Bisnow’s State of Fort Worth: Part Deux
Most new retail growth across the US can be found in outlet malls, says The Woodmont Co chairman Stephen Coslik (far right, with GFF’s Ted Gupton and Freese & Nichols’ Kirk Millican) at the Bisnow Fort Worth State of the Market event last Thursday at the Fort Worth Omni. Woodmont is working on three outlet malls around the US including one at Alliance, just north of Cabela’s on I-35. Traditional box developers like Target and Kohl’s slowed development, he says. Kohl’s was opening 100 stores annually and plans only seven this year. (What does this say about the formerly robust pajama market?)
Sundance Square prez and CEO Johnny Campbell (an avid unicyclist) says the 5,000 Downtown residences are driving Sundance’s annual sales of $80M. To generate more growth, Johnny says two critical things are needed: more convention center space and hotel rooms. (Star Trek money is nothing to turn your nose up at.) The Downtown hotel market is 71% occupied all year long. If there’s a special event going on, it’s hard to find a room.
Downtown added 6% to its Class-A office space last year, but the heaviest concentration of construction this year will focus on multifamily and hospitality, says Downtown Fort Worth prez Andy Taft (right, with Dowdle Real Estate prez Lynn Dowdle). He’s also confident that the office market will tighten with more announcements for new leases inked soon. An Andy fun fact: he’s the middle of 11 children.
Hillwood Properties SVP Bill Burton says the tremendous amount of infrastructure growth in North Texas is making great progress, especially along I-35 and Airport Freeway. Downtown to Loop 820 is funded and targeted for a 2018 completion, while 820 to 287 should be finished by late 2015. The next initiative is to take the expansion from 287 north to Denton.
Event sponsor Bury (team members mixed in with other event attendees) has projects statewide. About a week ago, the AEC firm broke ground on Houston’s new convention center Marriott Marquis Hotel. It will be downtown Houston’s second convention center hotel, doubling the number of rooms that serve the George R. Brown Convention Center. Earlier this month, Bury’s Landscape Architecture and Planning Studio accepted a Texas ASLA merit award for its Hilltop Gardens project in Lyford.
Event sponsor Southland Property Tax Consultants: Chance Williams, Ron Blanton, Chris Copeland, Melissa Valak, Fort Construction’s Scott Price, and Southland’s Michael Flynn. The upcoming property tax appeal deadline (May 31) is an important date, Michael says, because he anticipates property values increasing across the board for commercial properties. To save those tax dollars, it’s important to contest your property values. He tells us Southland averages a 25% reduction in tax value for its clients and has had a 93% success rate over the last four years.