The nonprofit affordable housing organization Alamo Community Group purchased the Calcasieu in 2014 to preserve the building's status as "affordable."
The City Council will decide in September whether to approve modifications proposed to two development incentive policies.
Council faces a long list of critical, difficult decisions they'll have to make in the coming months.
Downtown development incentives in San Antonio have generated more than $375 million in property taxes since 2012.
Austin-based developers Teeple Partners determined the Kallison Square tower project was not financially feasible, even with incentives.
Known as the Real Estate or Hedrick building, the vacant 10-story structure at the corner of North St. Mary's and Martin streets is getting a new life.
Connecticut-based development firm JHM Group recently started the process of applying for state incentives to renovate the 72-unit Robert E. Lee Apartments at 111 W. Travis St.