13 replies to this topic

[eshigginbotham]

Chase putting whole city block up for sale



By SAMDRA BAKER

Star-Telegram Staff Writer



FORT WORTH - It's not often that a full city block goes up for sale, but JPMorganChase is selling a block on the western edge of downtown Fort Worth where it operates a 24-lane motor bank.

The property, between Cherry and Macon streets, and West Seventh and 10th streets, has been on the market a little more than month, but bids are due Friday to the Staubach Co.'s Fort Worth office.

There is no asking price, rather brokers are relying on a bidding strategy and will see what offers they receive before negotiations begin, said Todd Burnette, senior vice president with Staubach and one of the listing agents of the property.

"I imagine there will be one that they will want to review," Burnette said.

The land is 63,900 square feet, or 1.3774-acres. The block is larger than the blocks in the central core of downtown, where the blocks are about 40,000 square feet, or slightly less than an acre. The Tarrant Appraisal District values the land at $1.9 million for taxing purposes.

Chase decided it will close the facility because only half of the lanes were being used, said Chris Spencer, a regional spokesman for Chase.

The bank operates a 14-lane drive-thru facility on the north side of downtown between Belknap and Weatherford streets, near the Tarrant County Courthouse. Until recently it shared that facility with Texas Capital Bank.

"We are consolidating (the Cherry Street location) into a more efficient location for our customers," Spencer said.

Three employees will be moved to the Belknap location, which is also being expanded with a small lobby for limited walk-in services, Spencer said.

As a stipulation of the sale, the property will be deed restricted for use as a bank, which means the motor bank likely will be taken down and the property redeveloped.

Burnette said he has had strong interest in the property, including from developers interested in the site for residential use or for a hotel.

"We've actually had some retail interest, too," Burnette said. "We have had other investors who buy land and hold it, who want to watch the market downtown and around downtown."

Andy Taft, president of Downtown Fort Worth Inc., a nonprofit downtown advocacy organization, said he is excited about the development possibilities. The block is desirable because it has good access from Interstate 30 and it is adjacent to one of the largest office buildings in downtown, he said.

"It is a very interesting redevelopment site," Taft said. "This is an outstanding time to have access to a full block in a good location in downtown Fort Worth."

The last full downtown city block to sell was in April 2005 when Fort Worth architect Ken Schaumburg bought the block between Seventh and Eighth streets and Jones and Calhoun streets, from TXU Delivery. An office tower is planned for that block.

And, in 2004, Tarrant County College bought five city blocks on the north end of downtown for its downtown campus.


[b]Sandra Baker, 817-390-7727
sabaker@star-telegram.com

 

[John T Roberts]

The for sale sign has been up several days on the property. The property is the old Fort Worth National/Texas American/Bank One Drive Thru Facility. It is the one that looks like a highway bridge. It was designed by Martin Growald.

[RD Milhollin]

The last full downtown city block to sell was in April 2005 when Fort Worth architect Ken Schaumburg bought the block between Seventh and Eighth streets and Jones and Calhoun streets, from TXU Delivery. An office tower is planned for that block.

Is that the 900' "Air Purifier" Tower? Don't those guys read the Fort Worth Forum?

[Now in Denton]

The last full downtown city block to sell was in April 2005 when Fort Worth architect Ken Schaumburg bought the block between Seventh and Eighth streets and Jones and Calhoun streets, from TXU Delivery. An office tower is planned for that block.

Is that the 900' "Air Purifier" Tower? Don't those guys read the Fort Worth Forum?

^^^


Back in the day of First National Bank, Texas American Bank, Team Bank ect. Both side had longs lines. ATM's and Web banking make motor banks things of the past. Thiers a smaller motor bank on the eastern side of DT that has not been used in years. Nothing more sad than a dead motor bank. Time for that to go also.

[mosteijn]

I think this block would be perfect for a condo/hotel tower, given the frontage on (soon to be redesigned?) Burnett Park. You also have decent access to the convention center (for the hotel portion.) Whatever gets built there, I hope it has retail. The south end of downtown is sorely lacking in that department.

[Now in Denton]

I think this block would be perfect for a condo/hotel tower, given the frontage on (soon to be redesigned?) Burnett Park. You also have decent access to the convention center (for the hotel portion.) Whatever gets built there, I hope it has retail. The south end of downtown is sorely lacking in that department.

Where have you been Jonny? Hidding?

But your right. If nothing else from the no go TU Tower. A multi-use building is a good idea. Four in one building. Retail,Parking,Office,Condo. The best chance of Fort Worth getting another tower IMO is how City Place plays out. If it fills up, and fast. Then a tall tower will be in the works. I think that is what Bass is looking and thinking about right now.

When TCC is up and running I think another Book store in south DT would be great . I know the B&N by City Street will be full of College kids. It is so busy day and night everyday right now. It would have to be Borders I would think.

[cberen1]

I heard last week that this property is (or is expected to be soon) under contract to be sold to Behringer to...




...wait for it...







...build a parking garage!

[grow_smart]

I heard last week that this property is (or is expected to be soon) under contract to be sold to Behringer to...
...build a parking garage!

Parking Garage? Shoot...they are going to use it for beautiful surface parking instead!

The parking ratios at Burnett Plaza require them to get more parking to satisfy the Fort Worth CBD's insatiable demand.

[Austin55]

I didn't see the rig, so I can't say for sure what it was, but it was probably a soil sample rig.  If a new building is planned for the site, this would be something that was done before anything was designed. 

 

 

I think it's pretty safe to rule out that it was a gas or oil drilling rig.

 

 

Possibly.  With oil and gas on my mind, I didn't think of that.  If it is soil sampling, could that possibly be a prelude to site prep for some construction project?  I sure hope so, I've always felt this property was ripe for purchase and rehab.

 

 

Is it possible that it's a soil sample rig?

http://www.fnal.gov/...DrillingRig.jpg

 

 

Does anyone know why a drilling company is boring into the parking lot of the former Chase Bank building at Texas and Cherry streets?

 

 

Over a decade since this thread mentioned a parking garage. I wonder if that is still what is planned? Behringer still owns the site, along with the Burnett Plaza and Burnett Plaza's garage. 

Safe to say, it probably won't be an office building....

 

Behringer also has a multifamily branch, see their portfolio here. Optimistically hopeful a new building here could be something more than just a garage.

[JBB]

That would be a small pocket of downtown where it would be nice to see something residential go up and drum up a bit more non-business hours activity.

[Austin55]

I missed focus on this shot but here's the rig. Maybe a construction expert around here knows more?

 

 

On the other side was some crew working with a surveying tripod. 

interesting indeed...

[Mr_Brightside526]

They could be doing a core sample for either natural resources or the makeup of the soil for excavation. Those are my guesses.

[AndyN]

I don't think the price of natural gas could support the cost to put in a well at this time. The price per square foot for surface would be prohibitive to putting a pad at this location. Much cheaper to drill from an established pad and is within reach of the Westgate Well just south of the T&P Warehouse/Star Telegram Warehouse.

 

Looks like core samples for development design.

[JBB]

I realize that Fort Worth has a fairly laissez faire approach to gas drilling and where it's done, but the cost is not the reason gas drilling isn't happening on this lot in the middle of downtown.