A deal made in San Antonio almost two decades ago has come full circle for a local real estate player.
Santikos Enterprises acquired 5.9 acres in the city’s Legacy community near the intersection of Loop 1604 and U.S. 281, the San Antonio Express News reported
The land, at 1939 East Sonterra Boulevard, was sold in 2007 to an affiliate of Summit Hotel Properties, which had plans to develop a hotel. However, those plans never materialized, and Santikos has reclaimed ownership of the property.
Santikos had placed a restrictive covenant on the property, limiting its use exclusively to hotel development for 25 years.
With the recent acquisition, Santikos has removed the restriction, unlocking possibilities for future development. The site is valued at $2.5 million by the Bexar Appraisal District. Santikos has not revealed specific plans for the land, but there is a likelihood that the company goes with a residential project considering its existing portfolio, San Antonio’s residential construction boom and Texas’ push for more housing to support the state’s rapid population growth.
The Legacy community, developed starting in the mid-2000s, includes apartments, commercial spaces and a Home2 Suites hotel.
Santikos has long been a significant player in the city’s development landscape. Spawned by a movie theater company and founded by the late John Santikos, the company has built a diverse portfolio that includes theaters, retail spaces and residential communities. It also manages 650,000 square feet of retail and industrial space across the city.
In addition to its real estate ventures, Santikos, headed by CEO Blake Hastings, operates 10 movie theaters in San Antonio, Cibolo and New Braunfels. The company recently expanded its theater operations by acquiring 17 theaters from VSS-Southern Theatres, marking its first expansion outside of Texas.
— Andrew Terrell
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