New downtown project near River Walk on Market Street Approved by City Commission

By: Jasper Kenzo Sundeen | From: San Antonio Report

A San Antonio developer is planning to build two stories of commercial, food and beverage space on Market Street and the River Walk in the Hemisfair area.

Graystreet Partners’ proposed project, which could include an art garden, plaza and more than 50,000 square feet for food, beverage and commercial space, was approved by the City of San Antonio’s Historic and Design Review Commission on Wednesday.

The project is part of a growing list of commercial developments in Hemisfair. The Monarch Hotel, just a stone’s throw from Graystreet’s proposed site, will open this year, and a litany of Project Marvel-related efforts, including upgrades to the nearby Henry B. Gonzalez Convention Center and a new downtown arena for the San Antonio Spurs, are planned over the next decade.

The project is known as 550 Market Street, according to a press release, and will have underground parking and pedestrian access to Civic Park and the River Walk. There will be an art garden and a plaza area, as well as retail and restaurants.

Underground parking will be able to hold 300 vehicles, according to a press release. Parking has been an increasing part of discussions around Project Marvel and a new Spurs arena.

Architecture firm Gómez Vázquez International, which works on projects in Mexico, Spain and the U.S., is designing 550 Market Street. Graystreet is also working with the Hemisfair Park Area Redevelopment Corporation, a nonprofit local government corporation tasked with maintaining the Hemisfair area.

“The design supports connection from downtown to Civic Park, prioritizes the pedestrian, provides new retail and dining options, and adds parking in a way that fits the district and supports its continued growth,” said Melissa Robinson, interim CEO of Hemisfair Park Area Redevelopment Corporation, in a press release.

The site has been the site of proposed projects before, including 29-story, and then 10-story mixed use project that would have involved housing and retail.

Post Lake Capital, the Austin-based company working on the project, sold its interest to Graystreet in 2025.

New downtown project near River Walk on Market Street Approved by City Commission

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