After years of sitting dark on the River Walk, the long‑vacant Nix Building is finally on track for a major comeback. Developer InnJoy Hospitality plans to turn the 24‑story landmark at 414 Navarro Street into 329 apartments, keeping the tower’s Gothic exterior intact while packing in a hefty dose of new downtown housing. The plan pairs hundreds of residences with street‑level retail, potentially turning a dormant high‑rise into a busy mixed‑use hub.
The San Antonio Historic and Design Review Commission recently approved a tax arrangement that, according to ConnectCRE, would allow InnJoy to seek a reappraisal in year six and cap taxation at 50% of market value every five years after that. ConnectCRE also reports the developer is going after state and federal historic tax credits to help cover the cost of the overhaul.
Plan details for the Nix Apartments
Blueprints filed with the city outline a 329‑unit mix that includes 157 studios, 118 one‑bedrooms and 54 larger units, according to the San Antonio Express‑News. On the ground floor, the plans carve the street level into several retail bays, with room for a new restaurant next to Bubba Gump and additional spaces for other tenants, the San Antonio Report noted.
Who is behind the conversion
Houston‑area InnJoy Hospitality, which snapped up the property in late 2019, is leading the conversion effort, the Houston Chronicle reported. Project filings and trade coverage list XA Collective, HM3 Engineering and A‑1 Engineering as part of the design and engineering team steering the adaptive‑reuse plans.
Timeline, filings and cost
State records with the Texas Department of Licensing and Regulation list the project as “Nix Apartments” (TABS2025002364) and peg the renovation cost at about $10 million. Those filings initially sketched out a one‑year schedule, while later public documents and local coverage shifted the expected start into January 2026, with completion pushed to 2028, reflecting the familiar permit and approval delays that trail most landmark conversions.
Historic credits and what they mean
Federal and state historic tax credits are a standard tool for breathing new life into aging landmark buildings. The federal program, administered with the National Park Service, can offer a 20% credit on qualified rehabilitation work, which helps make preservation‑minded projects more financially viable. Typically, the State Historic Preservation Office processes applications, while the National Park Service signs off on projects that meet preservation guidelines.
What is next for the River Walk landmark
If financing lands and remaining permits fall into place, the Nix conversion would rank among the largest adaptive‑reuse efforts in downtown San Antonio, joining a wave of projects trying to bring more full‑time residents into the central business district. Local reporting notes that InnJoy has not responded publicly to recent requests for comment, and city review and historic‑preservation approvals are still key milestones to watch…