An entrepreneurial real estate investor has scooped up one of the few remaining redevelopment opportunities in the bustling West 7th District in Fort Worth's world-renowned Cultural District.
The just-sold property is a vacant two-story office building at 2818 Morton St. By year's end, the 8,060-sf structure and its 13,000-sf lot will be transformed into a multi-concept dining and entertainment venue with indoor, outdoor and rooftop amenities.
"For me, this was a real estate grab. There are not many properties that come on the market in West 7th," says Allan Meyer, chairman of locally based May Group International and the managing partner of RR Morton LLC, the buyer of record.
Meyer is not a restaurateur by trade so he's surrounding himself with experts in the restaurant industry to create and launch a destination concept, featuring eclectic dining space, craft cocktail lounge, rooftop bar and one of West 7th's largest green spaces for live music and other outdoor functions.
Richard Allen of Dallas-based Café Build is leading the design and construction of the as-yet unnamed venue. Construction will begin in the near future and wrap up by early 2017.
"This is one of the last pieces of real estate in West 7th that hasn't been redeveloped or sold for redevelopment. This is a good opportunity for upside in a real estate investment," says Theron Bryant, principal of Coldwell Banker Commercial Alliance DFW and head of its Fort Worth office. He represented the buyer.
As soon as Meyer learned about the property's availability, he toured it and placed an immediate offer. "I'm always looking for a good real estate deal. This is an excellent opportunity to introduce a new restaurant/bar concept in West 7th," he says. "It's a matter of understanding the market, what the needs are and what people want."
The Cultural District attracts more than five million visitors each year. Its five museums represent the second largest concentration in the U.S., all positioned within walking distance of each other in a park-like setting and the catalyst for West 7th Street's ability to swap its pre-1950s character for a 21st century urban neighborhood.
West 7th Street's redevelopment activity got underway about 10 years ago and slowly built to a crescendo as developers fiercely competed for properties with commanding views of the city skyline and potential to become one of the city's most vibrant and trendiest districts.
Today, West 7th Street is bustling with more than $300 million of development activity on its "Left Bank," including a new urban concept store by Tom Thumb as the anchor for roughly 110,000 sf of retail space. Also on the drawing board are the 200-room ultra-luxury Valencia Hotel, two apartment developments by Atlanta-based Wood Partners, public square and a promenade to complement an existing inventory of mid- and high-rise residences, office buildings, shops and restaurants. West 7th Street's redevelopment is living up to the expectations of city officials who had the foresight to embrace it as a bridge between the CBD and Cultural District.
Built in 1950, the structure formerly was used as a print shop. The seller, Bosquenova LLC, was represented by Kirk Kelly of Transwestern Dallas.
"Allan is an entrepreneur and experienced real estate owner," Bryant says."This was one, if not the only building, for sale in that area."
SALE
RR Morton LLC has purchased an 8,060-sf building on a 13,000-sf lot at 2818 Morton St., Fort Worth, from Bosquenova LLC. Theron Bryant of Coldwell Banker Commercial Alliance DFW represented the buyer. Kirk Kelly of Transwestern Dallas represented the seller.
LEASES
Triune Dimensions Church has renewed 2,994 sf of office space in Arlington Oaks, 208 Billings St., Arlington, TX. Judy Nitzinger of Coldwell Banker Commercial Alliance DFW represented the landlord, One Oak Over the Line. Chris Mendez of Coldwell Banker Commercial Alliance DFW represented the tenant.
Founded in 1992 as SCM Real Estate Services Inc., Coldwell Banker Commercial Alliance DFW is a full-service commercial real estate firm providing clients with expert advice and strategies customized to their particular needs. Our services include investment sales, project leasing, property management, tenant representation.
