CPS Energy’s downtown San Antonio headquarters to be sold, could be worth more than $40 million
San Antonio’s city-owned utility CPS Energy has moved one step closer to selling its downtown headquarters.
The utility’s board of trustees voted Monday to list downtown and other properties it owns as surplus and start the process of marketing and selling its headquarters in preparation of moving into its new headquarters building in 2020. That building, located just north of downtown along the San Antonio River, is under construction.
The downtown properties include CPS Energy’s headquarters buildings on Navarro, a surface parking lot next to the Mexican Consulate, the La Villita event space, and a stake in a parking garage that CPS Energy shares with the adjacent Tower Life building.
The Bexar County Appraisal district puts the appraised value of some of the downtown properties at more than $40 million.
Another building located on Jones Avenue just south of The Pearl is valued at more than $10 million. The Bexar County Appraisal District did not give an appraised value for a customer service center on the North Side that CPS Energy also intends to sell.
The money raised from the sale of the properties will offset the $210 million cost of the utility’s new headquarters building, which is being built out of two repurposed office towers at Avenue B and McCullough Avenue. The buildings used to house AT&T and refiner Valero Energy Corp.
CPS Energy trustees also voted to hire CBRE Group, a global real estate company based in Los Angeles.
Rye Druzin is a San Antonio-based staff writer covering Texas energy. Read him on our free site, mySA.com, and on our subscriber site, ExpressNews.com. | email@example.com | Twitter: @druz_journo