SAN ANTONIO-Local developer and owner R.L. Worth & Associates will develop a 105,425-square-foot class A office building in Midtown. The four-story property will have a price tag of $13 million to $16 million.

Situated on 2.6 acres at 1100 McCollough Ave., the office building will be known as the Broadway Bank Professional Building. Designed by Chesney Morales & Associates, a local architecture firm, it will offer a four-story parking garage with a skybridge on the second floor that connects to the building.

“We really liked the location,” says Rick Littleton, vice president of leasing for R.L. Worth & Associates. “It’s right next door to Metropolitan Hospital and across the freeway from Methodist Hospital.” Moreover, the property offers easy access to Interstate 35 and is convenient to the city’s higher-end residential neighborhoods.

Broadway Bank previously owned the land on which the building will be located. Littleton tells GlobeSt. that the bank originally intended to build a new corporate headquarters on the land, but decided to keep its existing office in downtown.

The bank contacted R.L. Worth & Associates to see if the developer would be interested in buying the land and building an office building in which the financial institution could open a branch and have naming rights. Broadway Bank is the building’s first tenant – it will occupy 5,000 square feet to 6,000 square feet on the ground floor, in addition to five drive-thru banking lanes.

R.L. Worth is currently working with a number of prospective tenants to pre-lease the building and is evaluating whether it will focus its leasing activities on medical office tenants given the site’s proximity to two hospitals.

The firm may offer tenants the opportunity to invest in the building as limited partners, Littleton says. It structured a similar investment for its Quarry Heights building, where it offered tenants who leased more than 10,000 square feet the option of buying into the development partnership. The asking rate for the building is less than $20 per square foot, triple net.

Littleton says R.L. Worth won’t start construction until the project is at least 50% pre-leased. He expects to break ground on the project no later than October. The firm already has construction financing lined up with Broadway Bank.