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Preliminary project plans for The RK Group‘s recently sold East Commerce Street campus reveal a major mixed-use and retail development with Class A office space, restaurants, and bars constructed around green space for pedestrian activity.
The hospitality firm’s 5-acre property at 1220 E. Commerce St. was recently acquired by Quadrant Investment Properties for an undisclosed sum. The most recent county tax records show the property and building assessed at $4.3 million.
Quadrant Principal Ty Thaggard told the Rivard Report that it will be at least two weeks before final plans for the site are completed and that the group is still working through substantial changes to the initial plans and designs.
The proposed redevelopment would mark a significant investment in San Antonio’s near East Side, which has seen residential redevelopment in recent years but not as much commercial growth.
Three blocks north of the RK Group property, a $220 million redevelopment of the Merchants Ice site on East Houston Street will house a biotech incubator and accelerator and a biomanufacturing center as part of a project that broke ground earlier this year.
Jeremy Jessop, principal and broker of JJ Real Co., which listed the RK Group property and represented the company in the sale, called the Quadrant project a big step for further development on the East Side.
“There was significant interest from multi-family, self-storage, and other development groups,” in the RK property, said Jeremy Jessop, principal and broker of JJ Real Co. “The Kowalski family really wanted to make sure the new owners were going to be a development group that would be a positive impact on the neighborhood sooner than later and was pleased with Quadrant’s plan and concept.”
Quadrant, which owns property in Dallas and maintains an office in San Antonio, intends to demolish The RK Group’s existing 71,000-square-foot existing structure, built in 1958, and its parking lot after the hospitality company relocates to its new headquarters, which are under construction.
Led by CEO Greg Kowalski, The RK Group is a 70-year-old San Antonio business founded by Rosemary Kowalski that is made up of nine companies providing culinary and hospitality services and contracted venue management.
The RK Group plans to consolidate operations and move to the Red Berry Estate at 856 Gembler Rd. in early 2020.