The Alamo Heights City Council has approved an incentive package valued at up to $2 million for Ridgemont Properties to redevelop a vacant medical office building at 5307 Broadway. The agreement, made under Chapter 380 of the Texas Local Government Code, includes a full property tax rebate for 10 years and a 75 percent sales tax rebate for 15 years. Similar agreements have been negotiated in other Texas cities.
Ridgemont Properties is required to invest at least $9 million in planning and construction as part of the deal. The redevelopment plan calls for one restaurant to be operational by the end of 2027. The building, which was previously occupied by Nix Health until its closure in 2020, has been empty since then.
Instead of seeking another medical tenant, Ridgemont plans to redevelop the site as a mixed-use property. Trebes Sasser Jr., vice president at Ridgemont, said the ground floor will feature food and beverage tenants while the second floor will be converted into smaller office spaces. Studio8 Architects will design the project, with initial move-ins targeted for late 2026.
Sasser stated that commercial investment along the Broadway corridor has been limited in recent years and expressed hope that this project would encourage further redevelopment efforts. “This project will serve as a catalyst for not just this asset, but also casts a vision for other property owners along the corridor,” he told the Business Journal.
Ridgemont is led by CEO Trebes Sasser Sr. The company owns additional properties along Houston Street in San Antonio and describes itself as focusing on infill sites within San Antonio submarkets. Its holdings include multifamily housing, offices, retail, industrial properties, and land.
Alamo Heights is located about five miles north of downtown San Antonio and has seen increased redevelopment activity as it gentrifies.
