The developer of the ever popular Pearl has unearthed another gem — this time in Southtown. As reported by the Rivard Report, the San Antonio Independent School District voted on February 19 to approve the purchase of a tract of land to Silver Ventures, the company behind the redevelopment of the Pearl.
The winning bid, valued at $14.5 million, was one of five submitted. The five-acre tract of land is located just south of East Cesar Chavez Street, and bordered by Alamo, Matagora, and Lavaca streets.
Like the former Pearl Brewery, the SAISD land is also home to historic buildings, though in a statement to Rivard, Silver Ventures' managing director of real estate Bill Shown said the company doesn't yet have plans for how it's going to redevelop the site. "We have no idea, and that is an honest answer,” he said.
After purchasing the 22-acre former Pearl Brewery in 2001, Silver Ventures spent almost a decade renovating existing brewery structures and building new construction.
Today, the development is home to celebrated restaurants such as Bakery Lorraine and Southerleigh, the famed Hotel Emma, and also serves as the campus for the Culinary Institute of America. The Pearl turned what was once an industrial neighborhood into a must-see destination, drawing tourists from around the world (not to mention Texas) to Alamo City.
While it remains to be seen what Silver Ventures has in store for their new acquisition, Shown says this as an opportunity to expand the company's footprint across San Antonio. "We just see it as a great gateway into Southtown and King William," he said.