San Antonio/ Real Estate & Development
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Published on March 04, 2024
Port San Antonio Unveils $300M Avant-Garde Office Tower to Elevate City's Economic and Architectural PrestigeSource: Port San Antonio

Port San Antonio is set to transform the city's skyline with a new, $300 million wing-shaped office tower that's unlike anything currently in the city. According to a recent statement from Jim Perschbach, the Port’s CEO, the structure promises to reshape the narrative of the city from pedestrian to avant-garde, asserting that San Antonio already is capable of competing on the world stage with everybody, as obtained by the San Antonio Express-News. With projected rent prices starting at $50 a square foot, the development aims to attract high-paying tenants and bolster the local economy.

The tower, which was originally announced two years ago, is part of a larger redevelopment of Port San Antonio. It follows the successful opening of the $70 million, 130,000-square-foot Boeing Center at Tech Port and comes despite a nearly 20% office vacancy rate citywide. Perschbach told the San Antonio Express-News, although competing with markets like Chicago, Austin, and Dallas, the tower's completion will mark a significant step forward in the city's economic development. Squares at the redesigned former Kelly Air Force Base, have a mere 4% vacancy rate.

The port, housing more than 80 tenants including heavyweights like Boeing and Northrop Grumman, seeks to double its workforce from 18,000 to 36,000 in the next seven to 10 years. Perschbach remains undeterred by the departure of DeLorean Motor Co., which had been announced as the tower's high-profile tenant but now faces uncertainty with the resignation of its CEO and terminated incentive agreements. Turning to the future, Perschbach anticipates that current tenants looking to expand and newcomers will fill the new office space, as conveyed in the San Antonio Express-News.

Designed by Pelli Clarke and Partners, the state-of-the-art building will feature floor-to-ceiling windows, terraces on every floor, and amenities such as a health and wellness center. Moreover, focusing on the office tower, a vertiport is also on the Port’s innovation roadmap, catering to the next generation of electric vertical takeoff and landing vehicles. Perschbach proudly stated in an interview with the San Antonio Express-News, "What I want is for this tower to be known around the world," aligning its iconic stature with San Antonio's historic landmarks.

Besides building a symbol for the city, the Port aims to become an integral component of San Antonio's economic framework. Given its ambitious expansion plans, which also include schools, restaurants, hotels, and retail space, the Port's intent is not to replace but complement other business districts in the city. Perschbach insists that the diverse offerings at different parts of San Antonio should all hold equal value, each with their unique flavor. The blend of high tech with other industries makes up the fabric of what's envisioned to be a central business district, as told to the San Antonio Express-News.