The landmark Villita Assembly Building, a mainstay of San Antonio's famed Fiesta celebrations, is starting a new chapter under the ownership of private equity group MLSA Ventures. Located at 401 Villita St., the iconic venue, known for hosting the annual Night In Old San Antonio (NIOSA) event, was recently acquired from developer GrayStreet Partners, as San Antonio Report detailed.
As previously reported by mySanAntonio.com, CPS Energy offloaded the unique circular venue to GrayStreet for $5.3 million before it was picked up by MLSA Ventures, the firm expressed plans to rejuvenate the space while honoring its rich history, which is nestled along the River Walk and near forthcoming attractions such as the upcoming Kimpton Santo hotel.
"I’m young, but I hope to tell my kids and grandkids about this deal," MLSA's Magee stated in a post on Linkedin, marking the deal as a significant venture for the young firm.
While the exact future use of the concave-roofed edifice remains undisclosed, the 25,000-square-foot property, assessed at $5.3 million according to tax records, is poised to continue as a venue for San Antonians to enjoy with Magee hinting at a variety of plans in the works in a San Antonio Report interview. Moreover, the deal, which included more than $10.1 million in equity from 48 investors, showcases the firm's growing portfolio that spans industrial and retail properties in San Antonio, as well as a focus on hospitality ventures with partner Presidian Hospitality.
GrayStreet's stint with the Villita Assembly Building was short-lived, having held the property for less than six months after purchasing it from CPS Energy and renaming it Venue Villita, MLSA Ventures looks to the future with optimism, seeing the venue as an awesome opportunity to revitalize but still stay true to the history of it, its character and what has made it such a unique and beautiful property, Magee conveyed according to San Antonio Report. NIOSA organizers and attendees can breathe easy as this year's event will proceed as planned despite the change in ownership.
