Victory Arts Center Sold at Auction
Posted 04 July 2006 - 12:05 PM
Posted on Tue, Jul. 04, 2006
Historic property is sold at auction
By SANDRA BAKER
STAR-TELEGRAM STAFF WRITER
FORT WORTH -- Victory Arts Center, the residential redevelopment of Our Lady of Victory convent on the city's south side at Hemphill and Shaw streets, has been sold at foreclosure auction.
Peter Lyden, a Fort Worth-based real-estate investor, and his cousin, Robert Lott, of Birmingham, Mich., recently bought the historic property through their family's holding corporation, Leo E. Wanta Associates in Carson City, Nev.
The property was sold at auction June 6 by JPMorgan Chase Bank, which foreclosed on the property earlier this year. The bank called a $3.2 million note after the owner, a limited partnership called Victory Arts Center, defaulted. The loan was obtained in April 2002.
Victory Arts Center is a $6.5 million redevelopment of Our Lady of Victory convent, which opened in 1910. The Sisters of Saint Mary of Namur operated an all-girls school and college at the property, 801 W. Shaw St., but left in 1987.
The nonprofit Historic Landmarks bought the five-story building in 1993 for $60,000 and began obtaining financing for their plans, which were eventually carried out under the Victory Arts Center name. It took a decade to do, but historic preservationists hailed the inner-city neighborhood investment as a success. Residents began moving into the building in 2003.
But about a year after opening, the project began having financial problems. Its developers have said that the project ran over budget and was taking longer than expected to lease the space. Several liens were placed on the property, and two contractors sued Victory Arts Center and the construction manager, Daedalus Development Corp., for nonpayment. The liens were eventually released and the lawsuits settled, according to county deed and court records.
The project was helped with grants and tax credits, including $287,000 from the city of Fort Worth, $250,000 from Tarrant County, $302,000 from the National Trust for Historic Preservation, $405,000 from the U.S. Department of Housing and Urban Development and $2 million through Fannie Mae.
Victory Arts Center has 46 apartments and is 90 percent leased, but Lyden said it should be fully leased soon.
Other than some minor repairs, Lyden said he expects to make no major changes to the property. A new management company has been hired, 16 residential parking spaces are being added and some exterior painting is being completed, he said.
"I'm going to make sure this property shines," Lyden said. "It's a beautiful property. I love historic buildings in Fort Worth. I'll definitely take care of it."
Victory Hall, once a chapel in the building's interior that has been redesigned for use for events and receptions, has also reopened, Lyden said. The former owner stopped renting the hall when the foreclosure proceedings began, he said.
A year ago, Lyden and Lott bought three buildings on East Rosedale Street near Texas Wesleyan University that date to between 1910 and 1929. Those properties were owned by Daedalus Development.
Sandra Baker, 817-390-7727 email@example.com
© 2006 Star-Telegram and wire service sources. All Rights Reserved.
Posted 04 July 2006 - 04:08 PM
Posted 04 July 2006 - 05:45 PM
Posted 06 July 2006 - 12:56 PM
Posted 05 June 2008 - 12:24 PM
I just moved into this building a month ago.
No ghosts yet, at least.
Posted 05 June 2008 - 02:48 PM
I just moved into this building a month ago.
No ghosts yet, at least.
How about a paragraph on "Life at Victory Arts Center" and some pictures? (Please, don't make us beg...)
We have had some pictures through the months but I don't know of another Forum member that actually lives there for a first-hand look.
Posted 05 June 2008 - 08:43 PM
When it snowed, February 14, 2004:
The cats hanging out:
Table set for dinner w/friends (the only good picture I have of those gorgeous windows:
Me in the kitchen:
This is from the site, but since I'm in it, I post. This was during a picnic we had in '05:[/size]
Very fun pics. Could still use a paragraph on living there and MORE pics. What was it like? Noise/Climate control/utilities/rent increases/ the other people that lived there... Thanks!
Posted 05 June 2008 - 09:46 PM
As far as the other tenants, most were young singles, but there were also a few young married couples who came and went, a mom with 2 girls, and at the end of our hall a dear lady named Micky who used to be a nun at that very convent (I think she's still there; she's really sweet). On the artistic side, an excellent sculptor named Rusty rented a 1st/2nd floor apartment as a studio, and although he didn't live there he was there a lot (he may still have his studio as well). Two or three photographers have come and gone and Will McKnight's ballet studio was/is on the second foor.
I don't remember a lot of artists renting out the studios though.
Are there any specific types of pictures you'd like to see? Mr. H did the second version of the website and I still have all the pictures they provided for it. Unfortunately, I don't have any crazy party pictures, which is a shame because there were some good ones!
Posted 05 June 2008 - 11:59 PM
Posted 06 June 2008 - 12:04 AM
Do tell about any ghost tales. Those gothic buidings look the part and I love local Urban Legends.
Posted 06 June 2008 - 07:46 AM
Well, I think there's a little dispute as to whether the VAC is really the "near" south side, but it's the south nonetheless. I think it's a fine area; we bought our house here even. Yes, the graffiti gets old. We're going to discuss that at our next NA meeting, which is supposed to be Tuesday.
As far as ghost tales, unfortunately I don't have any! To be honest I've never had an encounter with a ghost so maybe they just don't talk to me. There was a rumor going around that during the filming of Problem Child there was a haunting, but I don't know about that.
Posted 12 July 2008 - 06:13 PM
History is but the record of the public and official acts of human beings. It is our object, therefore, to humanize our history and deal with people past and present; people who ate and possibly drank; people who were born, flourished and died; not grave tragedians, posing perpetually for their photographs. ~Bill Nye, History of the United States
For me there is no greater subject than history. How a man can study it and not be forced to become a philosopher, I cannot tell. ~George E. Wilson
*What Would Susan Pringle Frost Do?
Posted 10 May 2014 - 10:34 AM
Update on the old Our Lady of Victory Campus on South Hemphill and Shaw Streets...
For a year the former convent and school has been occupied by a very small Catholic educational institution, Fisher-More College. Under its former name, College of St. Thomas More, it used to be housed in a few residences between TCU and Paschal. Due to the nature of its campus residence rules there was probably very little interaction between the school and its neighborhood, positive or negative, so it will most likely not even be missed by locals, but Fort Worth as a whole benefits from higher education institutions of any stripe, so it will IMO be a loss for the city if the school dies or relocates elsewhere.
Posted 22 July 2014 - 11:42 AM
My husband and I lived there in 2010-2011. It was really cool, our view was AWESOME (lived on the top floor in the corner, so great views south & west). Management was pretty bad, but rent was super cheap at the time. Had no closets of course, and decided a super open loft just wasn't for us. But we really did like to live there and have often considered (i use this word lightly) getting another place there.
- McHand likes this
0 user(s) are reading this topic
0 members, 0 guests, 0 anonymous users