Fueled by tourism and commercial investment, San Antonio’s downtown continues to drive the city’s growth, a group of expert panelists said Tuesday.
Centro San Antonio, Visit San Antonio, and Greater:SATX presented Impact SA, a forum formerly known as the State of Downtown, at the Henry B. González Convention Center. Guest speakers discussed how current and planned initiatives rooted in the downtown core continue to play a major part in San Antonio’s expansion.
‘The heart of commerce’
April Bailey, Central Texas president for Amegy Bank, said her company sees growth opportunities in San Antonio, especially in banking and financing.
In May 2024, Amegy Bank announced it would relocate its Central Texas headquarters to the downtown high rise, 300 Convent. Beginning this May, Amegy Bank will occupy two floors at 300 Convent, with 100 offices and workstations, a conference center for large customer and community events, as well as a first-floor banking center.
“We want to be downtown and be in the heart of commerce,” Bailey said.
Joe Minicozzi, president of North Carolina-based firm Urban3, said one big reason why companies such as Amegy Bank are drawn to downtown San Antonio is the value of properties in the central business district.
According to Minicozzi, the average per-acre cost in downtown is $10.8 million.
He said companies big and small see the advantages of doing business in downtown, which spurs growth opportunities elsewhere in town.
“These are just different ways that cities live off of their downtown,” Minicozzi said.
The power of tourism
Chad Carey, founder and principal with the Empty Stomach Group, said he thinks local residents and visitors seek out places that feel real and genuine to them in the urban core.
Carey complimented fellow restaurateur Jason Dady’s efforts to develop Mexico Ceaty, an immersive dining, entertainment and shopping spot, which is due to open early this year inside the Shops at Rivercenter.
“That’s a really cool thing that locals will come to, but the tourists will also enjoy,“ he added.
Ellen Davis, executive vice president with the U.S. Travel Association, lauded San Antonio’s hospitality industry. She added that a focus on tourism and local transportation upgrades — such as ongoing improvements at the San Antonio International Airport — will keep drawing conventions and companies to town.
The association held its yearly IPW international trade show in San Antonio in 2023, an event Davis said saw more than 5,000 attendees.
“It’s a giant testament to what you’ve built here,” she said.
Marc Anderson, president and CEO of Visit San Antonio, echoed Davis’ thoughts on the power of tourism, which he said has an annual $21.5 billion economic impact with $277 million in tax revenues, and 150,000 jobs.
Anderson said his agency helps to leverage local partnerships, industries such as culinary tourism and downtown initiatives such as the activation of Houston Street, to further grow San Antonio as a city friendly to business and tourists.
“Any collaboration is essential to keeping our downtown vibrant. The intersection of tourism and hospitality shape San Antonio’s present and our future,” he said.
Trish DeBerry, president and CEO of Centro San Antonio, said her agency’s ambassadors have helped to further advocate for a downtown that is safe, clean and active.
She agreed with Anderson that tourism is a catalyst for innovation and growth in downtown, adding that tourism, local business investment and planned affordable housing promote downtown as a place to live, work and play.
DeBerry said she is excited by the city’s proposed downtown sports and entertainment district, a planned San Antonio Missions ballpark and redevelopment of the Alamo Plaza.
“Statistics say downtown is important and is driving the economy of the entire city,“ she said.
