The company, which has offices in Houston and Chicago, plans to convert the 10-story office building to a hotel.
This past spring, GrayStreet Acquisitions LLC bought the Zachry family’s interest in the garage at 235 Villita St. GrayStreet leased its interest to an operator to manage and renovate, as it “needs substantial maintenance and upgrades to meet current codes,” according to the Dec. 16 lawsuit.
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The lease allegedly identified GrayStreet and Blueprint affiliate 145 Navarro LLC as tenants in common, and GrayStreet planned to split the profits with the company.
But when GrayStreet sent the lease to Blueprint, the company would not acknowledge it and said the parties are not tenants in common, according to the suit.
GrayStreet is asking the court to declare that the companies are tenants in common and the lease is valid and enforceable. It is also seeking up to $250,000.
“GrayStreet has reached out on multiple occasions to the co-owner of the Tower Life Garage to clarify responsibilities and improve the day-to-day operations,” the company said in a statement. “Since GrayStreet has not had any success with direct negotiations, we were left with no option except to place this matter before a judge.”
Kishan Patel, managing partner and chief operating officer at Blueprint, did not respond to an inquiry Wednesday.
This past spring, the Zachry family sold the Tower Life building to a group that includes the McCombs family, local developer Ed Cross and Jon Wiegand of Alamo Capital Advisers. They plan to convert the 31-story building into about 230 residential units and ground-floor retail through a partnership with the Bexar County Public Facility Corp.
Construction is set to begin in summer 2024 and the work is expected to take about 18 months.
GrayStreet has a deal with the group to provide 145 parking spaces in the garage for its use. GrayStreet also owns a parking lot across the street next to the Mexican Consulate.
madison.iszler@express-news.net