CCIM ROI
JIM YOUNG , CCIM
The vacant property on San Antonio ’ s West Side will be a key piece of the neighborhood ’ s revitalization project , though developers have yet to identify which direction to go in terms of final use .
Do you want to know what ’ s in a name ? For opportunity zones , the meaning is straightforward . The programs , established in 18 states in 2018 , generally aim to encourage new investment in economically distressed communities through preferential tax treatment . With that in mind , the National Grocer Company building in San Antonio is an ideal candidate for revitalization through the OZ program . The 103-year-old brick building remained vacant for more than a decade , with cracked windows and unkempt brush adding to the overall gloom in the Cattleman Square area on San Antonio ’ s West Side .
Earlier this year , Jim Young , CCIM , with Sabot Development in Lakeway , Texas , seized on the opportunity he saw in the property , acquiring it through the federal opportunity zone program . In addition to the three-story , 70,400-sf building , Sabot also purchased a vacant 3.3-acre lot that runs alongside nearby train tracks .
“ The potential in this property is what drew me to it ,” Young says . “ We want to help revitalize the entire neighborhood ,
so this building could go a long way to doing that .”
Potential uses could include retail / restaurant space , including something like a brewery that utilizes the rooftop that includes beautiful views of the cityscape , or multifamily , with loft units or micro-units available for rent . The team at Sabot hopes to settle on a plan for the future in the next 90-120 days after consulting with the community and historical architects , with the ensuing redevelopment taking 18-24 months .
In securing the deal , Young also enjoyed the opportunity to work with a longtime colleague who began as something of a mentor . Tom Mercer , with Granbury Realty in Granbury , Texas , represented the seller . The two actually met through CCIM Institute when Young was on his way to earning the pin in 2014 .
“ Of course , it ’ s a huge help knowing you can trust the person you ’ re working with ,” Young says . “ Knowing Tom and the professionalism and knowledge he brings to the table , this deal was one I ’ ll always remember fondly .”
CIREMAGAZINE . COM COMMERCIAL INVESTMENT REAL ESTATE MAGAZINE 47