FORT WORTH—The sale is complete on a prime 40,075-square-foot tract in downtown located at 401 East Weatherford St. The nearly 1-acre site sold to Tarrant County for an undisclosed price. The county plans to use the location to build a multi-level parking garage with some ground-level office space.
The site was formerly used for a drive-through motor bank. It occupies a full city block bordered by East Weatherford Street, North Jones Street, East Belknap Street and North Grove Street on the northern edge of Fort Worth's Central Business District.
Eddie Liebman and Matthew Rosenfeld with Weitzman handled negotiations for the seller. Todd Burnette of JLL represented the county.
“When we listed the former motor bank site in downtown Fort Worth, we were excited to have the opportunity to reshape the northern gateway into downtown,” Rosenfeld tells GlobeSt.com. “We received several offers from multifamily, hotel and retail developers, but ultimately Tarrant County won out.”
The tract is adjacent to Sundance Square, the historic district offering dining, shopping, living, office and entertainment. Sundance Square is a 35-block development filled with boutiques, restaurants, night spots and art galleries. The 42 buildings in Sundance Square–both modern and historic–total more than $3 million square feet of retail and office space. Red-brick streets, courtyards, landscaping and an expansive plaza add to the popularity of this district.
“The sale is due to three primary factors that benefited both seller and buyer: one, in the online-banking era, the need for sites with drive-through facilities is reduced greatly; two, the demand keeps growing for rare redevelopment sites in strong urban areas; and three, the purchaser has a number of office facilities nearby without adequate parking, and this site offered a solution to that problem,” Liebman tells GlobeSt.com.
FORT WORTH—The sale is complete on a prime 40,075-square-foot tract in downtown located at 401 East Weatherford St. The nearly 1-acre site sold to Tarrant County for an undisclosed price. The county plans to use the location to build a multi-level parking garage with some ground-level office space.
The site was formerly used for a drive-through motor bank. It occupies a full city block bordered by East Weatherford Street, North Jones Street, East Belknap Street and North Grove Street on the northern edge of Fort Worth's Central Business District.
Eddie Liebman and Matthew Rosenfeld with Weitzman handled negotiations for the seller. Todd Burnette of JLL represented the county.
“When we listed the former motor bank site in downtown Fort Worth, we were excited to have the opportunity to reshape the northern gateway into downtown,” Rosenfeld tells GlobeSt.com. “We received several offers from multifamily, hotel and retail developers, but ultimately Tarrant County won out.”
The tract is adjacent to Sundance Square, the historic district offering dining, shopping, living, office and entertainment. Sundance Square is a 35-block development filled with boutiques, restaurants, night spots and art galleries. The 42 buildings in Sundance Square–both modern and historic–total more than $3 million square feet of retail and office space. Red-brick streets, courtyards, landscaping and an expansive plaza add to the popularity of this district.
“The sale is due to three primary factors that benefited both seller and buyer: one, in the online-banking era, the need for sites with drive-through facilities is reduced greatly; two, the demand keeps growing for rare redevelopment sites in strong urban areas; and three, the purchaser has a number of office facilities nearby without adequate parking, and this site offered a solution to that problem,” Liebman tells GlobeSt.com.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
