GrayStreet Acquisitions, a subsidiary of the development company GrayStreet Partners, aims to rejuvenate Lone Star Brewery.
Developers hoping to rejuvenate the Lone Star Brewery after its 1996 closure have been stymied by hurdles ranging from bankruptcies to environmental issues.
Now, Lone Star Development and GrayStreet Acquisitions, a subsidiary of the development company GrayStreet Partners, hope to begin a new chapter for 32-acre property in a deal set to finalize today, ac
cording to The Rivard Report
In January, Lone Star Brewery Development Inc. filed for Chapter 11
bankruptcy reorganization in a move that halted a pending foreclosure auction. Since then, the future of the property was juggled between GrayStreet and Dallas-based Quadrant Investment Properties, with the former coming out on top after presenting a $14.5 million offer, the Express-News reports
GrayStreet Acquisitions purchased the 32-acre property for $14.45 million.
Previous plans for the property have included a multi-use complex to feature office and retail space, restaurants, a movie theater, a boutique hotel and multifamily housing.
At press time, it was unclear what form the new development might take, but it's been a long time in the making.