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The Worth Residences (30 floors)

Downtown Residential High rise

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#251 Brian Luenser

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Posted 09 April 2019 - 06:21 AM

Definitely good news.

 

Maybe they added a few slides to their investor presentation for the 1000 W. Weatherford St. and the 901 Commerce St. projects, and it made this feel less risky.

The other buildings surely do change the direction of the hood.  The Worth would definitely look less out of place now and in fact become the perfect fit.  


www.fortworthview.com

#252 renamerusk

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Posted 09 April 2019 - 08:18 AM

The other buildings surely do change the direction of the hood.....

 

 Instead of the Left Bank, it looks like the first crop of residential high rises are going in what might be colloquially called the "Right Bank"; and that is not to mention the new apartments @ Pier One Tower that escape my memory at the moment.  Unexpectedly, this is turning out to be desirable area for a mix of residential projects.



#253 rriojas71

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Posted 09 April 2019 - 10:18 AM

 

The other buildings surely do change the direction of the hood.....

 

 Instead of the Left Bank, it looks like the first crop of residential high rises are going in what might be colloquially called the "Right Bank"; and that is not to mention the new apartments @ Pier One Tower that escape my memory at the moment.  Unexpectedly, this is turning out to be desirable area for a mix of residential projects.

 

I agree that this can become a desirable area but there does need to be some form of retail somewhere in the area (where you don't have to cross Henderson) besides 7-11 and Taco Bell.



#254 Brian Luenser

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Posted 16 April 2019 - 01:54 PM

 

 

The other buildings surely do change the direction of the hood.....

 

 Instead of the Left Bank, it looks like the first crop of residential high rises are going in what might be colloquially called the "Right Bank"; and that is not to mention the new apartments @ Pier One Tower that escape my memory at the moment.  Unexpectedly, this is turning out to be desirable area for a mix of residential projects.

 

I agree that this can become a desirable area but there does need to be some form of retail somewhere in the area (where you don't have to cross Henderson) besides 7-11 and Taco Bell.

 

No doubt.  Maybe as the people move in that will spur more retail. 


www.fortworthview.com

#255 Austin55

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Posted 19 April 2019 - 09:53 AM

Been seeing not just social media posts but straight up advertisements lately.

#256 rriojas71

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Posted 19 April 2019 - 01:01 PM

Been seeing not just social media posts but straight up advertisements lately.

I'm trying to remain optimistic, but I will say that I am neutral at this point.  Once I see the structure start to rise then I will change my tone.  lol



#257 renamerusk

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Posted 19 April 2019 - 01:52 PM

 

Been seeing not just social media posts but straight up advertisements lately.

I'm trying to remain optimistic, but I will say that I am neutral at this point.  Once I see the structure start to rise then I will change my tone.  lol

 

 

 Remain optimistic.  This appears to be a case where the developer's portfolio is thinner than most developers in this field.  As such, the developer has to secure a higher threshold of pre leasing before the structure can start to rise.  I am encouraged by the developer's tenacity and I am hoping that that will eventually pay off.



#258 FWGeek

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Posted 02 May 2019 - 11:17 AM

So....guess what didnt close yesterday? ::sigh:: Land will go back on the market this afternoon...

#259 Jeriat

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Posted 02 May 2019 - 11:37 AM

What's the problem with this? 


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#260 JBB

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Posted 02 May 2019 - 11:50 AM

It has to be money.

#261 FWGeek

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Posted 03 May 2019 - 06:35 AM

Here's the listing for the land: 

https://www.loopnet....th-TX/15930520/



#262 renamerusk

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Posted 03 May 2019 - 07:58 AM

.......We can hope that even with the secrecy and vague origins of this development and ^[all the speculations]^  that the site is or will be under ^[consideration}^ by a more main line developer.

 

 

Here's the listing for the land: 

Quoted in Description
ABOUT THE PROPERTY An incredible development opportunity for a multi-family or mixed-use development, this 1.541 Acre site is not only located in downtown Fort Worth, but it’s also a part of the Trinity River Vision project next to Panther Island.

 

 

  I believe the property is not only incredible but it will not go unnoticed that the City has cleared the way (DDRB, Zoning, etc.) for a prospective investor to developed the site; or be aware that there is zero opposition to a project of similar description as the "Worth".



#263 johnfwd

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Posted 03 May 2019 - 08:50 AM

Here's the listing for the land: 

https://www.loopnet....th-TX/15930520/

Now you've got me confused.  The listing of the tract at 900 W. Belknap may or may not be associated with the proposed site of The Worth tower.

 

The article posted on the Downtown Fort Worth Initiative Inc. website https://www.dfwi.org...orth-residences states the following:

 

Situated on a full city block, The Worth site faces N. Henderson Street and is bounded by W. Bluff Street, Mills Street and W. Peach Street.

 

The city block referred to in the DFWI article is a bit north and west and appears in the real estate listing to be adjacent to 900 W. Belknap.  Is the realtor referring to the same city block?



#264 rriojas71

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Posted 03 May 2019 - 09:31 AM

 

Here's the listing for the land: 

https://www.loopnet....th-TX/15930520/

Now you've got me confused.  The listing of the tract at 900 W. Belknap may or may not be associated with the proposed site of The Worth tower.

 

The article posted on the Downtown Fort Worth Initiative Inc. website https://www.dfwi.org...orth-residences states the following:

 

Situated on a full city block, The Worth site faces N. Henderson Street and is bounded by W. Bluff Street, Mills Street and W. Peach Street.

 

The city block referred to in the DFWI article is a bit north and west and appears in the real estate listing to be adjacent to 900 W. Belknap.  Is the realtor referring to the same city block?

 

You shouldn't be confused because the loopnet listing is the site of the tower.  There are essentially 2 lots and the 1 farthest north is the site the Worth would have been built.



#265 Austin55

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Posted 03 May 2019 - 09:33 AM

I'm surprised no one proposed purchasing both lots as a package and then building a garage/amenity deck over top of Bluff St.



#266 renamerusk

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Posted 03 May 2019 - 10:22 AM

Here's the listing for the land: 

 

"1.54 acre @ $6,712,600"

 

 So, is this indicative what a tract of land, say across from Fort Worth Central Station, would fetch in sale?  At those going prices, nothing less than 25 stories which will provide an acceptable return seems to be an imperative.



#267 rriojas71

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Posted 03 May 2019 - 10:29 AM

$4million an acre does seem to be quite steep...  Especially in an area that is currently unproven



#268 renamerusk

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Posted 03 May 2019 - 10:34 AM

$4million an acre does seem to be quite steep...  Especially in an area that is currently unproven

 

 Could be that this is what out of town developers are saying about Downtown Fort Worth: landowners here have too high an appreciation of their unproven and undeveloped land.  The result is that it kills a lot of things.



#269 Jeriat

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Posted 04 May 2019 - 10:35 AM

Saw an ad for The Worth on facebook just 10 mins. ago...

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#270 renamerusk

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Posted 04 May 2019 - 01:30 PM

Saw an ad for The Worth on facebook just 10 mins. ago...

 

 I've come to the decision to ignore Facebook; so much a tool for misinformation, IMO. :ninja:



#271 Jeriat

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Posted 04 May 2019 - 11:46 PM

 

Saw an ad for The Worth on facebook just 10 mins. ago...

 

 I've come to the decision to ignore Facebook; so much a tool for misinformation, IMO. :ninja:

 

 

The point is that they're still advertising, even after the fact. 

 

Something's up... 


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#272 renamerusk

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Posted 05 May 2019 - 11:14 AM

The point is that they're still advertising[ Facebook], even after the fact....Something's up... 

 

  I get your point; I would like to remain optimistic, but.... :rolleyes:    Facebook is a no go space for me personally.  :)



#273 FWGeek

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Posted 06 May 2019 - 06:48 AM

I believe someone told me Worth hired an outside company to do their advertising - so I guess they haven't let them know yet they can stop. :)



#274 NSFW

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Posted 06 May 2019 - 07:22 AM

Has anyone tried contacting the Star-Telegram and have them do a follow up on the progress of The Worth? Maybe they can get some answers.

Adrian


#275 rriojas71

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Posted 06 May 2019 - 10:25 AM

Has anyone tried contacting the Star-Telegram and have them do a follow up on the progress of The Worth? Maybe they can get some answers.

I truly think it has to do with being able to obtain financing.  The real estate market has shifted downward slightly due to interest rates that are continuing to slowly creep up and Condo Construction is the first thing that is affected when a downturn happens.  The financing will be tough and moreso for a company that does not have a proven track record.



#276 johnfwd

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Posted 07 May 2019 - 07:02 AM

I agree about the adverse effect of interest rates on residential construction, as I've stated here before.  But this particular on-again/off-again project is becoming curiouser and curiouser.



#277 rriojas71

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Posted 07 May 2019 - 09:02 AM

I agree about the adverse effect of interest rates on residential construction, as I've stated here before.  But this particular on-again/off-again project is becoming curiouser and curiouser.

That's why I believe it is a matter of financing... once one loan attempt didn't close then they have to go back and look at different institutions.  If it was something more than that I think once it went off it would have stayed off.



#278 johnfwd

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Posted 07 May 2019 - 11:42 AM

Unfortunately lenders are stuck with the same interest rates, are they not?  The hope for this project is that a sufficient number of prospective condo buyers sign on to The Worth such that the developer may be willing to proceed in spite of increased construction costs.  I think maybe, unfortunately, this project may have to be downsized.



#279 Cody C

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Posted 07 May 2019 - 11:43 AM

I believe for condo developments like this they have to get a certain number of purchase commitments before they can get financing. That may be why the advertisements keep running, hoping they can get to that number. Can anyone with more condo experience confirm? 



#280 rriojas71

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Posted 07 May 2019 - 02:11 PM

I believe for condo developments like this they have to get a certain number of purchase commitments before they can get financing. That may be why the advertisements keep running, hoping they can get to that number. Can anyone with more condo experience confirm? 

That is probably a major reason why it is not being financed initially, but also condos and especially condo towers are the least secure investment in a market heading on a slow slope downward.  They would probably have better luck if they changed it an apartment building with the intention of converting them to condos when the market becomes clearer.



#281 johnfwd

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Posted 16 May 2019 - 07:43 AM

Not quite like "beating a dead horse," at least in the opinion of The Worth's Facebook community.  This posted on their FB website just 2 weeks ago!  And attached was an artist's drawing of the proposed tower.

 

 

The Worth Residences
May 4 at 11:25 AM 
Just minutes from the heart of downtown Fort Worth, #TheWorth will stand at 30 stories, offering unparalleled high-rise living with sweeping views of downtown, Museum District, Panther Island and the Trinity River.
#ComingSoon | #LuxuryHighRise | #ResidentialCondominium | #FortWorth | #TheWorthResidences



#282 Big Frog II

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Posted 16 May 2019 - 07:55 AM

I wonder if they made it half condo, half apartments, if they could secure financing easier?



#283 renamerusk

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Posted 16 May 2019 - 02:51 PM

.....I believe it is a matter of financing... once one loan attempt didn't close then they have to go back and look at different institutions.  If it was something more than that I think once it went off it would have stayed off.

 

 

.... I think maybe, unfortunately, this project may have to be downsized.

 

 

Not quite like "beating a dead horse," at least in the opinion of The Worth's Facebook community.  This posted on their FB website just 2 weeks ago!  And attached was an artist's drawing of the proposed tower.

 

I think maybe what is needed is a new organization; one with a track record, one having done financing with a prior investor (bank).  I don't believe nor do I think investors think that having a Facebook Community makes him or her legitimate.

 

We can hope that the vitals for this land will attract a more seasoned developer.



#284 UncaMikey

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Posted 16 May 2019 - 04:24 PM

I wonder if they made it half condo, half apartments, if they could secure financing easier?

 

I would think that anyone in the market for an expensive condo would not want to buy in an apt building. As it is, condo buildings (the Tower, T&P) usually limit the number of units that owners can individually rent out because the rest of the owners don't want to deal with renters.



#285 Austin55

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Posted 13 July 2019 - 03:53 PM

Sorry not related to the current development but I wanted to point out, 

 

 

Here's the listing for the land: 

https://www.loopnet....th-TX/15930520/

 

This sale would include both a full block (the Worth site) and 3/4 of the block to the South at Henderson and Belknap. Recently I've noticed that Gethsemane Presbyterian Church has put their church site up for sale, which includes nearly the full block to the West of the Worth site (just a house occupying a small portion) and some small periphery parking lots. 

If one developer wanted to amass a big chunk of land downtown this is a good chance for them to do so.



#286 John T Roberts

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Posted 13 July 2019 - 04:46 PM

That is interesting.



#287 johnfwd

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Posted 15 July 2019 - 06:15 AM

I hope that one developer isn't going to waste a large tract on still another 4-6 story apartment complex or townhouse project.



#288 Volare

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Posted 15 July 2019 - 04:43 PM

I hope that one developer isn't going to waste a large tract on still another 4-6 story apartment complex or townhouse project.

 

QT, parking lot, Drive Thur bank, Texas Donut. Done.



#289 Jeriat

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Posted 15 July 2019 - 08:38 PM

 

I hope that one developer isn't going to waste a large tract on still another 4-6 story apartment complex or townhouse project.

 

QT, parking lot, Drive Thur bank, Texas Donut. Done.

 

 

Don't even joke about that... 


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#290 johnfwd

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Posted 17 July 2019 - 08:10 AM

I checked The Worth's Facebook page once again the other day.  They are still posting as if it's a going concern.  Quite baffling!



#291 george84

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Posted 17 July 2019 - 09:40 AM

Every time they post something, someone asks when construction will begin and they never respond. It is very strange that they keep posting. 



#292 Austin55

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Posted 17 July 2019 - 09:49 AM

I think what is happening here is a social media agency was hired that doesn't actually know anything about the project but was just told to promote it.

#293 rriojas71

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Posted 17 July 2019 - 05:34 PM

I think what is happening here is a social media agency was hired that doesn't actually know anything about the project but was just told to promote it.


that is exactly what is going o . Although it is most likely just an individual contractor and not an actual agency. i dont think they have the money for an agency

#294 johnfwd

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Posted 18 July 2019 - 06:40 AM

Sarcasm font here:  Maybe a promoter will go beyond social media and start a virtual reality trend.  You announce a big residential project for Fort Worth.  Then you distribute VR software to people who want to join their fake community inhabited by their avatars.



#295 Urbndwlr

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Posted 31 July 2019 - 05:27 PM

Does anybody have any insight into what percentage of units usually has to be purchased/committed for condo projects to get a green light? 

I assume there are industry rules of thumb there assuming they're using a construction loan, not all cash. 



#296 elpingüino

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Posted 26 August 2019 - 05:24 AM

Today's Star-Telegram article lists The Worth among large upcoming projects and includes it on its interactive map.

 

These projects will bring thousands of new residents to downtown Fort Worth by 2022


Edited by John T Roberts, 26 August 2019 - 07:46 AM.
Direct quotes from copyrighted articles are not allowed on the forum. I removed your quote.


#297 Austin55

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Posted 11 September 2019 - 02:40 PM

The project is gone off the DFWI projects page.

https://www.dfwi.org...cts/development

#298 John T Roberts

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Posted 11 September 2019 - 06:46 PM

It seemed to me that of all of the proposed new residential high rises, it was on the shakiest ground from the beginning.



#299 Jeriat

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Posted 11 September 2019 - 10:11 PM

The project is gone off the DFWI projects page.

https://www.dfwi.org...cts/development

 

Well... it was nice to dream. 


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#300 johnfwd

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Posted 12 September 2019 - 06:27 AM

 But the Facebook page is still there and quite entertaining!

 

From July 10, 2019 post:

 

Along with two spectacular pools and poolside cabanas, our 6th floor Loggia Deck will feature an outdoor den with fireplace, summer kitchens, a yoga deck and owner's club complete with a demonstration and service kitchen.

 

From August 23, 2019 post:

 

PaperCity Magazine rounded up Fort Worth's 10 Best restaurants to highlight the city's ever-growing dining scene. Did you know all 10 are within a 10 minute drive from The Worth?







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