Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.
The Balcones Heights City Council has approved a deal to secure a nearly 46% ownership stake in the Wonderland of the Americas mall.
The $5 million transaction will give the city greater control over the mall and its 30-acre site.
“I’m very proud of our council, to have the vision to understand how serious this is and what a good opportunity it is,” Balcones Heights Mayor Suzanne de Leon told the Business Journal after the unanimous City Council vote.
The approval comes roughly seven months after Balcones Heights entered into a memorandum of understanding with mall investors to explore partial ownership. Last spring, de Leon said she wanted to see a more expanded mix of tenants at Wonderland, potentially including a regional restaurant row and residential space. She said stakeholders could draw inspiration from places like Pearl, incorporating destination businesses to draw more visitors to the area.
The Balcones Heights Economic Development Corp., which has negotiated with mall investors, made its recommendation for a purchase to City Council members on Nov. 15.
Wonderland spans more than 740,000 square feet on a site bordered by Interstate 10, Loop 410 and Fredericksburg Road.