Fort Worth Seeks Residential & Hotel Developers
Wanna buy a condo in downtown Fort Worth? Get in line and have your money in hand because there hasn’t been a new for-sale residential unit delivered in the past four years, says Downtown Fort Worth prez Andy Taft (right, with Peloton VP Jerry Bolz and Affiliated Bank's Joni Wilson) at the CREW Fort Worth luncheon Wednesday. The average selling price for the units is around $263k; but they don’t last long, the average time on the market is 50 days, he says.
Andy says downtown multifamily units are 95% occupied with another 300 units opening soon and 500 more in the pipeline. The vacancy rate will increase some as the new units deliver, but not by much, he says. What’s luring the residents downtown? Andy says more than 42% of residents credit the lifestyle. Here’s Angmar Commercial Realty's Mica Puryear with Community Trust Bank's Martin Noto. Mica recently made the move to Angmar from KW Commercial.