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Victory Arts Center Sold at Auction


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#1 RD Milhollin

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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 sabaker@star-telegram.com





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2006 Star-Telegram and wire service sources. All Rights Reserved.
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#2 courtnie

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Posted 04 July 2006 - 04:08 PM

Im glad its saved.. i wanted to live there at one point but my x husband went to school there and says its haunted...and it probably is...but the lofts are really expensive and the area isnt the greatest....

#3 safly

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Posted 04 July 2006 - 05:45 PM

But plenty of Mexican food out that way. wub.gif
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#4 courtnie

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Posted 06 July 2006 - 12:56 PM

yep...some really great Mexican food over there...and some beautiful houses...

#5 butter bee

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Posted 05 June 2008 - 12:24 PM

Bumping old threads!

I just moved into this building a month ago.

No ghosts yet, at least.

#6 Brian Luenser

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Posted 05 June 2008 - 02:48 PM

QUOTE (butter bee @ Jun 5 2008, 01:24 PM) <{POST_SNAPBACK}>
Bumping old threads!

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...) cool.gif

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.
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#7 avvy

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Posted 05 June 2008 - 05:38 PM

I'm so glad you asked! I've been waiting for an excuse to post some pics from the VAC when we lived there. Some of these are pictures of pictures. I didn't want to wait for Mr. H to scan them at work! Some of these have been edited for size but it may take Photobucket a minute to figure that out. Oh, and I never ran into any ghosts.


When it snowed, February 14, 2004:



The cat 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]

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#8 bburton

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Posted 05 June 2008 - 08:36 PM

Pardon me for butting into this thread. Here's a couple of shots from 2006:





Bruce Burton
 


#9 Brian Luenser

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Posted 05 June 2008 - 08:43 PM

QUOTE (avvy @ Jun 5 2008, 06:38 PM) <{POST_SNAPBACK}>
I'm so glad you asked! I've been waiting for an excuse to post some pics from the VAC when we lived there. Some of these are pictures of pictures. I didn't want to wait for Mr. H to scan them at work! Some of these have been edited for size but it may take Photobucket a minute to figure that out. Oh, and I never ran into any ghosts.


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!

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#10 avvy

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Posted 05 June 2008 - 09:46 PM

Will do! I just sat down to type a descriptive paragraph but I think I'll wait on that. In short, we lived there for two years and it was wonderful. Never had any problems with noise or rent increases. I don't remember climate control being an issue; you could make it super cold in there if you wanted. We did have a flood in June of '04 during that rainy spell, which was strange because we were on the 4th floor! The water from the roof had leaked down into the walls and was spraying out into my kitchen. I think they fixed that though.

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!

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#11 Birdland in Handley

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Posted 05 June 2008 - 11:59 PM

Great pix, thanks. I don't get why anyone would say the near south side is not a good area. When we lived there, for ten years, there were some graffitti problems, minor dumb young people problems and crazy neighbor problems, but we have the same problems in the mysterious East (Handley). And the public transpot served the near south so well that we actually used it.

#12 Birdland in Handley

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Posted 06 June 2008 - 12:04 AM

PS
Do tell about any ghost tales. Those gothic buidings look the part and I love local Urban Legends.

#13 avvy

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Posted 06 June 2008 - 07:46 AM

QUOTE (Birdland in Handley @ Jun 6 2008, 12:59 AM) <{POST_SNAPBACK}>
Great pix, thanks. I don't get why anyone would say the near south side is not a good area. When we lived there, for ten years, there were some graffitti problems, minor dumb young people problems and crazy neighbor problems, but we have the same problems in the mysterious East (Handley). And the public transpot served the near south so well that we actually used it.



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.

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#14 avvy

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Posted 06 June 2008 - 08:29 AM

Some pictures of the model apartment, when it was on the 2nd floor. It had nicer furniture than ours did!












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#15 Fire-Eater

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Posted 12 July 2008 - 06:13 PM

BIG NEWS! Our Lady of Victory Catholic School is fixin' to celebrate it's ONE HUNDREDTH ANNIVERSARY! If you want to get involved, let me know, and I'll get you in contact with the Centennial Celebration Committee Chairperson. YEAH!
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