CPS sells Villita Assembly Building, last of properties it put up for sale to cover cost of new HQ

Photo of Madison Iszler
CPS Energy has sold the Villita Assembly Building.

CPS Energy has sold the Villita Assembly Building.


CPS Energy has sold the historic Villita Assembly Building, which has long hosted Fiesta’s A Night in Old San Antonio and other events.

KEM Texas Ltd., a partnership linked to San Antonio firm GrayStreet Partners, bought the circular building at 401 Villita St. for $5.3 million in mid-February, deed records show.

Renowned architect O’Neil Ford designed the 24,785-square-foot building, which opened in 1959 as a venue for CPS meetings and exhibitions.

“GrayStreet intends to upgrade and restore the Villita Assembly Building and keep it as an operating venue,” said Kevin Covey, GrayStreet founder and general partner, in a statement.

It’s the last of seven properties CPS put on the market in 2019 to help cover the cost of its new $212 million headquarters on McCullough Avenue.

On ExpressNews.com: CPS Energy sells former headquarters in downtown San Antonio to hospitality firm

CPS has made about $87 million from the property sales.

Part of the utility’s former headquarters along Navarro Street is slated to be turned into a hotel, with office space in the remaining portion renovated for new tenants.

Blueprint Hospitality bought CPS’ office building at 145 Navarro St. for $19 million and plans to convert it to a 243-room hotel that will be part of Marriott’s Autograph Collection of independent hotels.

The firm, which has offices in Houston and Chicago, also bought the utility’s interest in the Tower Life parking garage.

Los Angeles-based BH Properties purchased CPS’ office building and parking garage at 146 Navarro St. for $22.5 million. It is sprucing up the office space and adding retail on the street level, including a restaurant overlooking the River Walk.

On ExpressNews.com: Former CPS Energy building in downtown San Antonio to undergo multi-million-dollar renovation

GrayStreet bought a 1-acre parking lot across from the Tower Life Building and next to the Mexican Consulate from CPS for $5.6 million.

The firm also acquired the utility’s former customer service center at 7000 San Pedro Ave., where the city’s migrant resource center is located, for $5.25 million. GrayStreet has since sold the property.

The McCombs family bought 5.9 acres next to the San Antonio Museum of Art near Pearl from CPS for $29.5 million. The utility conveyed one acre there to the museum.