Revival of San Antonio’s River Walk Landmark

The Tower Life Building San Antonio, Texas

The Tower Life Building will be converted from under-utilized office space into a modern residential and retail destination.

Federal Historic Tax Credits

$16.8 Million

State Historic Tax Credits

$21 Million

Total Project Cost

$125 Million

Project Partner

J Jeffers & Company, Jon Wiegand, Ed Cross, and McCombs Enterprises

Impact

Affordable Housing

History

A Generation of History Begins

“Tower Life Building from Tower of the Americas” licensed under CC BY-SA 3.0.

The historic 31-story Tower Life Building, originally known as the Smith-Young Tower, was constructed in San Antonio, Texas, between 1927 and 1928 by the renowned architects Robert and his father Atlee Ayres, who were among the most influential architects in Texas during the 20th century. Their work can be seen across the city such as the Municipal Auditorium, the Plaza Hotel, the Federal Reserve Bank, and the Administration Building at Randolph Field.

For a decade, Sears, Roebuck and Company occupied the first six floors, featuring large display windows along St. Mary’s and Villita streets, while the upper floors were leased to prominent local professionals and businesses, cementing the building’s place as a focal point of commerce and innovation in the city. The Smith-Young Tower with its rich history has borne witness to many significant moments throughout the years, serving as a mooring mast for a blimp, a performance site for aerialists, the headquarters of the third U.S. Army, and a television station transmission tower.

The San Antonio Transit Company purchased and renamed the building the Transit Tower in the 1950s, and by the early 1960s, the building was sold again to the Tower Life Insurance Company where the building was renamed to what we know it as today, the Tower Life Building. It was the tallest building and structure in San Antonio until 1968 and is currently the fourth tallest building in the city and the tallest 8-sided building in the U.S.

A New Era Begins
Revitalization Efforts

A New Era Begins

The Tower Life building sits on a quarter acre site along the beautiful downtown San Antonio River Walk. The San Antonio River Walk is a historic and cultural landmark that traces the city’s vibrant past, from its Spanish colonial roots to its modern-day role as a thriving hub of commerce and tourism. This iconic waterway site has inspired similar developments around the world, blending natural beauty with rich history and offering a unique glimpse into the heart of San Antonio’s heritage.

Tower Life’s renovation will create new ground-floor commercial space opportunities and transforms the upper floors into mixed-income residential space.

How NTCIC Helped

Preservation is a Team Sport

The $125 million revitalization was supported, in part, by NTCIC through an equity investment in the $16.8 million federal Historic Tax Credits and $21 million in State Historic Tax Credits generated by the construction efforts. NTCIC sourced, underwrote, and oversaw the financial closing of the Federal and State HTCs, and will provide tax credit fund and asset management services post-closing.

The Project was also approved for a 75-year real estate tax exemption through a lease partnership with Bexar County, as the Sponsor builds workforce housing for middle-income families that are not currently served by housing tax credits or market-rate developments.

Kathleen Galvan, Senior Acquisitions Manager

Sourced project, performed preliminary underwriting, negotiated terms, and paired with investor.

Carolyn Tom, Project Manager

Underwrote and closed the project.

Maggie Ramold, Asset Manager

Provides ongoing construction monitoring, as well as quarterly and annual reporting through the project’s compliance period.

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