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McCombs pursues tax revenue funding for San Antonio mixed-use project
The developer estimates the mixed-use build will need about $43.6 million in public infrastructure improvements, with McCombs covering half of those costs.
McCombs Enterprises is seeking to capture tax revenue to fund infrastructure for a proposed mixed-use project in San Antonio, according to ConnectCRE. The developer estimates the effort will require roughly $43.6 million in public infrastructure improvements and says any reimbursement would come through a proposed TIRZ cutout, with McCombs paying for half of those costs.
ConnectCRE reports that plans for the site include retail and office space between Pearl, the San Antonio Museum of Art and the River Walk. The development is said to cost around $395 million.
ConnectCRE also notes that McCombs has indicated the completed project could generate more than $160 million in city property and sales tax revenue over time, excluding taxes paid to the San Antonio Independent School District.