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West 7th Development

Cultural District W. 7th Street Urban Villages New Construction Mixed Use Development

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#1 vjackson

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Posted 27 September 2006 - 06:41 AM

FORT WORTH -- After months of negotiations, a Dallas investment fund with ties to town-house and restaurant developments has closed its deal to buy prime acreage on West Seventh Street from Acme Brick Co.

The company is moving to southwest Fort Worth next year after more than five decades on the city's near west side.

The group is not finished buying Acme's land and has options on the remaining parcels in the fast-redeveloping corridor between downtown and the Cultural District.

Acme has sold several parcels totaling 8.3 acres and some buildings along West Seventh Street, near Foch Street, to the limited partnership Six Points Fort Worth, an entity of Incap Fund in Dallas, deed records show. The deal closed Aug. 29.

Judy Hunter, Acme's chief financial officer, said Tuesday that she would not disclose a sales price.

According to the deeds, the deal was financed with a $5.8 million note from American National Bank of Texas.

Acme's land along Seventh Street included two complete city blocks and several other parcels. It still has about 4 acres to sell, but it is occupying the buildings on that land until its new headquarters is built, which will take about a year to complete, Hunter said. Incap has an option on the land, she said.

Acme is breaking ground Oct. 6 on a 70,000-square-foot office building on 5.5 acres off Bryant Irvin Road and Vickery Boulevard, an area being developed by Cassco Land Co. Acme will get sales tax rebates for 32 years totaling $26.9 million from the city for the project.

Brady Wood, senior managing director of Incap Fund, said that the investors, who are people from Fort Worth and Dallas, are exploring ideas and that they have no definite plans for the Acme property. Those plans may not jell for several months, closer to the time when the buyer takes control of the entire 12.5 acres, he said.

"It's so early," Wood said. "We have land that we own and don't own. We don't have plans yet. It's going to be a fabulous project; it's just going to take awhile."

Wood helped to start The Green Room, Gypsy Tea Room and Trees restaurants in Dallas, but he said he has not been involved with those businesses for about three years.

Zoning on the land allows for a mix of residential and retail uses. Incap has primarily been involved in building town houses, mostly in Dallas.

This will be its second Fort Worth project. Incap is a partner with Main Street Living on Palisades, the 40-unit town-house development under construction on Bluff Street in Uptown, on the north edge of downtown.

Wood said the investors like the development possibilities along West Seventh Street, where the former Montgomery Ward property has been redeveloped into Montgomery Plaza, a mixed-used development of shops and restaurants, and where some residential units are planned, as well as So7, a residential development adjacent to Trinity Park.


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#2 RD Milhollin

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Posted 27 September 2006 - 09:02 AM

It will be very interesting to see the plans the buyer has for this prime land. Midway between Downtown and the Cultural District there is a lot of room for clubs, restaurants, mid-rise residential, artist space, and retail. They have a proven track record and Wood has a definite creative streak. If this develpment is coordinated with the Museum Place, Montgomery Plaza, and SO7 developments a redesigned 7th Street could become the showplace boulevard of Fort Worth.

Go for it!

#3 Fort Worthology

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Posted 27 September 2006 - 09:17 AM

I was a little leery of the possibilities (perhaps I'm just down from seeing that lame new rotated bank building going up next to that pub), but hearing "involved in the Palisades in Uptown" is a definite plus. There is some potential here for a real quality urban project, which is needed to help right the Montgomery Plaza strip mall wrong.

#4 redhead

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Posted 27 September 2006 - 08:34 PM

Atomic, Incap had absolutely nothing to do with the bank building! They are doing an entirely separate deal, mostly south of 7th between Foch and Currie.

#5 Fort Worthology

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Posted 27 September 2006 - 10:21 PM

QUOTE(redhead @ Sep 27 2006, 09:34 PM) View Post

Atomic, Incap had absolutely nothing to do with the bank building! They are doing an entirely separate deal, mostly south of 7th between Foch and Currie.


Err, nowhere did I say they did. Perhaps I should have phrased it "Maybe I'm just down because of that lame little rotated bank building going up next to the pub, and the Montgomery Plaza strip mall." I wasn't making any sort of connection to Incap - just to the disappointing recent projects on 7th Street.

#6 Perkins

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Posted 28 November 2006 - 10:18 PM

Does anyone know, or has anyone heard the latest about the Acne Brick plant in SW FW?

I would love to see the renderings!

Is this a corporate headquarters are a manufacturing plant? huh.gif

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#7 JBB

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Posted 28 November 2006 - 11:09 PM

Corporate headquarters.

#8 Thurman52

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Posted 01 March 2007 - 12:55 PM

Sign w/ Artist rendering went up today at Carrol St and 7th for the new mixed use project

#9 John T Roberts

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Posted 01 March 2007 - 08:30 PM

Thurman, I was going down 7th at 9:00 this morning and I was going to post the same information, but you beat me to it.

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Posted 02 March 2007 - 07:40 AM

Great sign, looks exciting, the correct address is Currie St. and W 7th.

#11 AdamB

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Posted 02 March 2007 - 09:50 AM

Drove by the sign last night... It is the Cypress Equities project and it is FREAKIN' IMPRESSIVE. 5 years from now we will not recognize 7th street at all.

Here is a link to their current projects. Cypress Equities


IMHO this Fort Worth project is probably their most impressive lifestyle center by far. It is sort of their Dallas project meets their Bronx project for those who haven't seen the rendering.

#12 vjackson

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Posted 02 March 2007 - 10:48 AM

QUOTE(AdamB @ Mar 2 2007, 11:50 AM) View Post


IMHO this Fort Worth project is probably their most impressive lifestyle center by far. It is sort of their Dallas project meets their Bronx project for those who haven't seen the rendering.

I wish there was a rendering of the FW project on the site. But judging from thier other work this, will be an awesome project...finally a real mixed use project in FW that's done well. I hope this sets a precedent for the rest of the area aound W. 7th. smile.gif

#13 Fort Worthology

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Posted 02 March 2007 - 10:53 AM

Here's the rendering (just took a photo of the sign):

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#14 AdamB

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Posted 02 March 2007 - 11:13 AM

That is a cool logo the W with the 7 in the street. Fort Worth needs to brand this area with that logo.

#15 AdamB

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Posted 02 March 2007 - 11:16 AM

I dont think we could have asked for anything better here. This is PHENOMENAL. I am so pumped for this area of town.

#16 mosteijn

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Posted 02 March 2007 - 11:43 AM

QUOTE(vjackson @ Mar 2 2007, 10:48 AM) View Post

finally a real mixed use project in FW that's done well. I hope this sets a precedent for the rest of the area aound W. 7th. smile.gif

Let's not forget Museum Place... it's is a great mixed use project - AND it's already under construction! smilewinkgrin.gif

I agree, this looks fantastic! Although I am curious...it looks like the project is oriented more towards Crockett St. than 7th. I know this is still a ways from being built, but I would be worried if the development just "fronts" 7th and turns its attention towards the interior of the neighborhood. Either way, the layout and design look top notch and are DEFINATELY an improvement over what's already there.

(Also, just being picky, but if this is the Cypress project, the two threads should probably be merged.)

#17 vjackson

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Posted 02 March 2007 - 11:55 AM

QUOTE(Atomic Glee @ Mar 2 2007, 12:53 PM) View Post

Here's the rendering (just took a photo of the sign):

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That @#*!! awesome!!

#18 AdamB

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Posted 02 March 2007 - 11:55 AM

I agree I wich that was 7th instead of crocket in the middle their. But I dont think 7th is ready for pedectrian traffic yet. Make 7th a boulevard with light rail and less industrial crap and 7th will eventually become the pedestrian friendly street we all want it to be.



#19 mmiller2002

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Posted 02 March 2007 - 12:47 PM

QUOTE(Atomic Glee @ Mar 2 2007, 10:53 AM) View Post

Here's the rendering (just took a photo of the sign):



How Jetson's!

Save that rendering so that it can be compared to whatever really gets built in however many years its takes. Same with Museum Place.

It will be interesting to watch what happens in that stretch of 7th since there's no character or style whatsoever preserve. Clean slate. I hope all the new urban stuff goes there and leaves the traditional brick part of Camp Bowie alone.

#20 guest

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Posted 02 March 2007 - 03:56 PM

I spoke with the developers a bit ago and they said they're modeling this project after The Shops at Legacy in Plano. I believe Good Fulton and Ferrell will be the architects.

#21 redhead

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Posted 04 March 2007 - 09:23 PM

They may use that pattern, but I think GT is the architect of record. I have been told that they MAY be the speakers at the ABCD meeting in May. Usually limited to members, I doubt that with a small contribution, anyone would be turned away. Cypress is supposed to name names (of tenants!), and show some pretty incredible graphics at that time. If anyone is interested, let me know and I can run it by ABCD. They are already expecting a big crowd which means they will will have to pay for the venue, but I cannot imagine it would be more than a few bucks per person...drinks may be another issue, however.

#22 Fort Worthology

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Posted 04 March 2007 - 10:20 PM

QUOTE(redhead @ Mar 4 2007, 09:23 PM) View Post

They may use that pattern, but I think GT is the architect of record. I have been told that they MAY be the speakers at the ABCD meeting in May. Usually limited to members, I doubt that with a small contribution, anyone would be turned away. Cypress is supposed to name names (of tenants!), and show some pretty incredible graphics at that time. If anyone is interested, let me know and I can run it by ABCD. They are already expecting a big crowd which means they will will have to pay for the venue, but I cannot imagine it would be more than a few bucks per person...drinks may be another issue, however.


You know I'm always interested. smile.gif

#23 cbellomy

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Posted 05 March 2007 - 03:14 AM

Goodbye, Fred's. I'll miss you. sad.gif


#24 jefffwd

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Posted 07 March 2007 - 09:26 AM

I directed Connie Gore of GlobeSt.com to our thread and she produced this article today... cool.gif

JV Planning Nearly 1M SF of Urban Mixed Use
By Connie Gore
GlobeSt.com

FORT WORTH-The sign's up on the site and all the development dirt is in hand. Although full details won't come out until mid-May, Cypress Equities and equity partner the Carlyle Group are fine-tuning a plan for nearly one million sf of mixed-use space on the city's west side.
The West Seventh Street project has been part of the rumor mill since late January when Dallas-based Cypress, an affiliate of Staubach Co., and Washington, DC-headquartered Carlyle Group bought the Acme Brick Co.'s headquarters at 2821 W. Seventh St. Since then, the joint venture has assembled three full blocks for a "true vertically integrated" infill project with close to one million sf of retail, residential, hospitality space and possibly service-type office, according to Chris Maguire, president of Cypress Equities and Staubach Retail Services.

Maguire tells GlobeSt.com that the delay in releasing details is due to negotiations for the hotel flag and putting the finishing touches on city agreements. "It will be at least a couple months before we get the agreements in place," he explains.

Although he can't go into deep detail, Maguire did say the goal is to break ground by year's end. The site, of course, will have to be scraped.
"We're real excited about this property," Maguire says. "We think it's a gem. We have quite a few mixed-use projects going on in the US, but strategically, it's at the top of the list."

Maguire says Staubach Retail has been hard at work on preleasing to edge the project closer to reality. Dallas-based Good Fulton & Farrell Inc. designed West Seventh Street, an internal name that could be changed by the time the plan rolls out to the public which, if a local blog is right, will be at the May meeting of the Associated Businesses of the Cultural District.

Meanwhile, another Staubach affiliate, SmithCypress Partners, has two development sites under contract. Maguire has confirmed that one is situated in North Tarrant County's Golden Triangle and the other is located in the southeastern quadrant of Fort Worth. But, the details need to come from former Dallas Cowboy and "king of the dance floor," Emmitt Smith.

Smith's PR team has declined to comment on the projects or confirm details in a mid-December 2006 article in which Smith aired preliminary details for a 500,000-sf to 600,000-sf retail center. He told a Dallas business editor that 64 acres were under contract off Interstate 35W south of Texas Motor Speedway and talks were underway for a second site in southeast Fort Worth.





#25 Keller Pirate

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Posted 07 March 2007 - 10:54 AM

I'm a little confused. It seems from the rendering that the point of view is from University and Crockett. 7th Street appears to be at the far left, and this looks like the project turns its back to 7th Street.

Having Crockett with a W7 logo on it seems like that would be confusing too, or a W7 sign on University. However, maybe Crockett is going away and that is just the driveway for the mall, like the hole in the Ward's building.

I don't know what they are going to put in there but I do like to artist's rendering. It does remind me of Plano or Southlake. Maybe even a little more reminiscent of a couple of places out in California.


#26 Fort Worthology

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Posted 07 March 2007 - 11:41 AM

QUOTE(Keller Pirate @ Mar 7 2007, 10:54 AM) View Post

I'm a little confused. It seems from the rendering that the point of view is from University and Crockett. 7th Street appears to be at the far left, and this looks like the project turns its back to 7th Street.

Having Crockett with a W7 logo on it seems like that would be confusing too, or a W7 sign on University. However, maybe Crockett is going away and that is just the driveway for the mall, like the hole in the Ward's building.

I don't know what they are going to put in there but I do like to artist's rendering. It does remind me of Plano or Southlake. Maybe even a little more reminiscent of a couple of places out in California.


I think the street in the front is supposed to be Currie, not University. I could be mistaken, though.

#27 Keller Pirate

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Posted 07 March 2007 - 12:14 PM

It is hard to tell. Currie is not that big a street now but I can see how it might grow. I was just going off the perspective and Montgomery Plaza seems further away in the drawing than it would be if my eye was at the Currie Street perspective, plus it looked like a 4 lane and University was the first 4 lane or bigger to the West.

They did say in the release that they have assembled 3 full blocks since they bought the Acme property. If the 3 blocks were linear that could stretch them to University. But since the project stradles Crockett, I would guess it is not linear and won't reach University. But that wouldn't be a bad idea.


#28 redhead

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Posted 08 March 2007 - 09:17 PM

I have seen their drawings and they are quite impressive. The folks have confirmed for the May 15th of ABCD at the Botanic Center. If you guys want to see their presentation, I suggest you call Reagan Ferguson at Summit Press and make reservations.

#29 1849

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Posted 21 March 2007 - 09:08 PM

I just want to know why the artist chose to use the name 'Babalon' as the name of the apparent club?

Is this a reference to the club featured in every episode of the 'Queer As Folk' TV show?

How retarded.

#30 guest

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Posted 16 June 2007 - 03:18 PM

Received a Notice of Public Hearing today at the City Council Chambers on 27 June 2007 for an “Alley Closure” application on behalf of Centex homes. The alley is on the block located North of 6th, south of 5th, east of Foch and west of Carroll. The TAD rolls show Centex having no ownership on this block but I know that site generally is not current and obviously Centex wouldn’t be seeking changes on land they don’t own. Anyone know anything about this?

#31 mosteijn

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Posted 16 June 2007 - 03:35 PM

I didn't think Acme owned any land north of 7th...so that question probably belongs in a different thread.

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Posted 16 June 2007 - 03:49 PM

QUOTE(Jonnyrules23 @ Jun 16 2007, 04:35 PM) View Post

I didn't think Acme owned any land north of 7th...so that question probably belongs in a different thread.


Acme brick is across the street and the property is in the Cultural District. Didn't seem like such a stretch to me.

#33 Fort Worthology

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Posted 21 June 2007 - 01:07 PM

QUOTE(Atomic Glee @ Mar 7 2007, 12:41 PM) View Post

I think the street in the front is supposed to be Currie, not University. I could be mistaken, though.


I was mistaken. According to some recent zoning meetings, West 7th will be bounded by 7th on the north, Morton on the south, Foch on the east, and University on the west. Six blocks worth. This seems to indicate that the former Taylor Rentals property, that nasty-looking used car lot, and all those mid-century-looking industrial-type buildings between the car lot and former Taylor Rentals will be replaced by the development.

This also makes me wonder about the future of Fred's, since it is within the development's boundaries.

#34 AdamB

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Posted 21 June 2007 - 01:41 PM

WOW... are you serious? This development is a lot larger than I originally thought. This is going to be impressive and along with everything else dramtically improve the entire area.

#35 mosteijn

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Posted 21 June 2007 - 03:07 PM

QUOTE(redhead @ Mar 8 2007, 10:17 PM) View Post

I have seen their drawings and they are quite impressive. The folks have confirmed for the May 15th of ABCD at the Botanic Center.

Hey, how did that go? Did anyone attend and/or learn anything new?

Another thing to note is that, assuming the street in the foreground of the rendering is University, the lot at the Six Points intersection is left alone. I don't know if this is on purpose by the developers to keep some green space, or if they don't own that lot, but I don't like having that huge empty space on such an important intersection.

#36 redhead

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Posted 21 June 2007 - 07:43 PM

As for the Centex application to the north of Seventh---is it Centex Construction on behalf of the owners?? I know of no property owned by Centex in the vicinity.

And Cypress could not do the May meeting-they were not through the city at that time. Tentatively scheduled now for September...

#37 mosteijn

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Posted 02 August 2007 - 09:41 AM

Looks like Cypress's website has been updated to include more plans and renderings of West Seventh:

http://www.cypresseq...erty_category=2

Highlights:

-Great urban design
-Relatively varied architecture
-Theater, which is clearly intended to be an arthouse
-7 story office towers fronting 7th

Some things that look like they could be improved:

-Some of the parking garages appear to front the major streets in the development. IMO, the blocks are so huge they could have easily hidden all the garages behind retail
-The center building's facade on 7th. Looks like decent street interaction, but above level one the design is crap
-Maybe some more residential. Only 288 units?

Other than that, this project (together with Museum Place) should finally start to realize 7th street's true potential as one of the greatest urban drives in the state, if not the country. biggrin.gif

#38 jefffwd

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Posted 02 August 2007 - 11:07 AM

QUOTE(Jonnyrules23 @ Aug 2 2007, 10:41 AM) View Post

Looks like Cypress's website has been updated to include more plans and renderings of West Seventh:

http://www.cypresseq...erty_category=2

Highlights:

-Great urban design
-Relatively varied architecture
-Theater, which is clearly intended to be an arthouse
-7 story office towers fronting 7th

Some things that look like they could be improved:

-Some of the parking garages appear to front the major streets in the development. IMO, the blocks are so huge they could have easily hidden all the garages behind retail
-The center building's facade on 7th. Looks like decent street interaction, but above level one the design is crap
-Maybe some more residential. Only 288 units?

Other than that, this project (together with Museum Place) should finally start to realize 7th street's true potential as one of the greatest urban drives in the state, if not the country. biggrin.gif


Agreed. Thanks for the update Jonny! Are you about to head off to Cinci? Don't forget us.


#39 hannerhan

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Posted 02 August 2007 - 11:30 AM

Looks to me like Fred's is staying! Sweet.

#40 Fort Worthology

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Posted 20 August 2007 - 09:45 AM

Demolition fences have gone up around a large part of the property, and I also saw a big yellow backhoe parked behind the ratty old car lot. This project wants to roll:

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Plans & renderings:

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#41 Matt615

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Posted 21 August 2007 - 10:26 AM

When I drove by last night it looked like the ratty old car lot had been demolished.

#42 Fort Worthology

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Posted 21 August 2007 - 07:44 PM

Not only has the car lot been demolished, but two or three buildings on the south side of that block are gone now, too. Several piles of rubble. Looks like Cypress isn't messing around with this one.

#43 Fort Worthology

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Posted 05 September 2007 - 09:04 AM

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Not wasting any time:

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#44 mbdalton1

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Posted 05 September 2007 - 09:11 AM

Finally!!!

smile.gif mb

#45 Fort Worthology

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Posted 14 September 2007 - 04:48 PM

The entire first block has been demolished and nearly cleared now.

#46 ICD

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Posted 14 September 2007 - 07:11 PM

The big question here is a rather simple one. How do you add 1) Museum Place with 550 housing units, 2) Cypress Equities with more than 600, 3) Montgomery Plaza with all theirs, and 4) So7 with what they are doing, all within a few blocks of each other. Add all the porjects downtown, Carl Bell's project by LaGrave Field, and the whole long-term TRV project, and you have the makings of whoever gets in the door last might be able to close the gate. Then there is the retail aspect of it all. With all these coming on line at the same time, I am told some of the national retailers they are all chasing are playing them off each other. I am very curious to see how this plays out. Cypress Equities and JaGee are in big battles right now to get leases with restaurants, clubs and retailers. It is sort of a Dallas vs. Fort Worth deal going on here. But I still wonder if there is the market for all this at the same time.

#47 Blue Panther

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Posted 14 September 2007 - 07:59 PM

QUOTE(ICD @ Sep 14 2007, 08:11 PM) View Post

The big question here is a rather simple one. How do you add 1) Museum Place with 550 housing units, 2) Cypress Equities with more than 600, 3) Montgomery Plaza with all theirs, and 4) So7 with what they are doing, all within a few blocks of each other. Add all the porjects downtown, Carl Bell's project by LaGrave Field, and the whole long-term TRV project, and you have the makings of whoever gets in the door last might be able to close the gate. Then there is the retail aspect of it all. With all these coming on line at the same time, I am told some of the national retailers they are all chasing are playing them off each other. I am very curious to see how this plays out. Cypress Equities and JaGee are in big battles right now to get leases with restaurants, clubs and retailers. It is sort of a Dallas vs. Fort Worth deal going on here. But I still wonder if there is the market for all this at the same time.


I've often thought about this, but I think the market in Fort Worth will be able to handle it. Let's say the planned developments near downtown (seventh street corridor, pacific lofts, etc...), EXCLUDING the trinity river vision, add 6000 urbanesque residences to the city in a year a two. This number is large in itself, but not relative to the size of Fort Worth which exceed 600,000. Also I'm sure with our fast rate of growth we are adding many more than 6,000 residents a year to our population. So if a mere 1% of our city chooses to relocate to an urban setting, which doesn't seem ridiculous, then they will have no problem filling the units. However, I do think market rates will go down, because we still have a lot of cheap housing options close to downtown, and not so close, up I-35 which many still prefer.

#48 safly

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Posted 15 September 2007 - 01:59 AM

Without a doubt market pricing will drop. On paper, your average home value (purchased within the past 5 years) is expected to drop a mere 30% in the coming years. That is what NUMEROUS analysts are predicting all over the country. Now there is a chance for that grim reality on both coasts and in big cities to boost our local population/economy on the short side (if we can attract with BIG paying local jobs @ avg. $65K and up)

But I just don't see that 1% actually being in a financial position to afford these avg. rent/housing scales with the expected 6,000 units, at least not soon enough. Build up 12K units then our chances to fill in density get much better and could hold steady and prime for longterm (10 to 20 years). The dirt was not purchased cheap and the material costs are just killin those margins. Then you have illegal immigration worker crackdowns. Lovely concept, but the phases completion should take about 6 to 8 years to finalize.

Basically to kick off this project, the housing has to be in the "affordable housing" range plus 35%. So an avg. 2/1 monthly rent of about $750 to $900/month is a good target. With variances of 15-35% in increased pricing for bigger sized residential units. LIGHT RAIL is a must in these parts too, you want to be able to fully service your residents and decrease the need for multiple automobiles per family.

Your thoughts.

Good read: Affordable Housing CRUNCH

Some more: USA Today'05

And one more about Boston: BRA
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#49 hannerhan

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Posted 15 September 2007 - 01:31 PM

QUOTE(safly @ Sep 15 2007, 02:59 AM) View Post

On paper, your average home value (purchased within the past 5 years) is expected to drop a mere 30% in the coming years. That is what NUMEROUS analysts are predicting all over the country.

Your thoughts.




That statement has nothing to do with the Fort Worth housing market, and particularly the housing market on the near West Side.

#50 safly

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Posted 15 September 2007 - 07:38 PM

Will it have some kind of AFFECT on FW housing and lending???

Your thoughts on that and my other "findings" or scenarios. Interesting topic: SPECULATION! devil.gif
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Also tagged with one or more of these keywords: Cultural District, W. 7th Street, Urban Villages, New Construction, Mixed Use Development

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