A Houston firm purchased the vacant land near Pearsall Park from oil company Exxon Mobil Corp. It has other holdings in San Antonio.
. The Westin Riverwalk hotel downtown and vacant land just outside Toyota’s manufacturing plant are among its local investments.
The 194-acre property it acquired from Exxon has at various times been used for petroleum refining and manufacturing, the records state. There are restrictions on a portion of the land prohibiting residential development, groundwater use and agricultural use aside from cattle crazing and butterfly and beekeeping.
It’s unclear what Cottonwood paid for the land, though the company borrowed $487,500 for the acquisition. The Bexar Appraisal District values it as $3 million and its assessed value was reduced because a portion of it is used for agriculture.
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