Join The Discussion

 

Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

read more >

Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

read more >

Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

read more >

Ski Grand Prairie? TCU, UTA grad helping bring snow to Metroplex

For Levi Davis last week may have been a career peak, in more ways than one.

read more >

GE rises most in year with equipment order increases, including at Fort Worth locomotive unit

NEW YORK — General Electric Co. beat analysts' profit estimates in the third quarter as Chief Executive Officer Jeffrey Immelt squeezed more costs from the manufacturing units.

read more >

Pinnacle Bank deal moves Fort Worth's Lancaster Place project forward

Scott Nishimura
snishimura@bizpress.net

Pinnacle Bank is paying $1.38 million for one third of the ground floor of the Lancaster Place mixed-use project on the south end of downtown, and will use the space for a retail branch and back office operations.

Pinnacle is acquiring 8,500 square feet, with plans to immediately use about 5,000 square feet of it, Jay Chapa, Fort Worth’s housing and economic development director, told Mayor Betsy Price and members of the City Council during their Fort Worth Local Development Corp. meeting Tuesday.

“The wanted the ability to grow,” Chapa said in an interview afterwards.

The Business Press was seeking comment from the bank Tuesday afternoon.

Pinnacle Bank has agreed to provide $16.5 million in financing for the project. Its purchase price of a third of the retail floor is $162.50 per square foot.

The bank also agreed to lease 30 parking spaces in a garage to be built as part of the project, and to prepay a 50-year lease for the parking.

The Local Development Corp., which owns the project, has agreed to rename the building Pinnacle Bank Place or Pinnacle Place, depending on whether the Downtown Design Review Board allows signage with the bank name, Chapa said.

The council, serving as the Local Development Board, approved the Pinnacle financing and terms Tuesday.

“We’re going with Pinnacle Bank Place unless we’re told the signage is not going to work,” Chapa said.

The project is at the 200 block of West Lancaster Avenue on the north side of the street between Jennings and Throckmorton streets.

Chapa said two other prospective tenants have expressed interest in taking space on the ground floor of the planned project, including one who he said is ready to sign a lease.

“We’re not sure it’s the best (tenant) for it,” Chapa said.

Construction on the project is expected to begin at the end of August, or early September, Chapa said.

The total project cost is estimated at $28 million. It will include 130 apartments over160,000 square feet, 24,000 square feet of commercial space, and the adjacent garage.

The project is part of the city’s efforts to redevelop the Lancaster Street frontage through downtown.

The city has solicited requests for proposal to redevelop several surplus publicly owned lots on the south end of downtown, fronting the north side of Lancaster Street and facing historic buildings like T&P Station and the U.S. Post Office.

Fort Worth is seeking a master developer for several lots between Jones Street and the Interstate 30 entrance ramp, with expectations for mixed-use buildings of three to eight stories that could include retail, residential, office and hotel.

Chapa said the city expects to interview two or three potential master developers at the end of May.
 

< back

Email   email
hide
Ebola
How worried are you about Ebola spreading?