Friedrich Air conditioning Warehouse
An old air conditioning warehouse is being converted into modern office space. Friedrich Refrigeration Company was a manufacturer of commercial refrigeration and room air conditioning equipment. The intricate facility evolved over a 32-year period to accommodate manufacturing functions to keep pace with changes in refrigeration technology. The building is 533,000 sq. ft, with only 20,000 being used at the time. The rest of the building is in a dilapidated state of disrepair. Parts of the building were sagging from water damage, nails on the wood floor were sticking up, and it stank of old mold. However, with great views of downtown, and a solid concrete frame, as well as wood and steel truss work, there is much potential. A great candidate for an adaptive- reuse development, the Friedrich building offers the potential for an incredible mixed-use urban community that could contain offices, loft residences, retail / restaurant and special event spaces. Looking at the converted office is like night and day. It has been completely retro-fitted, and looks first-rate. The wood floors have been refinished, and re-polished. Old machinery has been painted red, and modern furniture finishes it off.
The realtor thinks that when the building is finished, it could command up to $1.30 per sq. ft. for residential. However, it needs new mechanical systems selective demolition as well as asbestos abatement, removal of old transformers, removal of lead based paint, and façade upgrades. It is for sale for $8 Million. Fortunately, it is in San Antonio’s “Empowerment Zone” and tax credits are given for employees hired in an E.Z. Also, the building is in a TIF district. The motto the leasing agent left us with was “No good deed goes unpunished.” My guess is that the city sometimes makes it difficult even for worthwhile development projects.
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