will continue to follow this growing story.

Read the full story in the San Antonio Business Journal.

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The fate of Lone Star Brewery’s redesign is unclear as the site returns to the market

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