CPS Energy land near the Pearl and Art Museum for sale

CPS Energy’s 6-acre property along River Walk is on the market, but may not be for long.

“Interest levels have been very strong in a short marketing period,” said Asher Reilly, the company’s senior vice president of commercial real estate. CBREwhich markets the property at 326 W. Jones Ave. on behalf of the public service.

The land offering came after CPS Energy, which originally planned to donate much of the property to the San Antonio Museum of Art, changed course.

In November, council members voted to transfer only a one-acre parcel to the adjacent museum and sell the rest.

“We hope the remaining 6 acres will also become an asset to our community,” Rudy Garza, interim president and CEO of CPS Energy, said in a CBRE announcement. “We are proud to have served our customers and our community from Jones Avenue facilities for nearly a century. »

CBRE would not disclose the asking price for the land, which was valued this year at $11 million for each of the 3.4-acre parcels owned by CPS Energy and the city of San Antonio, which owns the energy utility. . Directly across the river, the 3 acres of property being developed as River North Apartments are valued at $64 million, according to tax records.

Located near Pearl and the Central Business District, the CPS Energy property has 300 feet of frontage on River Walk and is within Midtown’s tax increase reinvestment area, which could help a homeowner or developer recoup part of the land development costs.

A partially deconstructed office and light industrial building, unused for several years, remain on the property. On almost all sides of the wedge-shaped plot, several multi-family residential complexes have been built in recent years as new developments have exploded in the River North area.

“The property has just been made available to the market and interest levels have been very strong over a short marketing period,” Reilly said in an email Wednesday. “This is a unique opportunity in a very tight land market, and we expect it to be very competitive.”

Museum officials declined to discuss their plans for the 1-acre plot. But staff and board members have previously said more storage is needed for the museum’s collection of nearly 30,000 objects and exhibition space to display the collections and exhibits. traveling exhibitions.

CPS Energy dumped much of its downtown properties in recent years, properties deemed surplus after the utility moved into AT&T’s former headquarters on McCullough Avenue in 2020.

In April, CPS Energy relisted its distinctive Villita Assembly Building, seeking to sell the former event space in the historic La Villita Arts Village.

CPS Energy financially supports the San Antonio report. For a complete list of member companies, click here.