It has been reported that San Antonio based GrayStreet Partners bought the historic 24,785 square foot La Villita Assembly Building from CPS Energy that was on the market by CBRE at the tune of a cool $5.3 million. While an exact listing price was not disclosed, the appraised value for the building was at $14 million for tax reasons.
This was the last buildings under CPSE’s ownership to put on the market to help cover the expenses for their new state-of-the-art headquarters. However, CPSE still owns two other properties, a 12-acre lot on Gugert Street and the 5.3 acre Mission Road Power Plant off of Mission Road which both are listed by CBRE.
The rotunda building that had designed by O’Neil Ford was built in 1959 has a prime location right next to the San Antonio River Walk. The circular building is perfectly fit for events that can hold a lot of guests. It comes with the banquet hall, kitchen and basement.
The sale doesn’t affect the plans for the upcoming 75th anniversary of NIOSA (Night in old San Antonio) official Fiesta event that will be held April 25 – 28, 2023 at La Villita. During the NIOSA event, the building houses the German “Sauerkraut Bend” with the “Mexican Market” right outside.
It had been mentioned that the La Villita Assembly Building caught the attention of many buyers and developers throughout the U.S., but locals are happy that it’s in the hands of a local based firm that understands the roots of the building.
The La Villita area is undergoing a revitalization process at this time, so this sale come at a good time for redevelopment and to help give the building a new life.