Legacy Closes Key Deal for $60M TOD Hybrid

FORT WORTH-Legacy Capital Co., marking its second year of working the plan, will break ground in mid- to late 2009 on an estimated $60-million hybrid transit-oriented development after selling 11.5 acres of its 100 acres to the Fort Worth Transit Authority. Still to come is a right-of-way land sale to the state, opening the door for Summer Creek Station to be parked on the doorstep of a new toll road and new T line.

The transportation lines will bisect Summer Creek Station, envisioned as a mix of residential, office and roughly 250,000 sf of retail in South Fort Worth. “It’s a challenge to try and design around the Southwest Parkway and new rail,” says Peter M. Aberg, partner in the Dallas-based development company, “but we’re very excited that the T committed to us.”

Aberg tells GlobeSt.com that Legacy’s partners will decide in early 2009 if they will sell sites to other developers or build on their own or joint venture partner to build out the site. In all, Legacy is holding 75 acres of developable land at the future junction of Southwest Parkway, Sycamore School Road and Summer Creek Boulevard. Toll road construction is slated to start in early 2009 and wrap up in 2011.