Background
The historic 31-story Tower Life Building, originally known as the Smith-Young Tower, was constructed in San Antonio, Texas, between 1927 and 1928 by the renowned architects Robert and his father, Atlee Ayres, who were among the most influential architects in Texas during the 20th century. Their work can be seen across the city, such as the Municipal Auditorium, the Plaza Hotel, the Federal Reserve Bank, and the Administration Building at Randolph Field.
For a decade, Sears, Roebuck and Company occupied the first six floors, featuring large display windows along St. Mary’s and Villita streets, while the upper floors were leased to prominent local professionals and businesses, cementing the building’s place as a focal point of commerce and innovation in the city. The Smith-Young Tower, with its rich history, has borne witness to many significant moments throughout the years, serving as a mooring mast for a blimp, a performance site for aerialists, the headquarters of the third U.S. Army, and a television station transmission tower.
The San Antonio Transit Company purchased and renamed the building the Transit Tower in the 1950s, and by the early 1960s, the building was sold again to the Tower Life Insurance Company, where the building was renamed to what we know it as today, the Tower Life Building. It was the tallest building and structure in San Antonio until 1968 and is currently the fourth tallest building in the city and the tallest 8-sided building in the U.S.
The Project
The Tower Life building sits on a 0.26-acre site along the beautiful downtown San Antonio River Walk. The San Antonio River Walk is a historic and cultural landmark that traces the city’s vibrant past, from its Spanish colonial roots to its modern-day role as a thriving hub of commerce and tourism. This iconic waterway site has inspired similar developments around the world, blending natural beauty with rich history, and offering a unique glimpse into the heart of San Antonio’s heritage. Tower Life’s renovated main floor and basement level will provide 20,00 square feet of commercial space, while the other floors will host 243 residential apartments, over half of which will be considered affordable housing serving residents at or below 80% of the area median income.
Mixed-income apartment buildings like this project benefit the community by bringing together individuals from various walks of life and allowing affordable housing options in areas of the city where residents can live, work, and play. Amenities at the project will include an outdoor patio deck, community space, and a fitness center, and adjacent to the project is a parking garage that will be available to residents and commercial patrons.
ECONOMIC IMPACT
The $125 million revitalization was supported, in part, by NTCIC through an equity investment in the $16.8 million federal Historic Tax Credits generated by the project and $21 million in State Historic Tax Credits. NTCIC acted as the Federal and State HTC sourcer, underwriter, and closer as well as the Federal HTC fund manager and Federal and State HTC asset manager. The Project was also approved for a 75-year real estate tax exemption through a lease partnership with Bexar County as the Sponsor builds workforce housing for middle-income families that are not currently served by housing tax credits or market-rate developments.