One of San Antonio’s most anticipated development projects took a major step forward on Friday morning.
Development company Southstar announced its purchase of the Lone Star Brewery site in Southtown along the River Walk.
The old Lone Star Brewery properties are located near Probrandt Street and Interstate 10 have long been a source of redevelopment speculation.
Southstar, which also owns the Vida and Mission del Lago master-planned community projects on the South Side, had been tight-lipped about any plans for the area without a deal to buy the land in place.
Now, that deal is done, according to a Southstar press release.
“Today, Southstar purchased the Lone Star Brewery site,” read the release. “Our team has long dreamed of being a part of this effort — to celebrate all that Lone Star has meant to the city — and help guide its next chapter.”
Southstar has not said what that next chapter could look like. The press release said development would be complex and would include work with VIA, the San Antonio River Authority and the proposed downtown sports and entertainment district.
“The Lone Star site is an important and complex opportunity to better connect neighbors and create spaces that are needed in San Antonio. To find synergies across many of the exciting efforts already underway in San Antonio,” read the press release.
Parcels around the brewery were owned by Graystreet Partners, a San Antonio private investment company, and Newell Commercial Properties, among others.
Southstar’s press release did not include how much it spent on the property or which parcels it purchased.
The Graystreet parcel along Lone Star Boulevard is 32 acres and worth just over $18.5 million, according to the Bexar County Appraisal District. Graystreet had not responded to a request for comment as of publication time.