When I arrived at the Friedrich Building I immediately crossed the street to get a better view of the old refrigeration building. Once again the City of San Antonio invested in itself adding to the tropical palm trees and new sidewalks. The property is only a few minutes from downtown. The property used to be a multi level manufacturing facility. A portion of it will be renovated and others demolished. The owners were able to capture several funding sources new market tax credits, the benefits of being in an empowerment zone, and historic tax credits.
The building has been a fixture in the community for such a long time that the city would like to retain its essence. We met with real estate broker Mr. Patrick Shearer who informed me that the owners would not have to restore all facets of the property. This was based on its 80 year history and the approval of a city council vote for local designation. Federal and National historic association will have their own set of guidelines. Seeking historic designation these routes could possibly require antique finish outs thereby raising the cost of construction drastically.
Asbestos and old transformers were required to be remediated. The property is currently listed for $8 million. The property has 533,000 square feet and high ceilings. However this property will require a seasoned developer to save costs. This building is older and it could very possibly have other unknown problems behind the walls and floor. Also there are not comparable rents in the area to justify the feasibility of this product. Currently architect companies are the primary tenants and truly appreciate the projects style.
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