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Dallas Fed's Fisher, Philadelphia Fed leaders to retire in 2015

WASHINGTON — The outspoken president of the Federal Reserve Bank of Philadelphia will step down in March, shortly before the central bank is expected to raise interest rates for the first time since the recession, the regional bank said Monday.

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Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

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Troubled RadioShack files SEC form, talks with 'major vendor'

RadioShack Corp.’s latest filing with the U.S. Securities and Exchange Commission describes recent discussions that “could be beneficial to the financial restructuring of the company.”

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REIT plans demolition of Fort Worth's Westchester Plaza, mixed-use redevelopment

The developer is seeking a $3.8 million reimbursement from the Southside tax increment finance district.

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Road Show: City leaders prepare campaign to corral votes for $450 million arena

Fort Worth’s biggest backers of a new arena at the Will Rogers Memorial Center are leaving little to the chance of a “no” vote in a citywide election Nov. 4 to decide on new fees that would fund 15 percent of the $450 million project.

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Fort Worth: State of the Market

A. Lee Graham
lgraham@bizpress.net

Fort Worth built it, yet property managers are having trouble filling new downtown office inventory.
“We just added 6 percent [more space] to the Class A office market, so we’ve got room,” said Andy Taft, president of Downtown Fort Worth Inc., a nonprofit downtown advocacy group, offering his take on the local real estate market at the Fifth Annual Fort Worth State of the Market.
Presented by Bisnow Media, the event gathered Taft and eight other movers and shakers to share their perspectives on a panel discussion at the Omni Fort Worth Hotel.
“We’re working hard to get some prospects over to take a look,” said Taft, offering an otherwise upbeat outlook on the city’s real estate future.
Other panelists also painted a sunny picture of Fort Worth retail, multifamily and office development while acknowledging some challenges that lie ahead.
“We are now missing out on conventions because of space at the [Fort Worth] Convention Center,” said Johnny Campbell, president and CEO of Sundance Square, heartened by plans to expand that facility and add more downtown hotel inventory that he said is around the corner.
Only a few months after opening, the Westbrook and Commerce buildings at Sundance Square Plaza are 94 percent leased, Campbell said.
“The plaza has attracted some of that,” said Campbell. “The parking issue is something that we’re going to continue to deal with.”
Sharing that assessment was Todd Burnette, managing director of Jones Lang LaSalle’s Fort Worth office.
“One of the hardest things right now is parking. There’s a shortage of parking in some areas. Everyone, every company today is trying to get more and more people into a smaller space, so you’ll see those square foot ratios per person go down,” Burnette said.
Available parking challenges notwithstanding, downtown is beginning to enjoy a daytime retail renaissance, Campbell said.
“We wanted to have a more rounded retail experience. That’s been our goal for 30 some-odd years. What’s changed is we’re beginning to do some of those deals,” Campbell said of new and potential future retail tenants opening within the city’s urban core.
When it comes to downtown, apartments and hotels stand to outpace other types of development, Taft said.
“We’re seeing a lot of heat in multifamily and hotel markets lately. I think we’ll probably see construction activity heaviest in multifamily and hotel,” Taft speculated.
Meanwhile, the developer behind the WestBend, Waterside and Alliance Town Center developments in Fort Worth reported a robust, yet rocky real estate market.
“Demand is pretty strong in Texas, but the overall demand for retail is not what it had been pre-bubble or pre-recession,” said Tommy Miller, managing director of Trademark Property Co.
Financing is arguably the greatest challenge to launching new projects, said Stephen Coslik, chairman of The Woodmont Co.
“The toughest challenge is financing,” said Coslik, whose firm is constructing a 200,000-square-foot specialty project in Southlake near Southlake Town Square.
Coslik said banks nationwide are demanding 30 percent to 40 percent equity before approving financing.
“That’s a tough, tough deal to put together,” Coslik said. “You have to have a lot of equity now.”

 

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Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?