SAN ANTONIO, Texas – Generations Community CU has agreed to sell its 70-year-old office building, the city’s former train station, to VIA Metropolitan Transit, which plans to build a new bus depot out of the historic structure.
Under the deal, the transit authority will pay the $400 million $5 million and give the credit union 24 months to relocate Including the purchase price and renovations, VIA will invest a total of $10 million in the project.
The credit union, which now uses the downtown location to house a retail branch and administrative offices, decided to sell the building because it had outgrown the more-than-27,000-square-foot facility.
Generations plans to use the sale proceeds to relocate.
The deal allows the public transit system to move forward on the development of a multimodal center that will be a hub for its Bus Rapid Transit system, expected to be operational by the end of 2012. The anticipated $60 million BRT is a system of bus corridors in the San Antonio area that connect major business districts such as downtown and the Medical Center.
