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Fulcrum to develop multi-story, mixed-use destination on 'gateway' medical center site
May 5, 2017

FULCRUM DEVELOPMENT/SAN ANTONIO MEDICAL FOUNDATION Rendering of Fulcrum's preliminary plan for recently acquired South Texas Medical Center area real estate.

By W. Scott Bailey, San Antonio Business Journal

The San Antonio Medical Foundation has completed the sale of seven acres of land it controlled to Fulcrum Development LLC.

The terms of the deal were not disclosed but the transaction is expected to free up key real estate for new development that could cater to an influx of new residents in the South Texas Medical Center area.

Fulcrum officials confirm that the plan will be to anchor the new project with a multi-story office building and parking structure, along with a two-story retail component.

"It will be a true mixed-use development," said Fulcrum's Benjamin Dreszer.

In November, I reported that the San Antonio Medical Foundation's board of directors had signed off on a tentative agreement to sell the site at the northwest corner of Wurzbach and Fredericksburg roads to Fulcrum. The transaction was pending some additional due diligence on the part of the developer, including a feasibility study to determine if its preliminary redevelopment plans for the site would work.

San Antonio Medical Foundation President Jim Reed said the sale closed late last week. Now the future of the site is in Fulcrum's hands.

"The principal reason we sold the land is because it is at the gateway to the medical center. It was very underutilized," said Reed. "We were very selective in choosing Fulcrum. They realize this is a gateway."

Dreszer said the plan is to begin work on the new center by the second quarter of 2018 and to complete the project by the second quarter of 2019. He said the finished product will be similar to some of Fulcrum's other two-story centers.

Fulcrum is familiar with the area. The San Antonio-based company developed the Alon Town Centre that opened in 2010 along the Wurzbach Parkway a few miles east of the medical center.

The only structure on the seven acres currently is Aldo's Ristorante Italiano. Both Reed and Dreszer said they are unsure right now what will become of the eatery.

Reed did say Aldo's ownership has had a land lease with the foundation for the roughly 1-acre site. He added that there is a shortage of such dining establishments in an area that is adding about 1,500 new residential units.

Reed said San Antonio Medical Foundation officials liked what they saw of Fulcrum's preliminary plans for the land.

"We had several developers that looked at the land," he said. "We want to make this a people place. We believe this is a great plan."

 

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