On September 18, 2023, it was announced that a transformative redevelopment project is set to redefine the commercial real estate landscape in San Antonio, helping to revitalize a key historic district.
The project is called The Allen. It’s situated in the Monte Vista Historic District at the corner of Ashby and McCullough Avenue, and will breath new life into the former Allen’s Flowers & Antiques building.
This is less than a mile from another important adaptive reuse and revitalization project, the renowned Pearl Brewery.
This innovative project, led by Headwall Investments, LLC, aims to create high-end creative office spaces while leveraging various government incentive programs to promote sustainability.
George Wommack, CEO of Headwall Investments, LLC, expressed his vision for The Allen, saying, “Our mission with The Allen goes beyond real estate development. We are not just preserving history; we are creating a dynamic and sustainable future. This project is a testament to our commitment to the community and our dedication to innovation.”
Historic Redevelopment
The Allen pays homage to the rich history of San Antonio and its architectural treasures. This historic preservation effort seeks to restore the former Allen’s Flowers & Antiques building to its former glory, ensuring the preservation of its unique character within the Monte Vista Historic District.
Creative Office Space
The property’s transformation includes the development of dynamic common areas and high-end creative office spaces, designed to cater to executives and professionals from diverse industries. A significant portion, 25%, will be occupied by the developer, Headwall Investments, LLC.
Government Incentives
The Allen is taking full advantage of various government incentive programs to support sustainable development.
These incentives include Federal and State Historical Rehabilitation Tax Credits, Property Assessed Clean Energy (PACE) financing, the Federal Solar Investment Tax Credit (ITC) program, and City of San Antonio Historic Rehabilitation Property Tax & Permit Fee Abatements.
The property has even earned PACE Equity’s prestigious Cirrus Low Carbon designation with verification by the New Buildings Institute.
Project Team
The success of The Allen project is attributed to a collaborative effort by an exceptional team.
Studio8 Architects, Pape-Dawson Engineers, Guido Construction, and Big Sun Solar have combined their expertise to bring this vision to life. Development and leasing services were expertly handled by JLL.
Financing for the project was provided by Broadway Bank and PACE Equity, LLC. Historic rehabilitation tax credit services were rendered by Ryan, LLC, and Novogradac.
With The Allen, San Antonio is not only preserving its historical treasures but also embracing sustainable development, all while fostering a thriving business environment.
This redevelopment project represents a shining example of how government incentives and private enterprise can work hand in hand to create a more vibrant and sustainable urban landscape.
Headwall Investments, LLC is a San Antonio-based real estate investment and development firm.
The company was founded in 2019 by George J. Wommack and focuses on acquiring, developing, and redeveloping commercial real estate in Texas.
All images courtesy of Studio 8 Architecture & Interiors.