Fort Worth Continues Growth Surge
Fort Worth is one of the fastest-growing large cities in the US and land prices are reflecting the demand to be here. They’re just some of the reasons we’re excited to bring you Bisnow’s Fort Worth State of the Market event on April 21 at the Omni Fort Worth.
Trademark Property Co has almost 750k SF of mixed-use projects in the works in Fort Worth with Waterside and WestBend projects, says managing director Tommy Miller. Fort Worth’s ties to the energy industry doesn’t make it the best time to be active locally, he says. “The energy slowdown has taken the wind out of our sails, but relatively speaking, Fort Worth is a pretty good place to be,” Tommy tells us. The market is taking a breather while land and property prices are relatively high. Fort Worth is a “niche market in the retail business,” he says. Finding those few voids and underserved trade areas can be a challenge. “We’re filling holes in a strong market that until the last five years, really hasn’t been considered a primary market,” Tommy tells us.
Nationally, there’s not a lot of retail under construction, but Fort Worth and Tarrant County have seen a reasonable amount of construction, Tommy says. It’s simply supply meeting demand and world-class retailers are finally seeing Fort Worth as a primary market, he says. But don’t expect robust growth, he cautions. Construction started last fall on the first phase of Waterside with 375 luxury apartments (developed by Transwestern Development Co) with a spring 2016 targeted opening. The 63-acre project—on the former Lockheed Martin Recreation Association site at Bryant Irvin Road and Arbor Lawn Drive—will include a Whole Foods grocery store, 175k to 200k SF of retail and restaurants, 200k SF of office space, a signature hotel, and 20 to 30 acres of multifamily and townhomes.
Construction is underway on a new 81k SF Class-A office building at WestBend with a fall opening targeted. The mixed-use project in Fort Worth’s University District is slated for a fall completion and will include 280k SF of retail, dining and office space. Today, Trademark announced the signing of a 17k SF Tyler’s sporting goods store to open in spring 2016. The Fresh Market should open in June and Grimaldi’s Coal Brick-Oven Pizzeria in the fall. WestBend’s location along the Trinity River, just south of I-30 and across the street from University Park Village, may be its biggest strength.
Expect an announcement soon on a new full-service hotel/mixed-use project in the Downtown area, says Dowdle Real Estate president Lynn Dowdle. “People will be thrilled to see the plans and happy to have the additional square footage and amenities. It should be a landmark in Downtown Fort Worth,” she tells us. She was mum on the details for now. There’s a lot of demand for hotel rooms and Fort Worth is a high barrier to entry market. Land doesn’t come easy, so you have to get creative, which makes it a lot of fun, Lynn says. Lynn tells us the photo was taken after a surprise helicopter ride to Catalina Island for a girls’ weekend with her daughter.
Lynn also completed a deal for a 124-room Marriott Courtyard in the Stockyards, which will be a huge addition to one of the most historic landmarks in the country, she tells us. It will be across the street from Billy Bob’s at 2533 N Main St on two acres. No time frame has been announced, she says. Lynn says the Medical District, Downtown Fort Worth and Sundance Square, as well as along West 7th Street are seeing growth, she attributes much of that to the work of Fort Worth South, Downtown Fort Worth Inc and Sundance Square working aggressively. “They see the big picture and they don’t pretend to be Dallas. There is an ambiance in Fort Worth that only they can create,” she says.