Fort Worth Joins PPP To Redevelop Area Along Trinity River: The DFW Deal Sheet

Fort Worth is pitching in to spur a mixed-use development along the West Fork of the Trinity River, near its downtown area. 

The public-private partnership between Fort Worth and FW Westside RE Investors LLC includes a Chapter 380 grant for the planned 37-acre mixed-use project that will feature a mix of office, retail, residential and hospitality uses.

FW Westside RE Investors is a partnership between Larkspur Capital and Fort Worth-based private investment firm Keystone Group.

“Our collaboration with the city underscores a shared vision for long-term growth, community connection, and sustainable, next-generation urban design,” Larkspur Capital President Carl Anderson said in a statement, adding the project would redefine that area of the city.

The Chapter 380 grant will give the project a 15-year partial property tax abatement.

Austin-based Michael Hsu Office of Architecture will handle the master plan design for the district, which will integrate wellness, retail, entertainment and dining. Landscape architecture firm GGN will handle the public space design. 

The first phase will feature two mixed-use buildings situated above a shared parking structure. The office building with ground-floor retail will be designed by Michael Hsu Office of Architecture, with Corgan serving as architect of record. Corgan will oversee design for the multifamily building, which will also offer retail opportunities on the ground level. 

Construction is slated to start later this year.

SALES

DFW Land's Vijay Borra purchased 112 acres from the Choate family at the intersection of the Collin County Outer Loop and Preston Road in Celina for a planned mixed-use development. The transaction was brokered by David Davidson Jr. of Davidson Bogel Real Estate in partnership with David Davidson Sr. of Davidson Real Estate. Davidson Bogel Real Estate was retained by developer DFW Land to target retail, medical, hospitality and office users. That company will also identify a multifamily development partner should residential components be included in the final master plan. 

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TwinkleStar Asset LLC purchased the 312-unit Belmond multifamily property in Haltom City from Knightvest Capital, according to an announcement from Institutional Property Advisors, a division of Marcus & Millichap. Built in 2001 on 17 acres, Belmond is a three-story garden-style asset. Institutional Property Advisors’ Joey Tumminello, Taylor Hill, Drew Kile, Michael Ware and William Hubbard represented the seller and procured the buyer.

LEASES

Advanced Online Products Inc. renewed its nearly 80K SF lease at 750 Gateway Blvd. in Coppell with landlord Robert Allen of First Industrial Realty Trust. Davidson Bogel Real Estate’s David Guinn and Phillip Maxwell represented the tenant in the transaction. 

CONSTRUCTION AND DEVELOPMENT

DHA, Housing Solutions for North Texas and its development partner Volunteers of America National Services broke ground last week on The Culbreath, a $96.7M senior housing development in South Dallas. The 268K SF project will provide 364 new affordable housing units for seniors at 2770 Bethurum Ave. in the Bonton neighborhood. The project has an estimated 26-month construction period and is anticipated to open in summer 2027.  

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Kaizen Development Partners began abatement and building demolition operations on the 2.3-acre site of the planned Chalk Hill mixed-use development at the corner of Wolf Street and North Harwood Street in Uptown Dallas. Demolition of the previous home of North Texas Public Broadcasting will take down all buildings on the site and dismantle a nearly 300-foot radio transmission tower. 

Chalk Hill will include more than 400K SF of trophy office space, a 217-key luxury hotel in partnership with HN Capital Partners, 61 luxury-branded condominiums, and multiple food and beverage options. Kaizen tapped BOKA Powell for the design of Chalk Hill and Balfour Beatty as the general contractor. JLL’s Blake Shipley and T.D. Briggs are leasing the office component.

FINANCING

Red Oak Capital Holdings closed a $1.5M bridge loan for the acquisition and lease-up of the 16-unit garden-style Treehouse Apartments at 1400 Cherry Drive in Arlington. Structured under Red Oak’s Opportunistic Bridge Loan Program, the nonrecourse, interest-only loan features an initial term of 18 months, with one six-month extension and a loan-to-stabilized-value of 79.5%. Red Oak’s Nick Jans originated the loan, with underwriting by Thomas Gorski and loan administration by James Myatt. Lument’s Andrew Russell arranged the financing on behalf of the sponsor, 1400 Cherry Holdings LLC. 

PEOPLE

Deke Schultze joined Transwestern Investment Group as senior managing director of capital formation. Schultze will help lead the firm’s capital formation strategy while supporting business development and capital raising efforts across the enterprise. Schultze has more than 20 years of broad-based real estate investment management experience.

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Tangram Interiors promoted Mark Peters to vice president of healthcare and education for Texas. He was previously director for the same verticals and has more than 25 years of experience. Peters will lead the healthcare and education markets across the region. 

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Trademark Property Co. hired Sarah Uren as vice president of ancillary revenue. Uren will lead the restructuring of Trademark’s specialty leasing program, working collaboratively with the leasing, development and asset management teams. She has more than 20 years of experience in the shopping center industry.

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Foundry Commercial added Cynthia Cowen to its Mission Property Group as senior vice president, based in the Dallas office. Cowen has more than 20 years of experience in commercial real estate.

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Operio Group appointed Declan McLaughlin as its new CEO. The leadership transition was initiated by former CEO Alastair Sanderson, who now assumes the roles of chief business development officer and chief marketing officer. 

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S3 Capital added Jonathan Hart as managing director of origination in its new Dallas office to enhance the firm’s presence in Texas and the Sun Belt. He will focus on sourcing, underwriting, structuring and closing new loan opportunities in the region. Hart has more than a decade of experience in the industry and is a native of Dallas.