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Real Deals: It's movie time in Tarrant CountyMay 17, 2013
An Austin-based movie-restaurant concept is planned to open in Keller just in time for whatever blockbuster opens in the summer of 2014.
Moviehouse & Eatery plans to begin construction of the dine-in theater with eight upscale auditoriums in more than 42,000 square feet at 250 Rufe Snow Drive as part of the Town Center development.
“Moviehouse is going to be a tremendous complement to this community and the Town Center development, filling a niche we have wanted for years,” Keller Mayor Pat McGrail said. “We have worked for a long time to attract a high-quality entertainment destination to Keller, and this project fits the bill perfectly.”
The flagship Moviehouse & Eatery opened in Austin in November. Owners P&S Real Estate Investments I LLC have been in discussions with staff about a Keller location – its first in the Dallas-Fort Worth market – since October, according to city officials.
On April 16 the Keller City Council approved a site plan and development incentive and performance agreement worth more than $500,000 for the developers. The agreement includes the elimination of all building and construction fees; up to $200,000 in reimbursement to the developers for signal improvements at Rufe Snow Drive and landscaping and trail improvements along the public right-of-way; and the rebate of city of Keller impact fees.
The agreement also includes a new property tax grant, which for four years will return to the owners the taxes paid to Keller on the property in excess of the land’s base tax value; a 50 percent rebate on personal property taxes paid to Keller for five years, not to exceed $7,800 annually; and rebate of the 1 percent of sales taxes allocated to the city’s general fund for three years, not to exceed $70,000 annually.
“The city of Keller is projected to see a return on investment for the incentive package of this new development in less than five years,” Economic Development Coordinator DeAnna Reaves said, “and in 10 years, we’re projecting an almost triple return on investment for the approved incentives, not to mention the synergy and peripheral development we are hoping this project brings not just to Town Center, but also to Keller as a whole.”
The development also will add a minimum of $5.5 million worth of taxable property within the city’s Tax Increment Financing district. And while the city will be refunding its portion of the property tax on those improvements for four years, the taxes collected by other entities – Tarrant County, the Keller Independent School District, the Tarrant County College District and the Tarrant County Hospital District – will immediately contribute to debt payments of the TIF.
Fort Worth has a brand new drive-in movie theater. Coyote Drive-In lit its silver screen May 10 with double features of Iron Man 3/Oz Great And Powerful, Oblivion/Pain And Gain and The Great Gatsby/42.
Coyote Drive-In is an urban drive-in located in the heart of Fort Worth at 223 N.E. Fourth St. just north of downtown. Equipped with three massive screens and state-of-the-art projectors, it plays first-run movies and double-features and plans to host film festivals, show sporting events and concerts. Patrons can tune in the movie through their car radios.
No car? No problem. Coyote can accommodate guests without cars to watch the movies in specially designated grass areas. Coyote also has a playground, a one-acre beer garden, gourmet food and eventually the ability to order from your smartphone from your vehicle.
Texas Health HEB unveils
Texas Health Harris Methodist Hospital Hurst-Euless-Bedford unveiled on May 15 the first phase of a major $5 million renovation of its emergency department (ED). The changes in the first phase include separate ambulance and walk-in entrances as well as new facilities to improve patient safety and confidentiality.
The project is scheduled to be completed by mid-fall.
Along with the separate entrances for ambulance and walk-in traffic, the waiting room has been renovated and enlarged to help meet needs of family members and friends.
Improvements to be implemented through the remainder of 2013 include a six-bed fast track area for express care and a second trauma room.
Texas Health HEB’s emergency department cares for more than 60,000 patients annually.
Patients and families will continue to access the hospital’s emergency department from Tibbets Drive in Bedford. Patients can be dropped off at the new walk-in entrance and cars parked in convenient ED patient parking. For more information and a map, visit www.TexasHealth.org/RenovationNews.
And more …
Pharmacy Corp. of America has renewed 18,193 square feet of industrial flex space in One Paddock Place, 2214 Paddock Way, Grand Prairie. Jim Ferris, vice president of Bradford Commercial Real Estate Services, a nd Michael W. Spain, senior vice president and managing partner, represented the landlord, Paddock Partnership. Michael England of Cresa Dallas represented the tenant. … DXP Enterprises Inc. has renewed 13,313 square feet of industrial flex space in Westfork Center Building B, 1515 Avenue S, Grand Prairie. Michael W. Spain and Jim Ferris of Bradford Commercial Real Estate Services represented the landlord in the direct deal. … Coldwell Banker Commercial Searcy Vasseur Group has sold a 13,132-square-foot building at 13350 Euless St. in Euless for CB Pink LLC. The buyer was Leland Pennington Investments, represented by Leonard A. Segal of Phifer & Associates. Nathan Vasseur of Coldwell Banker and Laura Hamilton represented the seller.
Send real estate news to Robert Francis at email@example.com