The pioneering downtown developer Weston Urban has purchased the Soap Factory Apartments on North Santa Rosa Street, across the San Pedro Creek Culture Park from where it sought last year to gather land on which to build a sports stadium.
An affiliate of the firm, And I Cannot Lye LP, bought the complex Aug. 22 for an undisclosed price, Bexar County records show. Sitting on three properties totaling 8.8 acres on the west bank of the creek, the complex has been a flash point for concerns about gentrification in the urban core since its prior owner, The Barvin Group, raised rents after purchasing it in 2017 and making renovations.
Last year, Weston Urban approached the owners of land in the city block across the creek from the apartment complex — bounded by Camaron, Kingsbury, North Flores and West Martin streets — seeking to buy their land while mentioning plans to build a sports stadium there, according to reporting in the San Antonio Heron.
That block was identified in a 2016 report prepared for Centro San Antonio and the city of San Antonio as a potential location for a minor-league baseball stadium. Two other sites at the north end of San Pedro Creek were also highlighted.
At the time The Barvin Group purchased the Soap Factory complex, it was one of the few affordable living places in downtown San Antonio at a time when rising interest in urban living was pushing up rents. Some residents moved elsewhere with the help of city aid.
Led by multimillionaire Graham Weston, co-founder of Rackspace and Geekdom, Weston Urban has established itself as downtown’s most ambitious developer since its founding in 2012. It is responsible for turning the historic Rand Building into a tech hub hosting Geekdom’s headquarters. In 2017, it broke ground on the 23-story Frost Tower, San Antonio’s first new office skyscraper to be built in more than 25 years.
In 2020, the firm embarked on another bold venture when it revealed plans for a 32-story, $107 million apartment tower with 7,250 square feet of retail. The tower, now known as 300 Main, is set to become San Antonio’s tallest residential building by far, with construction set to finish next year, according to the firm’s website.
Weston Urban continues to tackle new projects, including a 16-story mixed-use development with 255 apartments at the site of the Continental Hotel and Arana Building, facing San Pedro Creek.
Randy Smith, the firm’s co-founder and CEO, didn’t respond to a text message Wednesday seeking comment.
And I Cannot Lye LP took out a loan for an undisclosed amount from TransPecos Banks to buy the Soap Factory complex, county records show. The three properties on which the complex sits were valued at a total of $31 million this year by the Bexar Appraisal District.
Last year, Smith and Weston were part of a group that purchased the San Antonio Missions, the local Double AA minor league baseball team, from its former owner Dave Elmore and the Elmore Group. Weston also donated $15 million to UTSA for the creation of its new School of Data Science, which was built on Dolorosa Street at San Pedro Creek.
With the purchase of the Soap Factory, Weston Urban now owns at least 33.8 acres of property in the urban core through various affiliates, mostly in the west part of downtown, according to the Bexar Appraisal District. The properties include historic landmarks such as the Milam and Savoy buildings, the Dry Goods Building across from City Hall, as well as modern ones such as the Frost Tower and Pinkerton’s Barbecue, overlooking Legacy Park.
The firm has renovated buildings such as the Savoy into creative office space. It has brought fresh retail tenants to downtown, such as the Austin-based Royal Blue Grocery corner store.
Last year, it bought the Koehler House near San Antonio College for $2.3 million. Smith told the Report that the firm wants to return it to its roots as a “social gathering spot, with the potential for events and a wonderful place to have supper with your family.”
Graham Weston, Geekdom and Frost Bank are financial supporters of the San Antonio Report. For a full list of business members, click here.
