On Thursday, February 2, the San Antonio City Council unanimously passed an agreement between Hemisfair Park Area Redevelopment Corporation (HPARC) and ZH Downtown Development Company to develop five acres of land that will reimagine the area. The area will contain residential dwellings and hotel rooms, retail and office space, public parking, and green space.
Chamber President & CEO Richard Perez testified in support of the Public-Private Partnership (P3) at the hearing. The Chamber has had a long history supporting Hemisfair, dating back to when the area hosted the 1968 World’s Fair. In addition, we are supportive of projects that grow our economy. The estimates of $880 million from construction, $400 million overall impact annually, and $13 million in new tax dollars from this project alone are impressive. We also see this development as another great step in the revitalization of downtown.
We would like to congratulate one of our great Chamber members, Zachry, for being named as the development partner for the P3. Pre-construction is scheduled to begin in July 2017, with a pause for the NCAA Final Four and San Antonio’s Tri-Centennial Events in March and May 2018, respectively. Construction will commence shortly thereafter, with a scheduled completion date in February 2021.