The Alamo City's skyline could drastically change soon thanks to a deal the city brokered with Weston Urban and Frost Bank.

The city has agreed to sell the city plaza building to Weston Urban along with a downtown parking lot just four blocks from City Hall on North Flores Street.

Downtown developers also want to buy the property at the corner of Santa Rosa and Travis streets, which is currently home to the San Fernando Gym.

The three parcels would total $6.5 million.

"These properties along with the properties Frost will convey to Weston Urban will facilitate 265 housing units downtown,” Mayor Ivy Taylor said.

The city then plans to spend $51 million to buy the existing Frost Tower and the adjacent parking garage. The 22-story office building sits directly across the street from the 12-story city plaza.

"This public-private partnership means that we will be able to centralize about 1,200 of our city employees into the Frost Tower,” City Manager Sheryl Sculley said.

These deals make way for Weston Urban to construct a new office tower to serve as Frost Headquarters. The idea came from Rackspace co-founder and real estate developer Graham Weston.

"It was Frost Bank who put their name on the building in downtown Austin about 15 years ago that led transformation of that downtown,” Weston said.

Before San Antonio’s neighbors to the north went vertical seemingly overnight, the 33-story Frost Tower was Austin's tallest building. Today, it's the third tallest.

"We all know that building. It's the building with the big hat on top, with the Frost logo on it that's unmistakable in the state of Texas,” Weston said.

Developers will level the downtown Frost Motor Bank and erect an iconic tower, destined to be San Antonio's tallest office building. The title currently belongs to the 32-story Weston Centre.

"We are committed to continue growth of the San Antonio Urban,” Frost Bank CEO Dick Evans said.

The new tower is expected to cost around $150 million.

City officials estimate having all of those city employees in one spot will save taxpayers $30 million over three decades.

A city planning meeting about the project is scheduled to be held in about a month.

The City Council is expected to vote on the multi-million dollar deal June 4.