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#1 DrkLts

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Posted 12 November 2006 - 10:35 PM

From the FW Business Press

Study highlights healthy downtown Fort Worth market
Jenny Eure - November 13, 2006

For the first time, Fort Worth has a comprehensive study of the entire downtown market, on everything from the increasing residential options to the office market and its ever-narrowing vacancies.

“State of Downtown 2005,” a publication of Downtown Fort Worth Inc. (DFWI) and the Downtown Fort Worth Improvement District, details downtown trends and activities in the office, residential, hospitality and retail markets, and also highlights downtown transportation and parking, education, economic development and quality of life.

Approximately 1,500 copies will be delivered in the coming weeks to investors, real estate professionals, city officials and downtown property owners. The data will be available online and updated regularly. The information is in high demand, a result of profound changes to the downtown market which have spurred interest and activity, said Andy Taft, president of DFWI.

When it comes to downtown, almost all markets are increasing, said DFWI’s director of research Nasser Haghighat, who compiled the data for the publication.

“Things are really looking good. The market overall is looking very healthy,” Haghighat said.

According to Moody’s Investors Service, a source in the study, downtown Fort Worth was ranked the strongest central business district office market in the United States in May 2006, with more than 1,500 businesses and 36,000 employees. Accordingly, more than 375,000 square feet of office space was absorbed in 2005 — Class A vacancies were 3.7 percent.

In the expanding residential market, the story is similar.

This year alone, 367 downtown owner-occupied units are scheduled for completion, which will double the existing market. In 2007 and beyond, the inventory of owner-occupied units will multiply, with 914 units scheduled to come online. Average prices settled around $375,000, with some as high as $1.1 million. In the rental segment, which has approximately 1,600 units and 324 more scheduled for 2006, the monthly rates range from just $600 to $4,000. Plans for more than 1,000 units have been announced.

The residential population within a mile of downtown is 4,930. By comparison, downtown Dallas’ is 3,933.

It’s no secret that the opening of the 604-room Omni Hotel has helped the downtown hospitality market. Several renovations are under way, like the former Clarion Hotel’s conversion to an Embassy Suites and the Renaissance Worthington Hotel’s 2005 multimillion dollar renovation. The improvements have resulted in increased hotel revenues. According to DFWI and the Texas Comptroller of Public Accounts, the median hotel revenue generated per room in downtown increased from $59.42 in 2002 to $72.36 in 2005.

All of the activity is causing a surge in retail.

From 2000 to 2005, gross sales at eateries increased more than $10 million to $54.6 million. At downtown convenience stores, gross sales jumped from $2.9 million in 2000 to $10.2 million in 2005, according to the Texas Comptroller of Public Accounts.

The downtown Fort Worth Central Business District retail rental rate towers above those in other Fort Worth and Dallas locations, according to 2006 numbers from CB Richard Ellis Inc. Central Business District tenants paid $25.76 per square foot in 2005; tenants in the Dallas Central Business District paid $15.91 per square foot, and those in southwest Fort Worth paid $11.91 per square foot.

The publication uses detailed graphs, charts and tables to show the underlying trends and forces in the downtown market. It’s a way to bridge the information gap, Taft said.

“[Until now,] we didn’t have the information in a form we could use to tell the whole story,” Taft said.

He added that the study, modeled after similar publications in Philadelphia and Washington, D.C., can be used for business-to-business decisions and as a tool for policy-making.

Haghighat compiled the information from January to June 2006, and said during that time, he received increased phone calls from investors and companies seeking downtown statistics.

“In the beginning, I hardly got any calls. I’m getting three or four calls a week now from companies and investors,” he said. It is interesting, he noted, that most are from out of state.

Haghighat used independent sources for most of the research, and a DFWI-generated survey for the rental apartment market. During the course of the study, the findings were presented to the DFWI board of directors and a panel of advisers who would offer suggestions for the research criteria.

Randy Gideon, chairman of the board of directors for DFWI and co-chairman and CEO of Gideon Toal, said the group’s goal is to track the downtown development instead of relying on anecdotal information.

“There are many people who want to know about investments, or about success downtown,” Gideon said. “If you have quantifiable data, it’s much easier to convince people. It gives a much greater depth of conversation than to say ‘Oh, we’re doing great.’ It’s just a tremendous tool.”






#2 John T Roberts

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Posted 12 November 2006 - 11:10 PM

I received my copy of the report on Friday.

#3 Sam Stone

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Posted 13 November 2006 - 09:01 AM

Is it available on CD-ROM?

#4 renamerusk

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Posted 18 March 2015 - 09:15 AM

 

I'm starting to put a lot more credence in how downtown is planning its developments; that one building could solve the "west of Taylor street" curse, which has limited the viability of establishments.....Almost as if they just picked up and move the corner post of what is considered "downtown."

 

 

David, I don't think one building will solve the "west of Taylor Street" curse, but any new development along and west of the street certainly won't hurt.  Until the old Monnig's Block is developed, there will be a visual connection to Sundance Square, so if the 12th floor restaurant is a place that becomes a "destination", then there is hope that more commercial activity will push westward. 

 

I am surely missing something ---what curse? 



#5 mmmdan

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Posted 18 March 2015 - 10:35 AM

Downtown activity really dies off when you get west of Taylor.  Even on Taylor it's pretty dead.  Just look at all the restaurants that have been in the Tower.  East side of the Tower, they do really well, the west side of the Tower can't seem to make one work.



#6 renamerusk

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Posted 18 March 2015 - 11:29 AM

Downtown activity really dies off when you get west of Taylor.  Even on Taylor it's pretty dead.  Just look at all the restaurants that have been in the Tower.  East side of the Tower, they do really well, the west side of the Tower can't seem to make one work.

 

What expectations are yall looking for?  Growth and expansion to the west is inevitable.

 

I have long theorized that once Sundance exhausted its land holdings downtown that other groups would start development as is being witnessed further down Main Street or Sinclair Boutique Hotel going forward inspite of Sundance's plans to build its own boutique hotel.

 

There has been an unspoken self imposed restraint on the part of non-Bass groups to venture into downtown because of the inordinate influence and power that Sundance sways in downtown and elsewhere. This sentiment has been frequently expressed by several groups based in Dallas when commenting about Fort Worth.

 

What we are hopefully and finally witnessing is the end of the era of restraint.



#7 Austin55

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Posted 18 March 2015 - 12:33 PM

West is the primary way the city (and skyline) can grow and densify.

To the north is obviously the Trinity. The land to the northeast has the Sundance monopoly. To the east and southeast is a limited amount of empty lots before you hit a hard barrier of freeways. To the south is the Lancaster corridor which has been taken over by the plans from the city and the urban planner group it has selected. The core is filling up quickly, so much so that previously unusable buildings are being converted.

The west has no such barriers. The land is mostly empty or surface lots or small buildings without any importance. The Trinity is several blocks away. Its open out there.

#8 RD Milhollin

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Posted 18 March 2015 - 02:08 PM

To the north is obviously the Trinity. 

 

 

Don't forget the large area that will open up north of the downtown if and when the TRV infrastructure gets built. The Near West Side may have a limited amount of time to build in and up before the "new west" north of Town Lake opens up.



#9 John T Roberts

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Posted 04 April 2015 - 09:40 AM

I don't really know where to post this, but the Star-Telegram had an editorial in today's paper about the upcoming building boom.

 

http://www.star-tele...le17362634.html



#10 johnfwd

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Posted 05 April 2015 - 09:07 AM

Obviously building construction will be the state of downtown in the coming years and, along with it, traffic problems.  An acceptable trade-off, but look for all those detours in the future. 



#11 Austin55

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Posted 13 May 2015 - 07:10 PM

The 2014 SoDT has been released. 

 

http://www.dfwi.org/...Downtown-Report

 

I'm digging through it looking for anything interesting lol. 



#12 McHand

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Posted 14 May 2015 - 06:49 PM

The retail occupancy rate and increase in clothing stores are good trends. Downtown is almost a retail destination in its own right, like the good 'ole days.


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#13 johnfwd

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Posted 15 May 2015 - 07:46 AM

I don't shop downtown (with the exception of occasional food purchases at Walgreens).  How do the prices compare with stores outside DT?



#14 McHand

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Posted 17 May 2015 - 08:57 AM

Same prices as stores in University Park Village (Loft, WHBM, Jos A Bank), but smaller stores with no sale sections.

H&M is going to be a game-changer.

 

Edit: Leddy's is through the roof expensive. 


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#15 dangr.dave

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Posted 18 May 2015 - 08:00 AM

I remember, a couple of years ago, seeing a really cool pearl-snap shirt at Leddy's.  I went in and the price was like $900 or something like that, and I make it a point to never pay over $500 for a shirt.  I haven't been in since, though they do have some cool stuff.



#16 johnfwd

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Posted 06 April 2016 - 10:42 AM

The Star-Telegram has a pictorial on new construction projects in downtown.  Highlighted are the almost-finished Pinnacle Place on Lancaster and the site preparation for the XTO parking garage.

 

 

http://www.star-tele...le70252497.html



#17 JBB

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Posted 06 April 2016 - 10:50 AM

I posted this in the interactive map thread. I think this is the first time we've heard "Broadstone 5th and Summit" for the Pier 1 property apartments.

#18 Austin55

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Posted 04 June 2016 - 12:58 PM

The 2015 edition of the SoDT is out. 

 

 

 

http://fortworthtexa...owntown-report/



#19 PeopleAreStrange

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Posted 04 June 2016 - 07:48 PM

Looks like they messed up the "Area Hotel Room Supply" graphic on page 35 (or 37 if you type in the page number).

 

Otherwise, looks good. Always fun to look through.


- Dylan


#20 rriojas71

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Posted 04 June 2016 - 10:15 PM

The report says over 2500 residential units are planned or under construction... Does anyone know what those may be? I don't know of any downtown projects besides the Lancaster building currently going up and the proposed units in the Frost Tower.

#21 JBB

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Posted 05 June 2016 - 08:25 AM

They're all listed on a page in the report. I'm on my phone so I can't see the page number.

#22 johnfwd

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Posted 09 March 2017 - 07:05 AM

An update on the office occupancy rate and the rent based on per square-footage in this overview of the Fort Worth downtown market, FWBP article below.  What struck me was the reporting of the high opinion people have of the quality of the Frost Bank Tower building design.  The article mentions 25 floors to the tower.  I  thought it was going to top out at 26.  There's discussion about this is another thread.  The article also mentions that downtown promoters are somewhat concerned that the Frost Bank Tower will contribute (along with unfavorable economic factors) to declining office building occupancy rates.  Is the oil price "crash" still with us and is it harming economic growth in DTFW?

 

http://www.fortworth...3068cdd5bb.html



#23 renamerusk

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Posted 09 March 2017 - 07:33 AM

You will find that there is a discussion 3/6/17 about this article and its findings in another thread "Downtown Office Occupancy" :)



#24 JBB

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Posted 09 March 2017 - 09:22 AM

The article mentions 25 floors to the tower.  I  thought it was going to top out at 26.


Here's your post in the Frost thread about the building topping out at 25 instead of 26. http://www.fortworth...ic=5589&p=93474  :smwink:  It was always planned at 25, but a possible tenant wanted to add an extra floor of parking that was eventually deemed unnecessary.



#25 Austin55

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Posted 03 April 2017 - 03:39 PM

DFWI has posted the 2016 State of downtown online. There's nothing particularly exciting in there, but always fun to look through, 

 

Scroll down a bit and look on the right side - http://www.dfwi.org/



#26 Now in Denton

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Posted 03 April 2017 - 07:17 PM

"The east side of the metroplex is getting a lot more office prospects than the west side" Glad to know that Fort Worth chamber is at least seeing this reality. I was beginning to wonder if anyone in Fort Worth, outside this forum even had a clue of the building boom on the "east side of the metroplex "



#27 johnfwd

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Posted 04 April 2017 - 06:11 AM

DFWI has posted the 2016 State of downtown online. There's nothing particularly exciting in there, but always fun to look through, 

 

Scroll down a bit and look on the right side - http://www.dfwi.org/

I did.  Several additional hotels planned for CBD, all in the 10-15-story height range.



#28 Austin55

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Posted 08 June 2017 - 03:08 PM

Bisnow has a short article about the SoDT which sums it up nicely.

 

https://www.bisnow.c...al-report-75139

 

Significant growth in Residential and hotel development, both are nearly doubling their total existing capacities.



#29 Austin55

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Posted 03 April 2018 - 01:00 PM

The actual downtown annual meeting is tomorrow but FWBP has a nice article out talking about the past 30 years.

 

http://www.fortworth...7c61ee2d95.html



#30 BlueMound

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Posted 03 April 2018 - 03:09 PM

Fort Worth is very lucky to have the Bass family.

#31 Austin55

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Posted 04 April 2018 - 12:18 PM

The FWBP article above mentions DT having 765 residential units in 1980 and 3845 today. At the DFWI meeting they said 1400 units are underway, for a total of 5245. That is a nearly 600% increase over 40 years. 



#32 John T Roberts

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Posted 04 April 2018 - 08:30 PM

Gordon Dickson of the Fort Worth Star-Telegram raises some questions.

 

http://www.star-tele...e207801409.html



#33 johnfwd

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Posted 05 April 2018 - 06:13 AM

Dickson’s article is thoughtful and well-written.  But its reference to “ethnically and economically diverse families,” does not necessarily imply what the racially charged headline suggests.  Aside from that, it seems to suggest social engineering more than urban planning.  I’m not a fan of social engineering.   I believe in sound urban planning, but not to be an onerous fetter to free market dynamics.  I’m left wondering:  How do you deliberately build lower income housing in a downtown?  I think that’s difficult on account of the higher costs of construction in downtown for a variety of reasons, among them scarce land availability and greater density.  Government-subsidized housing?

 

Being a product of mid-20th Century thinking, I always thought that “urban renewal” was a good thing.  Dickson’s article seems to suggest that too much urban renewal is not a good thing.



#34 Austin55

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Posted 05 April 2018 - 09:58 AM

I have to imagine the "gentrification" is led by four things here - 

 

1. The closure of the Ripley Arnold housing, which took 268 dilapidated units off the market, which is something that needed to happen. However, they were not replaced by anything new in downtown.

2. The currently happening closure of Butler Place, which will be replaced with new units, many of which should be around the same rate and should really help the downtown workforce.

3. Tear down and replacments of homes along Samuels Ave, which probably isn't a huge number of homes and have been replaced by denser apartment, which I don't consider such a bad thing.

4. The relative lack of already existing downtown residents outside the above three areas is likely very small, but since a lot of new buildings have been built it appears as if prices have gone up drastically. 

 

In a decade I'm sure someone will complain about Panther Island being gentrified. Of Course it will, no one lives there now!



#35 JBB

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Posted 05 April 2018 - 10:29 AM

Dickson’s article is thoughtful and well-written.  But its reference to “ethnically and economically diverse families,” does not necessarily imply what the racially charged headline suggests.


I completely agree. That title is the worst sort of click bait and was probably added in the editing process as a means of driving traffic.

I’m left wondering:  How do you deliberately build lower income housing in a downtown?


In the interest of staying on topic and not beating a dead horse, I'll make this a short digression, but subsidizing sprawl and making it so cheap to live farther out doesn't help.

#36 renamerusk

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Posted 05 April 2018 - 12:19 PM

.....  I’m left wondering:  How do you deliberately build lower income housing in a downtown?  I think that’s difficult on account of the higher costs of construction in downtown for a variety of reasons, among them scarce land availability and greater density.  Government-subsidized housing?...

 

I prefer not to use the term "low income" as a variable to describe people; its stigmatization at its core.  Instead, working class people is a more noble affirming description.

 

The real challenge for cities to make certain that there is a variety of housing choices available throughout its neighborhoods, including Downtown.  The best way to sustain Dowtown is to make affordable, family friendly housing available so that people of various incomes can enjoy and fee that they are apart of the Downtown revitalization.  Affordable housing in Downtown will also lessen the burden upon the service sector (waitresses, hotel workers, food industry employees) to reach and to take the jobs that will be created by the hospitality and convention/visitor industry that Fort Worth is striving for while also allowing these workers to enjoy the fruits of their labor.  Downtown ought to be for everyone.

 

IMO, there should be additional enclaves like the Hillside Apartments for Downtown or in the very immediate proximity of Downtown, which will and should include Panther Island.



#37 Now in Denton

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Posted 05 April 2018 - 12:21 PM

As someone who grew up in 76102 Samuels. And had and still have family owned property going back to the 50s. I be the first to say change was desperately needed. Growing up it was safe to be walking to and from alone from Nash elementary school. And go trick or treating on Halloween. Then the 80's really turned bad for the area. Gangs and shootings was more common. I remember at one time. We had three grocery stores. Four if you count Courthouse Market ? And one store was run by a Middle Eastern man and his family, who got along well with the Mexican-American people of Rock Island. Us kids flooding his store after school getting candy and snacks. I say Mexican-American because this was before other Hispanic peoples from other nations moved into the US in larger and lager numbers.  I don't know what country the Middle eastern family was from? But I remember he put a American Flag on his store window during the Iranian hostage crisis. I recall no tension with him or his family.   

 

I take issue with Austin55 point number 3. Part of me hates the new development. Knowing full well it was needed. I don't believe those small rundown shotgun homes was historic. But neither are  apartments and condos. Given the fact that Samuels was one, if not the first neighborhood in Fort Worth. With many founding fathers are buried in Pioneers Rest. The redevelopment should of been early 1900s homes. Not apartments. And the street layout is more confining. With the TCC and the Railroad further blocking the area up.



#38 renamerusk

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Posted 05 April 2018 - 04:24 PM

.....At our last DNA event, Johnny Campbell [ Sundance Square/Bass] spoke. The main thing I took away from that speech was that they are slow-rolling on projects until they have a better idea what the economy is going to do. Kind of like me dragging out my retirement until I think I can afford it.

 

Fort Worth is very lucky to have the Bass family.

 

  Yes and No. 

  

   Fort Worth's pace of development has been reigned in by the perception that many outside developers have that nothing happens before or without a nod or at least a non-objection from the acknowledged power group within this town.  In the same time, development in other major Texas cities and their suburbs have been unleashed economy not withstanding.



#39 Austin55

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Posted 12 April 2018 - 09:51 AM

The 2017 State of Downtown is out

 

https://www.dfwi.org...ut/publications



#40 Austin55

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Posted 13 April 2018 - 02:03 PM

Andy Taft rebuttals gentrification claims in a letter to the editor in the ST.

 

http://www.star-tele...e208804524.html



#41 Austin55

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Posted 19 April 2018 - 09:25 AM

Here's a map of all (announced) downtown projects

 

https://www.dfwi.org...-march-2018.pdf



#42 txbornviking

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Posted 19 April 2018 - 09:48 AM

Here's a map of all (announced) downtown projects

 

https://www.dfwi.org...-march-2018.pdf

 

I find it interesting that the proposed Quicktrip at Lancaster & Henderson gets a shout-out on this development brag sheet.



#43 Doohickie

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Posted 19 April 2018 - 01:27 PM

Are you kidding?  There's a whole thread about QT!


My blog: Doohickie

#44 txbornviking

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Posted 19 April 2018 - 02:22 PM

by "this development brag sheet" I don't mean the blog, I was intending to reference the publication from Downtown Ft Worth Inc.



#45 John T Roberts

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Posted 19 April 2018 - 02:42 PM

I did catch your meaning.  I'm sure that DFWI wants to highlight all projects, whether they are big or small.



#46 Jeriat

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Posted 19 April 2018 - 04:57 PM

Maybe I'm over thinking it, but I really am beginning to think that those who have all the cash and power to make things happen really are reading these threads.  

That spot is EXACTLY where I proposed a QuikTrip. 


7fwPZnE.png

 

8643298391_d47584a085_b.jpg


#47 renamerusk

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Posted 19 April 2018 - 08:43 PM

In regards to the "State of Downtown", there are sectors within Downtown that are not doing as well, roughly bound as South of 7th (So7) and West of Lamar (WoL). 

 

So7WoL has in recent months lost its designation as a center for major financial institutions in Downtown.  500 W 7th is now rated Class-B office.  Can Burnet Plaza continue to maintain its Class A office ratings?  Retail is lacking; and Burnet Park is uninteresting.

 

What can be done to reverse So7WoL from becoming a "desert" within Downtown?



#48 John T Roberts

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Posted 19 April 2018 - 09:16 PM

Here are my suggestions that are not in any order:

 

1.  Attract another bank into the lobby of 500 W. 7th St.

2.  Restore/re-do Burnett Park

3.  Restore the Hollywood Theater

4.  Build a large residential project in the area.

5.  Better Transit

6.  Maybe a new high-rise mixed-use building?



#49 renamerusk

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Posted 20 April 2018 - 07:55 AM

Here are my suggestions that are not in any order:

 

1.  Attract another bank into the lobby of 500 W. 7th St.

2.  Restore/re-do Burnett Park

3.  Restore the Hollywood Theater

4.  Build a large residential project in the area.

5.  Better Transit

6.  Maybe a new high-rise mixed-use building?

 

You checked everyone of my ideas.  I will start with suggestion #1.

 

#1 - 500 West 7th Street (5W7), in an earlier poll of Downtown's favorites building, I chose it.  5W7 is a Skidmore, Owings & Merrill (SOM) design; and is a fantastic example  of a mid-century building.  Another SOM building, located in Dallas - One Main Place (OMP); and it too ranks as one of my favorite Dallas buildings.  I suspect that OMP had been downgraded to Class B Office Space and was in decline just as 5W7 is experiencing.  Now,  OMP is reborn as a mix-use building involving office, hotel and restaurant/retail.

 

I think that 5W7 prospects are equally as good as were the prospects for OMP for a conversion. Maybe 8 floors of office space and  10 floors of hotel/residential.  A hotel for this sector of Downtown is needed and could reverse its declining trend.

 

One Main Place - https://www.google.c...qCMwQoioIsAEwEA

 

5W7 - https://www.dfwi.org...-america-center



#50 John T Roberts

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Posted 20 April 2018 - 08:26 AM

This is my personal opinion, but I think 500 W. 7th actually held up better over the years than One Main Place in Dallas.  One Main seemed to be a little more brutalist than the building here.  I don't think the large windows looking in to the bank lobby hurt one bit here.






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