December 4, 2023
SAN ANTONIO – Bexar County commissioners approved an incentives agreement between the county and Ohio-based developer Industrial Commercial Properties LLC for the redevelopment of the former Rackspace building.
The agreement outlines a $21.5 million purchase price for the property and $18.5 million for the interior and exterior renovation work.
The pact also provides a framework for the Windcrest Economic Development Corp. to take ownership of the land, which ICP would then lease for seven years.
Through direct activity or through leasing to others, the group hopes to bring at least 600 jobs to the site and $10 million in sales tax revenue.
The county is pitching in $2.8 million in incentives as part of the deal.
Construction is scheduled to start in January 2024. The company expects to reach full occupancy in 2026.