R
eady Capital has acquired the 42,000-square-foot Hedrick Building and adjacent 6,800-square-foot Voss Building in downtown San Antonio after a foreclosure auction. The properties, located at 601 and 617 North St. Mary's Street, were previously owned by Bright Lakes Real Estate, led by Craig Glendenning, who defaulted on a $15.2 million loan taken out from Broadmark Realty Capital in 2018.

    The New York-based lender won the properties with a bid of $16.7 million, breaking down to $342 per square foot. Bright Lakes had attempted to redevelop the Hedrick Building into apartments and later an extended-stay hotel, but market conditions and financial challenges halted the project. Glendenning also sought to rezone adjacent land for a temporary RV park in 2023, but the city council rejected the plan.

    The buildings' historical appeal makes them prime candidates for renovation, requiring a balance between commercial viability and preservation of their heritage. San Antonio officials prioritize redevelopment of historic properties into mixed-use developments, boutique hotels, or rental properties. This approach is evident in Houston-based InnJoy Hospitality's plan to convert the former Nix Medical Center into residential apartments along the River Walk, investing $10 million in the project.