San Antonio’s newly formed San Pedro Creek Development Authority approved Friday the first set of projects connected to the San Antonio Missions’ roughly $1 billion downtown development, bringing hundreds of new apartments and a hotel closer to completion. The vote establishes a series of design and financing milestones that developers must meet before the city can issue bonds to fund a proposed $160 million ballpark. Officials and developers described the decision as a key step in a multiyear effort to revitalize the north end of downtown.
Phase one: housing, hotel and a tower
In the initial phase, Weston Urban plans to construct over 650 apartments and a 160-room hotel, including a residential tower on the west bank of San Pedro Creek and a mixed-use building near the park, according to the San Antonio Business Journal. These are the projects the developer must fully design and finance before the authority approves bonds linked to the larger plan. Weston Urban officials told the board that while budgets are still being finalized, rising construction costs are expected to increase overall project valuations.
Money and timing
The ballpark is estimated at around $160 million, with the Missions’ ownership group contributing roughly $34 million and the remaining $126 million expected to come from bonds backed by future tax revenue, acs per the San Antonio Express-News. City officials have emphasized that no bonds will be issued until both phase one and phase two projects are fully designed, financed, and have a contractor under contract. They informed the authority that the anticipated bond sale, originally targeted for November, has been pushed to late spring or early summer. Despite the delay, project leaders say the stadium is still expected to open in time for the Missions’ 2028 season, provided those conditions are met.
Board vote and early friction
The authority’s inaugural meeting faced some challenges. Mayor Gina Ortiz Jones attempted to delay a vote on the group’s bylaws, but the board ultimately adopted them and approved plans for the first phase, as reported by the San Antonio Business Journal. The meeting included elected officials, county leaders, and developer representatives, such as Hope Andrade, Randy Smith, and Bexar County Judge Peter Sakai. Board members said establishing the governance rules was essential to begin negotiations on the financing and lease agreements that will guide the overall project.
What the plans mean for Soap Factory tenants
Portions of the Soap Factory Apartments, a 381-unit complex along San Pedro Creek purchased by Weston Urban in 2023, are planned for phased demolition to make way for surrounding development, with both the city and developer pledging relocation assistance. As noted by the San Antonio Report, the city will contribute $250,000 and Weston Urban another $250,000 to a five-year relocation fund managed by the nonprofit Building Brighter Communities, with some households in the first phase eligible for one-time relocation payments. Tenant advocates have described the support as helpful but say it does not replace the need for long-term affordable housing in the downtown area.
Authority, bonds and the legal structure
Under the agreement, the San Pedro Creek Development Authority will own the stadium and issue bonds expected to cover much of the construction cost, with repayment tied to tax increments from the Houston Street tax increment reinvestment zone and team revenues, including a $1 million annual lease payment and a per-ticket surcharge, Texas Public Radio reported. Officials say the structure is designed to prevent taxpayers from being directly responsible for the stadium’s cost, though critics caution that relying on future development revenue carries risks if the market slows. Before any bonds can be issued, the authority must finalize financing agreements, adjust the tax zone boundaries, and establish a municipal management district.
Next steps and what to watch
Over the coming months, Weston Urban must finalize detailed designs and secure construction financing for the first phase before the authority can proceed with issuing bonds, with local governing bodies expected to vote on financing arrangements and land-transfer terms, San Antonio Express-News reports. Attention will also focus on how the relocation fund is implemented for Soap Factory residents and whether the developer meets its schedule for phased demolition and replacement housing. If these elements align, supporters say the project will create a new entertainment and housing corridor along San Pedro Creek and maintain Double-A baseball in the heart of the city.
