The Alamo Heights City Council has approved an incentive package worth up to $2 million for Ridgemont Properties, which plans to redevelop a long-vacant medical office building at 5307 Broadway. The agreement was approved unanimously and is structured under Chapter 380 of the Texas Local Government Code.
The incentive package includes a full property tax rebate for ten years and a 75 percent sales tax rebate for fifteen years, similar to agreements reached in other Texas cities such as Fort Worth. In return, Ridgemont Properties must invest at least $9 million in planning and construction. The agreement also requires that one restaurant be operational on the site by the end of 2027.
The building was previously occupied by Nix Health until it closed in 2020 and has remained empty since then. Rather than seeking another medical tenant, Ridgemont intends to redevelop the property into a mixed-use project. The plan calls for food and beverage tenants on the ground floor and smaller office spaces on the second floor. Studio8 Architects will lead the design efforts, with initial move-ins targeted for late 2026.
Ridgemont Vice President Trebes Sasser Jr. said he hopes this redevelopment will encourage further investment along the Broadway corridor, which has seen limited commercial activity in recent years. “This project will serve as a catalyst for not just this asset, but also casts a vision for other property owners along the corridor,” Sasser told the Business Journal.
Ridgemont Properties is based in San Antonio and led by CEO Trebes Sasser Sr. The company focuses on infill sites within San Antonio submarkets and owns properties across multifamily, offices, retail, industrial sectors, and land holdings.
Alamo Heights is located about five miles north of downtown San Antonio and has recently become an area targeted for redevelopment as it undergoes gentrification.
