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363 Prized Acres Return to Texas' Land Bank

FORT WORTH-The GLO's spokesman says the new plan is to hold the Interstate 35W-fronting land as an investment, keeping options open after a development plan falls out.

By Connie Gore | Updated on April 25, 2008

FORT WORTH-The Texas Permanent School Fund has returned 362.9 acres, bisected by Interstate 35W, to its land bank after agreeing to terminate a master lease with Chicago-based Ridge Property Trust. Although the North Fort Worth acreage isn’t being marketed for sale, it doesn’t mean the state isn’t open to alternative plays for the mixed-use site.

“We are going to just sit tight, hold the property as an investment and see what the market brings us,” the spokesman for the Texas General Land Office tells GlobeSt.com. A 204-acre tract on the east side of I-35W, just south of Cabela’s 230,000-sf store, has 1,540 feet of freeway frontage. A 158.9-acre tract on the interstate’s west side has 3,190 feet of frontage.

Ridge Property Trust and the state struck their deal in June 2006, within 10 months of the GLO buying the dirt for $34.85 million. The plan was to build 3.1 million sf in partnership with a local retail developer. The land, bordering Hillwood’s 17,000-acre AllianceTexas was earmarked for industrial, manufacturing, office/showroom and retail space. Kent Newsom, Ridge Property Trust’s point man in Dallas, won’t go into detail, but did say “we weren’t able to get there.”

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