Not only will they be expanding their footprint but they will be helping transform the Tobin Hill neighborhood by ridding them of some troublesome businesses.
Owner of Pearl Brewery buying up land across river
By Valentino Lucio – San Antonio Express-News
Pearl Properties
The future of the Pearl Brewery looks brighter — and bigger. Silver Ventures, the owner of the historic brewery, confirmed it is cobbling together about 5 acres of land across from the 22-acre site and along the San Antonio River to possibly expand the urban village.
Currently, Silver Ventures is under contract to buy the nearby Alamo Lodge, an inexpensive motel that the city has been trying to shut down because of extensive criminal activity. It also recently purchased the next-door site of the former SWC Club, once a nightclub and now a boarded-up building. And, since 2008, it has owned an adjacent property that Oak Farms Dairy occupies.
Darryl Byrd, managing director of the Pearl, said that so far, there is not a plan for those properties, but that Silver Ventures is investing there because the area has potential.
“Right now there’s no timeline,” Byrd said. “But we’re looking at projects that are very positive for the neighborhood and the city. (Tobin Hill) is a neighborhood of great promise, with a great upside and a great future.”
Byrd did say that Silver Ventures is looking into developing a boutique hotel at the Pearl, but that right now nothing is in the works. Silver Ventures is working this year to develop more restaurants and apartment units, eventually adding a few hundred more residents to the Pearl, he said.
Also, a 1,000-seat riverfront amphitheater is expected to be complete this month. Byrd would not expand on how that space would be used once open.
In total, the three new riverfront properties include seven parcels that Silver Ventures can use for redevelopment. It wasn’t disclosed if the existing structures on each property will stay or be demolished. Byrd wouldn’t disclose the sales prices of the properties, but they had a Bexar Appraisal District value in 2010 of more than $3 million total.
For the past two years, Silver Ventures has owned the 1.6-acre Oak Farms Dairy site across the river from La Gloria Ice House in the Pearl. The dairy currently rents the property and uses it to store company vehicles.
The largest property is the Alamo Lodge, made up of five parcels. Tenants there were told in December they would have to move out by Feb. 15 because the motel would be closing.
The motel for years has been riddled with crime. Some tenants said drug deals and fights are common there, prompting the police to visit the area often.
The city filed a lawsuit against the property’s owners last year in an attempt to clean up the motel. The lawsuit cites various criminal offenses, including homicide and drug violations. The lawsuit is ongoing and the owners of the Alamo Lodge were not available for comment.
Last week, Silver Ventures acquired the SWC Club, which is closed for business. The club also had a controversial past, which includes various assaults and the shooting death of 33-year-old Jesse Quintero in May 2007. The club’s previous owner was not available for comment and it was unclear why the property was sold.
“I have watched the River North area begin to transform into a bustling community that is uplifted by this kind of urban redevelopment and look forward to seeing more projects like this enhance our downtown area,” said District 1 Councilwoman Mary Alice Cisneros, whose district includes the Pearl.
“The city of San Antonio has been committed to working with the private sector to help revitalize our city’s urban core,” Cisneros said.
Staff Writer Brian Chasnoff contributed to this report.