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Old 10-12-2007, 08:59 AM
 
Location: San Antonio, TX
545 posts, read 2,284,212 times
Reputation: 215

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You know, at first I thought that 3.3 million sounded like a fair price...around my neck of the woods (NW side), land values are around 100k/acre. It's a 34 acre site, so it's right on par for land prices. Then I checked land values around the drive in...yeah, not even close. About 35k/acre, meaning that even with the buildings, they still overpaid.
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Old 10-12-2007, 09:59 AM
 
Location: San Antonio
1,893 posts, read 5,589,057 times
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Sounds to me like land prices on the SE side just went up a bit with that sale. Once you see what people will pay why take less.
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Old 10-12-2007, 10:20 AM
 
925 posts, read 1,228,076 times
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For those wondering what is happening, the city and Santikos (local theater owner/real estate developer) have come to terms in allowing the city to purchase the 34 acre Mission Drive-In theater on the south side of San Antonio. It is the last Drive-In within the city of SA although there is a Drive-In theater in Stockdale which is in metro SA about 30 miles east/southeast of San Antonio. With the purchase of the site the city has big plans for it, with it becoming home to a multi facility complex with the regional HQ for the national park and wildlife and the national HQ for the Hispanic Association of Colleges and Universities (HACU) as well as a public library and a retail center. There is also talk of a memorial pond in the center to pay tribute to soldiers in the military who have lost their lives not only in foreign wars but also domestic.
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Old 10-12-2007, 03:01 PM
 
472 posts, read 1,792,952 times
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It is still going to be sad seeing it go no matter what goes up there.
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