A joint redevelopment project to restore San Antonio's Aztec Theatre and
Alamo National Bank Building includes plans for completion of the River Walk

Empowerment Zone Bonds Expected to Finance Alamo City Redevelopment

San Antonio-based Euro-Alamo and Drury Hotels recently announced plans to form a partnership to redevelop and preserve San Antonio's historic Aztec Theatre and Alamo National Bank Building. The joint redevelopment project would include completion of the River Walk loop along the San Antonio River's main channel.

"Our proposed partnership with Drury will finally allow us to complete the Aztec Theatre renovation project, which has been on hold for several years now," said Baron Theo Bracht, chairman of Euro-Alamo.

While the focal point of the $73 million project is the full refurbishment of the Aztec Theatre and entertainment complex, the bank building would be converted into a 390-room Drury Plaza River Walk hotel offering river-level access to retail and restaurant space.

The development is located in the San Antonio Empowerment Zone, a federally mandated zone designed to utilize economic incentives to increase business development activities and create jobs. Final formalization of the partnership is contingent upon the city's authorization of the use of the Empowerment Zone bonds for the hotel project.

The Aztec Theatre would open in late 2005 and targeted completion of the hotel is scheduled for June 2006.

"Not only will the project revitalize a part of downtown that has long required attention, but it will also act as a catalyst for new economic development around the Theatre District and along the River Walk," Bracht said.

Indiana-based TASUS Corp., the first Toyota parts supplier to move into Central Texas, recently celebrated the groundbreaking of its Georgetown manufacturing plant. Construction on the plant is scheduled to begin this month, and the plant is expected to be operational by January.

The plastic-injection molding facility will supply parts to the new Toyota truck plant in San Antonio, which is set to open in 2006. The new plant is expected to create more than 200 jobs and bring more than $8 million to the local economy during the next five years.

Last Beam Placed for Medical City Dallas Women's Services Unit

The Dallas office of Jonathan Bailey Associates, a global health-care architecture firm, recently celebrated the placement of the last beam of the new Women's Services Unit at Medical City Dallas Hospital.

The 56-bed unit is an expansion of the North Tower, adding two new floors. With beam framing complete, the Women's Services Unit is scheduled for final completion in spring 2005. Dallas-based Bovis Lend Lease is serving as the project's general contractor.

Jonathan Bailey Associates also announced obtaining building permits for Medical City Dallas' new six-story Critical Care Tower, the second major project in a multiphased, comprehensive expansion plan to increase the number of private rooms at Medical City Dallas. An overall completion date is scheduled for fall 2005.

Cadence McShane Selected for Build-to-Suit Warehouse Facility

Dallas-based Cadence McShane Corp. recently announced that the firm has been selected by Liberty Property Trust to complete a new 65,650-sq.-ft. build-to-suit distribution center in Houston for an undisclosed retail client.

Cadence McShane has initiated the fast-track construction of this office/warehouse facility in order to meet the building's scheduled July completion date.

The new distribution center will be constructed of painted tiltwall panels accented by colored reveals and a glass-entry vestibule. More than 64,000 sq. ft. will be dedicated to warehouse and shipping, with a small office component to house the tenant's administrative requirements.

Cadence McShane will provide a 25-ft. clear height and 40 external truck docks for distribution operations. The design of the facility incorporates future expansion capabilities of up to 21,000 sq. ft.

Liberty Property Trust maintains an extensive portfolio within the Houston market including nine warehouse/distribution buildings totaling 1.3 million sq. ft.