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#1 jefffwd

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Posted 07 August 2008 - 11:21 AM

Is this where the Whole Foods is going?

GlobeSt.com Commercial Real Estate News and Property Resource
Last updated: August 5, 2008 11:09pm

Legacy Closes Key Deal for $60M TOD Hybrid

By Connie Gore
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.

Legacy plans to deliver Summer Creek's phase one in 2010, keeping its project marching in step with the parkway's construction. "We believe that parkway is going to be incredibly significant. We've been investing in the area in anticipation of that," Aberg says.

Aberg says the plan is so preliminary that it's not yet been decided how large the components will be and which one will be the first to rise. Good Fulton & Farrell Inc. of Dallas has mapped out the site plan and is designing Summer Creek Station, factoring in hike and bike trails as part of the incentive package. Transwestern Dallas principal Steve Williamson and Tyler Sorenson are preleasing the retail component, which calls for a grocery store anchor, restaurants and service retail. If all goes as planned, the acreage, which is about four miles south of Hulen Mall, will have five hard corners to build out.

Because it's the suburbs pure and simple, Aberg says the design will be a hybrid TOD and definitely not high density. "We are in the suburbs and we need to acknowledge that," he says.

The Legacy site was the first property to be acquired by the T for the line's expansion. And Summer Creek Station is the first TOD on the drawing boards for the Southwest-to-Northeast Rail Corridor. With the deal out of the way, Aberg says "now we're really going to start rolling up our sleeves."




#2 Thurman52

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Posted 09 August 2008 - 11:39 AM

No they are going into edwards ranch development, near the overton woods area.

#3 RD Milhollin

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Posted 09 August 2008 - 12:49 PM

QUOTE (jefffwd @ Aug 7 2008, 11:21 AM) <{POST_SNAPBACK}>
Because it's the suburbs pure and simple, Aberg says the design will be a hybrid TOD and definitely not high density. "We are in the suburbs and we need to acknowledge that," he says.


This seems like an awfully short-sighted approach to TOD. Isn't the idea is to get a critical mass of people living and/or doing business in an area for the transit to be worthwhile, or conversely, using the station location as a focus for dense economic and social activity? Given the projections for population increase I have seen, especially from the COG, I would guess that anything inside Tarrant County should be viewed as potential medium-to-high density development eventually. Seems a waste of opportunity to build a "suburban" development around a transit station in this area and at this time.

#4 RD Milhollin

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Posted 09 August 2008 - 12:53 PM

QUOTE (jefffwd @ Aug 7 2008, 11:21 AM) <{POST_SNAPBACK}>
... 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...


Hmmm, seems that given the potential for profit the developer can realize on this project, the cost for the public for ROW should be minimal...

#5 mosteijn

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Posted 09 August 2008 - 07:45 PM

QUOTE (Prairie Pup @ Aug 9 2008, 01:49 PM) <{POST_SNAPBACK}>
Seems a waste of opportunity to build a "suburban" development around a transit station in this area and at this time.


Quite true, however, I'm amazed the developers are even throwing around the term "TOD" for this station considering it's a commuter rail station. Commuter rail has never been known to be conducive to TOD - the trains come too infrequently and are often not connected to as many other stations as they would be in other forms of rail transit. Commuter rail is still a great asset, and Fort Worth should pursue it aggressively, but sometimes I wonder if it isn't the city wasting an opportunity by only considering commuter rail and the streetcar, and nothing in between. I know light rail is expensive, but you have to admit - it sure has worked well for TOD in Dallas (and countless other cities), while commuter rail can hardly compare.




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