Downtown Fort Worth Multifamily Redevelopment Opportunity

Description:

On behalf of the Owner, Transwestern Commercial Services Fort Worth, LLC is pleased to present for sale the Hotel Texas Annex, a 234,160 square foot proposed multi-family re-development opportunity at 815 Commerce Street, in downtown Fort Worth, Texas (“Property”). Located at the southeast corner of 7th and Commerce Streets and covering one-half city block, the Property consists of a thirteen-story building, plus a basement with eight floors of former hotel rooms in a U-shaped floor configuration and a valet parking garage encompassing the lower five floors and basement.

Across Commerce Street from the Hilton Hotel (and connected via a leased skybridge), the Property is in the heart of downtown Fort Worth, one of the most diverse and successful urban corporate, residential, retail and entertainment districts in the country. The Property is currently vacant and recently underwent a complete asbestos abatement and demolition of the upper eight floors. With the Property deed restricted against future use as a hotel, current ownership completed a design, including full construction plans, for a redevelopment to include 150 residential apartment rental units on the upper eight floors in conjunction with an operating valet parking garage on the lower five floors plus basement.

• The Property is listed on the National Register of Historic Places providing the developer Federal and State historic tax credits of 20% and 25% respectively.
• Although the purchaser will need to re-apply, current ownership secured an agreement for more than $4.7 million in funding through the downtown Fort Worth Tax Increment Financing District #8.
• The redevelopment plan includes 150 efficiency, studio, one-bedroom and two-bedroom units that range in size from approximately 360 to 1,100 square feet each providing a myriad of affordable downtown housing options that up until now have been unavailable.
• With the Property in shell condition and free of environmental issues allow a developer to dramatically shorten the typical construction time compared to a new, ground-up project.
• Sixth floor outdoor swimming pool with resort-style deck provides an outstanding amenity for residents.
• The Property is a short two block walk to the Fort Worth Transportation Center which provides residents direct access to Downtown Dallas, DFW International Airport and elsewhere in the DFW area.
• On-site valet parking provides safety to residents.
• Skybridge access to the Hilton Hotel and the 777 Main Street office tower provides directly accessible dining options for residents and direct covered access to Main Street.
• Asking price: $11,900,000 / +$50 per square foot to the total gross building area.

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