San Antonio’s renaissance continues, with the announcement that downtown’s historic Aztec Theatre has been sold to Live Nation in a move that will pump up the local music scene.
“San Antonio entrepreneur Sam Panchevre's PHH Entertainment Ventures LLC has sold half of its stake in the historic downtown venue to Los Angeles-based entertainment giant Live Nation,” said the San Antonio Business Journal.
Keith Howerton, PHH Entertainment managing partner, told the San Antonio Express-News that the venue will not become a House of Blues, but rather the “theater will be booked and managed by House of Blues Entertainment, a division of Live Nation.” This essentially gives “House of Blues exclusive control over booking shows and theater operations,” they said. “With controlling interest, Live Nation’s HOBE unit now will book 100 to 150 shows a year, Howerton said. He added that HOBE’s expanding bookings will resemble House of Blues shows in Dallas and Houston.”
With a strong presence in those large Texas cities—not to mention the thriving music scene in Austin and the Hill Country, the move made sense, Ben Weeden, chief operations officer for House of Blues, told the Business Journal. “Buying the San Antonio theater ‘was the next logical move for us in Texas’ he said. “He also described San Antonio as a ‘vibrant music market with a very large population base that we think is underserved at the club and theater level.’”
The 112,000-square-foot, 1,500-seat Aztec Theatre opened in 1926 and was listed on the National Register of Historic Places since 1992. The property is expected to undergo renovations under the new ownership arrangement, including “a new VIP lounge, new dressing rooms and a special events facility that can tap into the Alamo City’s strong convention business,” said the Business Journal.
This announcement continues a trend of great news coming out of San Antonio lately, like the No. 6 ranking on Forbes' list of Best Buy Cities. Based on factors including population and employment growth, annual home price growth, and home price/rent ratio in more than 300 housing markets, San Antonio was deemed a top choice in which to “invest in housing this year.”
Home prices within the area continue to rise, up more than five percent from this time last year, according to the latest CoreLogic Home Price Index, said the Business Journal.
The SouthSide has been leading the charge, with impressive growth among several large employers including the San Antonio Toyota Plant, the mixed-use Brooks City Base, the new Texas A&M University campus, and Eagle Ford Shale-related companies including Halliburton and Schlumberger, and new business coming to the areas, like FMC Technologies, nicknamed the “Lowes of Eagle Ford Shale,” the new two-story HEB supermarket, and the Greater Mission Recreational YMCA. The area’s leading masterplanned community, Mission del Lago, also continues to grow with new homes to meet the needs of buyers. National homebuilders Lennar and D.R. Horton present a variety of homes priced from the $140s.
For more information, visit Mission del Lago or click below to view the SouthSide Homebuying Guide.