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$17M Loft Project Primed to Close

FORT WORTH-The purchase of a historic building in Fort Worth's CBD and a $17-million sale of tax-exempt bonds to a single buyer will close in mid-January, now that council has signed off on tax abatements. Construction will start in February 2003.

By Connie Gore | Updated on December 18, 2002

FORT WORTH-Intradel Corp. of New Orleans expects to close in mid-January 2003 on the 81-year-old Transport Life Building in Fort Worth’s CBD. The developer, following the money trail since March, got a unanimous OK yesterday from city council on tax abatements for the $17-million adaptive reuse project.

Intradel president and CEO Kerry Kirby tells GlobeSt.com that the Overland Park, KS office for Horsham, PA-based GMAC Mortgage Co. has lined up a single buyer for $17 million of tax-exempt bonds, a closing that will be done practically in sync with the 24-story building’s acquisition from Equitable Life Insurance Co.

Intradel and Fort Worth officials have cut a tax abatement deal that starts revenue flowing for city taxes 90 days after the 200-unit Main Street Lofts at 714 Main St. reaches 90% stabilization, Kirby says. Intradel is ticketed to pay 50% of the property taxes for the first through third years; 60% for years four through six; 70% for the seventh, eighth and ninth years; and 100% in the 10th year.

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