After decades of dashed hopes, San Antonio’s storied Lone Star Brewery site may finally be headed toward its next act. New Braunfels-based developer Southstar has acquired the derelict 32-acre property at 600 Lone Star Blvd in hopes of returning it to its former glory.

The purchase is the latest stab at rehabbing the site, now home to several crumbling, graffiti-covered buildings. At least five other firms have attempted redevelopment, but were hamstrung by financial and environmental issues.

In a letter announcing the acquisition, Southstar CEO Thad Rutherford acknowledged that Lone Star has a long road ahead.

“This won’t be easy, Rutherford wrote. “Complex development can only be successful if we’re all ready to join the conversation and commit to a shared vision. For us, the goal is to shape a new future for Lone Star that includes everyone. That our children will proudly talk about with future generations.”

Lone Star Brewery was built circa 1933 after Lone Star Beer outgrew production capabilities at 200 W. Jones Ave, the current home of the San Antonio Museum of Art. However, it didn’t officially begin to brew the brand until 1940, after the owners obtained the brand’s copyright.

The building, anchored by an iconic smokestack, was a landmark of San Antonio’s manufacturing heyday. Many of the nearby buildings developed at the time — like the Big Tex Grain Complex and the Blue Star Street Industrial District — have since been adapted for contemporary needs. Some, notably Pioneer Flour Mills, still operate today.

While Southstar has not unveiled formal plans for the land, Rutherford hinted that the site could integrate with several other projects already in the works, including VIA’s transit projects, the San Antonio River Authority’s long-term river improvements, and continued near-downtown growth set to skyrocket with the Spurs’ Project Marvel.The company also says the mixed-use development would be shaped by extensive public engagement.

“Many neighbors have shared their stories about the proud working legacy of Lone Star.Of generations working together to care for their families. Of learning swimming in the pool. And family gatherings that occurred beneath ancient oaks along the river. We’re reminded of that pride every time we see that iconic chimney stack,” noted Rutherford.

Financial terms were not disclosed in the letter, but Bexar Central Appraisal District records most recently valued the property at $18.6 million. Although the City of San Antonio has previously approved $24 million in public incentives for a previous try at redevelopment, they will not automatically carry over.

Despite previous aborted attempts at returning Lone Star Brewery to prominence, Southstar remains optimistic.

“The hard work begins today,” wrote Rutherford. “We are ready. Let’s do this, San Antonio!”