Transport Life - Slated For Lofts
#1 David Love
Posted 16 April 2004 - 08:29 PM
http://www.dfw.com/m...ess/7734516.htm
FORT WORTH - Another vacant downtown office tower is slated for rejuvenation after a Fort Worth oil and gas executive acquired the 24-story Transport Life building with plans to convert it to high-end loft apartments.
The redevelopment would bring more residents downtown, and would move what has been a blight back into commercial use.
Jim Finley, president of the oil and gas producer Finley Resources in Fort Worth, acquired the property at Seventh and Main streets under the limited partnership Farmers & Mechanics Group, named to represent the building's origins, from Equitable Life Insurance Co. of Iowa.
For nearly two years the building had been under a purchase contract to Intradel, a New Orleans-based developer that also planned to convert it into loft apartments with some retail space.
Finley bought the building in December after Intradel and its equity partner could not close the deal and the contract expired.
Finley hasn't selected an architect or general contractor, he said.
"We bought the building with a 30-day close and basically paid cash for it," Finley said. "It's a project we have the expertise to do. We believe in Fort Worth and in downtown Fort Worth."
Andrew Taft, president of Downtown Fort Worth Inc., said it is good news that another local owner has acquired downtown property. It will be one of the last major buildings on Main Street to be redeveloped, he said.
"It's certainly very exciting, particularly with the introduction of more residential downtown," Taft said. "It's a very significant property on Main Street."
Bill Behr, a principal in NAI/Stoneleigh Huff Brous McDowell in Fort Worth, who represented Equitable in the deal, said that converting the former office building into residential space is good use of the building.
"It's a niche that up until now has gone unfulfilled," Behr said. "It's great news for all of downtown and Main Street especially."
This sale is the second large downtown real estate deal this month.
XTO Energy, another Fort Worth-based oil and gas producer, paid $5.5 million for the Landmark Tower, a block west of the Transport Life building on Seventh Street. XTO's plans for the building haven't been released.
The only other residential project under way downtown is the Tower, the former Bank One office building at Fifth and Throckmorton streets. Its 37 floors are being redeveloped into luxury apartments and condominiums with some office and retail space. The project is expected to be completed mid-2005.
Within several months, construction should begin on the 1,500-unit Trinity Bluff, a development on the north end of downtown.
Although engineering and environmental surveys have been done on the Transport Life building, Finley said it is too early to discuss details of the project. Work won't begin on the building for at least six months, he said.
Finley, the majority owner of Farmers & Mechanics, said a "minor amount" of asbestos must be removed first.
Part of the problem over the years with redeveloping the building has been a lack of tenant parking. Intradel said it ran into that problem trying to get financing.
Finley said he is looking at gutting the first nine floors and installing automotive elevators and attendants for tenants' cars.
Only the 11th through 24th floors will be apartments, he said. The 10th floor will remain office space.
The 174,711-square-foot building will have no more than 70 apartments, with some set aside for build-to-suits for tenants who want larger units, he said.
This is not Finley's first real estate deal. He is half-owner of Park Plaza, 2501 Parkview Drive, along the Trinity River banks, with real estate investor Jim Ryffel, and he owns various lots around town.
His more recent deals include buying a former auto repair shop at 1119 W. Fifth St., on the west edge of downtown, for a baseball batting range called Sluggers.
He also bought and is renovating an office building at 1000 Macon St.
Finley founded Finley Resources in 1998 after leaving the petroleum producer Duer Wagner & Co., which has 130 employees and drills in five states.
The Transport Life building has been vacant since 1997, when Conseco, then the building's tenant, moved its operations to Indiana.
The building went on the block in the fall of 1999 with a price tag of $4.9 million. It was under contract with Intradel in early 2001 and was listed at reduced price in October, when Intradel ran into trouble closing the deal, Behr said.
The Tarrant Appraisal District values the building at $2.1 million for tax purposes.
Although a purchase price was not disclosed, deed records filed with Tarrant County show that a $1.2 million note was taken on the property with Texas Bank in December.
Behr and Leland Prowse, who is also a principal with NAI/Stoneleigh Huff Brous McDowell, represented Equitable, and Steve Nichols, a Fort Worth broker, represented Farmers & Mechanics Group.
#2 dismuke
Posted 16 April 2004 - 08:30 PM
Do you suppose that could be done without significant alterations to the exterior? I would assume at the very least that they would have to remove the windows for purposes of adequate ventilation. It surprises me that skyscraper floors that were originally designed to hold people and furniture would be strong enough to hold automobiles and withstand the vibrations caused by their traffic. I guess they at least sometimes were in order for them to consider it.Finley said he is looking at gutting the first nine floors and installing automotive elevators and attendants for tenants' cars.
Landmark Tower is not very far away. Perhaps if XTO does not find another use for that building, maybe the Transport Life project could create enough potential business to justify the expense of razing the Landmark Tower and replacing it with a parking garage which could also generate additional income serving other buildings in the area as well. Perhaps the revenue that the Transport Life Building developers could generate from leasing out apartments and/or offices on the first 9 floors would be enough to offset the additional costs of contracting the parking out to another firm. I don't know how far fetched my little idea is - but I would rather see something like that than see the lower part of the building become a garage.
#3 ghughes
Posted 16 April 2004 - 08:30 PM
#4 David Love
Posted 16 April 2004 - 08:31 PM
#5 John T Roberts
Posted 16 April 2004 - 08:31 PM
On the subject of automotive elevators, I'm not well versed, either.
Dismuke, your idea regarding the properties on W. 7th sounds interesting.
#6 David Love
Posted 16 April 2004 - 08:31 PM
#7 shovel head
Posted 16 April 2004 - 08:31 PM
#8 renamerusk
Posted 16 April 2004 - 08:32 PM
#9 John T Roberts
Posted 16 April 2004 - 08:32 PM
Rename, I've been downtown a few times over the last week, including at night, but didn't see the lights on.
#10 John T Roberts
Posted 16 April 2004 - 08:33 PM
#11 BB
Posted 16 April 2004 - 08:36 PM
#12 jonnyrules23
Posted 16 April 2004 - 08:36 PM
#13 John T Roberts
Posted 16 April 2004 - 08:37 PM
#14 Resident Expert
Posted 16 April 2004 - 08:37 PM
#15 jonnyrules23
Posted 16 April 2004 - 08:38 PM
Why couldn't they buy that property and use it as parking for the tenants of this building? That way, no historic architecture is compromised and there's more room for residences.
#16 John T Roberts
Posted 16 April 2004 - 08:38 PM
#17 IC Insider
Posted 16 April 2004 - 08:38 PM
#18 John T Roberts
Posted 16 April 2004 - 08:39 PM
#19 jonnyrules23
Posted 16 April 2004 - 08:39 PM
================
Paschal rules!!!
#20 IC Insider
Posted 16 April 2004 - 08:39 PM
#21 dismuke
Posted 16 April 2004 - 08:41 PM
But surely the new owner was aware of this as well as the restrictions involved before he purchased the property.Intradel had the building placed on the historic register, so the new owner is not happy about that.
Why would that be to his advantage? Are you saying that he prehaps did not know what he was getting into when he purchased the property?I assume the project will not move forward very fast with the new owner.
I'm sorry - but I am not sure I understand. In what way has Intradel offered to help? What kind of "pieces" do they have?Intradel has offered to help (they have all the pieces) but the new owner has his own ideas.
#22 IC Insider
Posted 16 April 2004 - 08:41 PM
#23
Posted 01 July 2004 - 09:25 PM
The owner is going for a designation at the City's highest landmark level.
Here are the details for the Transport Life Building from the H&CLC Agenda:
APPROVED DENIED
HD04-04 714 Main St.; Zoned:
Applicant/Owner Steve Nicholas
Requests a Designation as Highly Significant Endangered ________ _______
COA04-66 714 Main St
Applicant/Owner Steve Nicholas
Requests a Certificate of Appropriateness to
a) Create a 15’ x 9’ entrance on south façade
b ) Recreate an original entrance on east façade
c) Use existing door for fire stair exit
d) Add a 8’ x 9’ metal roll up door on west façade
e) Remove smoke stack
f) Replace windows:
east & south façade: w/ 4’ x 6’, 1/1 metal windows
north façade: 4’ x 6’, 3/3 metal
g) Add a 3’ x 6’ metal, 3/3 window on north façade ________ _______
APPROVED DENIED
TAX04-28 714 Main St.
Applicant/Owner Steve Nicholas
Historic Site Exemption ________ _______
#24
Posted 01 July 2004 - 09:46 PM
b ) Recreate an original entrance on east façade
Huh, sounds like they actually want to restore the base to how it originally looked, at least, to an extent. There's retail still planned on the ground floor, right?
#25
Posted 01 July 2004 - 10:15 PM
Jonny, the base on this building is rather tricky. The base that was constructed with the building in 1921 was removed in the 1960's and replaced with a mosaic tile base. At that time, the mezzanine inside the banking lobby was filled in for an entire floor. Then in 1988 when Transport Life moved in, they did a "modern interpretation" of the original base. It was not an exact replica of the base, but it did re-create arched openings above the window bays on the base. There was a smaller, arched entry on Main, and they did not replicate it. It now looks as if they are going to restore (to an extent) the base back to the way it was originally built.Huh, sounds like they actually want to restore the base to how it originally looked, at least, to an extent.
As far as I know, the base will have retail. I would suggest someone to either go to the Landmarks Commission Meeting or view it on replay on Charter Cable Channel 7 when it replays during July and early August.
#26
Posted 07 July 2004 - 05:57 PM
Two new shafts will be cut through the building for car lifts. These car lifts will run from the basement to the 8th floor.
One new shaft will be cut through the building for a new stair.
Basement: parking, mechanical, lease space
Street level: parking, main lobby, "entry" for lease space
Level 2 - lease space (probably a restaurant)
Level 3 - parking
Level 4 - storage area for residents
Levels 5-8 - parking
Level 9 - executive offices
Levels 10-23 - typical resident floors
Level 24 - "penthouse" floor to be finished-out later
The roof will be stripped and replaced with a paver system to create a roof terrace for resident's use.
The typical resident floors have 5 apartments each:
- Unit A: 2 bedroom, 1359 SF
- Unit B: 2 bedroom, 1677 SF
- Unit C: 2 bedroom, 1543 SF
- Unit D: 1 bedroom, 926 SF
- Unit E: 1 bedroom, 590 SF
The plans call for 70 units (5 per floor x 14 floors). The 24th level will have additional units, but these are not currently designed.
#27
Posted 07 July 2004 - 08:00 PM
#28
Posted 14 July 2004 - 05:35 PM
FW Business Press Article - Transport Life
#29
Posted 14 July 2004 - 05:40 PM
#30
Posted 16 July 2004 - 03:54 PM
Finally, the commission voted to designate the building as Highly Significant and Endangered.
From the Business Press Article, it appeared that the owners are planning to do some type of decorative lighting for the building.
#31
Posted 16 July 2004 - 09:45 PM
#32
Posted 16 July 2004 - 09:52 PM
#33
Posted 16 July 2004 - 10:01 PM
I completely agree. Now if only the Commerce Building...Also, I was pleased to hear they plan to do some decorative lighting on the building at night. This is something downtown needs.
#34
Posted 16 July 2004 - 10:02 PM
#35
Posted 28 September 2004 - 07:35 PM
These pictures were taken from the roof of the Transport Life Building (now called 714 Main) and they were donated by a forum member.
When it first opened in 1921, the building was named the Farmers and Mechanics Bank Building. They were purchased in 1927 by the Fort Worth National Bank. Fort Worth National Bank occupied this building until 1954. After that point, it was named the Continental Life Building. Around that time Continental Life installed two rooftop neon signs just above the cornice on the south and east sides. In the 1960's Continental Oil Co. (Conoco) installed a revolving rooftop sign on top of the penthouse. Like many other 1920's skyscrapers, the Transport Life Building at 714 Main, had its base altered and the banking lobby divided into two floors in the late 1950's/early 1960's. Like many others, including the next door Baker Building, portions of the original lobby remain. Here are a couple of pictures from the interior of the first floor.
#36 ghughes
Posted 28 September 2004 - 07:41 PM
#38
Posted 28 September 2004 - 07:58 PM
#39
Posted 28 September 2004 - 08:18 PM
#40
Posted 28 September 2004 - 09:43 PM
Well darn. Do you think they'd let me in the AIA? Who cares if you have to be a legal adult, that's discrimination in the first place .It does help if you are in the architectural, design, or construction business.
Serious question: Is there some type of junior AIA or internship program out there I can join? It would sure look good on my application to Rice (well, I hope Rice.)
#41
Posted 28 September 2004 - 10:10 PM
Serious question: Is there some type of junior AIA or internship program out there I can join? It would sure look good on my application to Rice (well, I hope Rice.)
Rice. Ha! Waste four years of your life! I mean, they don't call Rice "the TCU of Houston" for nothing!!
#42 David Love
Posted 30 September 2004 - 02:56 PM
Incredible views by the way.
#43
Posted 30 September 2004 - 08:47 PM
Serious question: Is there some type of junior AIA or internship program out there I can join?
Jonny, it is a little early for you to join the AIA. However, they do have an Associate Membership for people in the profession, but not registered. That is something you might consider once you have graduated from college or possibly while you are in school, but employed by an architect. I'm not sure how old you have to be to become an Associate Member.
October is Architecture Month here in Fort Worth and I have posted all of the events in our calendar. You might want to visit the Community Arts Center and several of the other events that are free. If you like to ride bikes, then you and/or your parents might be interested in doing my Tour de Architecture. It is only $15 and you will get the John Roberts Fort Worth Tour of the city. Several of my architect friends will be riding and assisting me, including Ames Fender, the grandson of Wyatt C. Hedrick. He has some wonderful insight into his grandfather's buildings.
#44 David Love
Posted 27 January 2005 - 01:40 PM
I've not been by there in a while...
#45
Posted 28 January 2005 - 08:14 AM
#46
Posted 16 March 2005 - 10:42 AM
I looked at the link to Intradel, and they had a cool aerial pic of the TLB. If you notice to the right of it is some generic looking building, possibly a parking garage.
Why couldn't they buy that property and use it as parking for the tenants of this building? That way, no historic architecture is compromised and there's more room for residences.
Old Intradel Site:
http://www.intradel....reet/index.html
#47 David Love
Posted 16 March 2005 - 11:07 AM
I looked at the link to Intradel, and they had a cool aerial pic of the TLB. If you notice to the right of it is some generic looking building, possibly a parking garage.
Why couldn't they buy that property and use it as parking for the tenants of this building? That way, no historic architecture is compromised and there's more room for residences.
Old Intradel Site:
http://www.intradel....reet/index.html
I think that may belong to the Baker Building...
Their floor plans look great, plus they’re fairly close to the TRE.
Wonder what the rent is going to be like? I still think they should put them on the market to sell; I remember when it first hit the ST they were going to sell instead of rent, think the prices started at $400K or so.
#48
Posted 16 March 2005 - 01:39 PM
#49
Posted 08 August 2005 - 06:37 PM
At a minimum, I would expect that a developer would be able to use the below-grade floor as reserved parking, and arrange for cheaper contract spaces next door in the concrete garage. Isn't it ironic that the development of a high-rise urban condo/apt building in the heart of Downtown would be held up by lack of parking in the building?
That corner would probably be GREAT for retail.
#50
Posted 08 August 2005 - 06:58 PM
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