The Alamo Heights City Council has approved an incentive package worth up to $2 million for Ridgemont Properties. The funds will support the redevelopment of a long-vacant medical office building at 5307 Broadway.
The agreement is structured under Chapter 380 of the Texas Local Government Code. It includes a full property tax rebate for ten years and a 75 percent sales tax rebate for fifteen years, according to reporting by the San Antonio Business Journal. Similar arrangements have been made in other Texas cities, such as Fort Worth.
Ridgemont Properties, based in San Antonio, is required to invest at least $9 million in planning and construction as part of the deal. The terms also require that one restaurant be open on the site by the end of 2027.
The property was previously used by Nix Health until it closed in 2020 and has since remained vacant. Instead of seeking another medical tenant, Ridgemont plans to redevelop the building into a mixed-use space.
Trebes Sasser Jr., vice president at Ridgemont, explained that their plan involves activating the ground floor with food and beverage tenants while converting the second floor into smaller office spaces. He also noted that another former Nix Health location in Houston may be converted into apartments.
Initial move-ins are expected by late 2026, with Studio8 Architects handling project design.
Sasser said commercial investment along Broadway has been limited recently and hopes this project will encourage more development: “This project will serve as a catalyst for not just this asset, but also casts a vision for other property owners along the corridor,” he told the Business Journal.
Ridgemont’s CEO is Trebes Sasser Sr. The company owns additional properties along Houston Street in San Antonio acquired last year. According to its website, Ridgemont focuses on infill sites within San Antonio submarkets and holds assets across multifamily, offices, retail, industrial properties and land.
Alamo Heights is located about five miles north of downtown San Antonio and has seen increased redevelopment activity as gentrification continues.
