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West 7th Development

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

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#51 Fort Worthology

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Posted 15 September 2007 - 09:24 PM

Demolition work is underway on the block where 7th Haven is located.

- Architecture/urban planning/transit blogger, Fort Worth Weekly

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#52 hannerhan

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Posted 16 September 2007 - 07:58 PM

QUOTE(safly @ Sep 15 2007, 08:38 PM) View Post

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


I believe you mean "Effect". Bottom line is that Texas didn't experience the kind of growth in the housing prices over the past 10 years as the coasts. So even if the markets were apples to apples, the markets in Cali or Florida went higher, so they obviously have further to fall.

BUT, the markets in Texas are a lot different than anywhere else, primarily due to the oil and gas effect, but additionally because Texas is doing well in other areas of the economy like tech, manu, etc. Regarding oil... when oil is trading outside from the historical averages, it contributes to the 'boom or bust' economy cycles in Texas. So obviously right now is a boom time, which is multiplied in the DFW area because of the Barnett Shale.

All you need to do is compare housing price and sales numbers over the past year, and you'll see the coastal markets getting hammered, while places like DFW and Austin are doing great.

So I really don't think the FW housing market will correlate to any kind of national statistics, predictions, or premonitions (right or wrong as they may end up being).

#53 safly

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Posted 16 September 2007 - 11:42 PM

Very astute delivery of your observations and thorough explanations. Now exactly how much of an impact is GAS having on our local economy? As far as one insider can see, it is outside businesses (companies) who are reaping the majority of benefits regarding an energy boom economy. And exactly how does Texas as a whole fair with the oil boom business and the APPARENT threat of a national recession? Especially when the oil business is primarily aiding their shareholders, which I don't really gather as much upside to the local market. Then again, here I could be ABSOLUTELY wrong on my assesment. When you say TECH is thriving, then why do so many loathe the call of inevitable major job cuts in our local tech economy? But that may not be apparently online with my observations. Or is it?

I will defintely say this much. If our Dallas COWBOYS are extremely successful this year, then our local and state economies will flourish. But we just can't "drop the ball" with that kind of opportunity.

Your thoughts.
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#54 hannerhan

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Posted 17 September 2007 - 07:57 AM

QUOTE(safly @ Sep 17 2007, 12:42 AM) View Post

Very astute delivery of your observations and thorough explanations. Now exactly how much of an impact is GAS having on our local economy? As far as one insider can see, it is outside businesses (companies) who are reaping the majority of benefits regarding an energy boom economy. And exactly how does Texas as a whole fair with the oil boom business and the APPARENT threat of a national recession? Especially when the oil business is primarily aiding their shareholders, which I don't really gather as much upside to the local market. Then again, here I could be ABSOLUTELY wrong on my assesment. When you say TECH is thriving, then why do so many loathe the call of inevitable major job cuts in our local tech economy? But that may not be apparently online with my observations. Or is it?

I will defintely say this much. If our Dallas COWBOYS are extremely successful this year, then our local and state economies will flourish. But we just can't "drop the ball" with that kind of opportunity.

Your thoughts.


Gas prices are high, but that's the same all over the country.

It's not accurate to say that only the shareholders of a company reap benefits when that company is hiring people and doing well. All those local employees for companies like XTO, Chesapeake, etc. are pumping a lot of money into the local economy. And many of them ARE the shareholders. Companies are hiring executives, land men, roughnecks and truck drivers, and all of them are spending money. Plus, in the Barnett Shale, you have all this 'mineral rights' cash floating around. Everyone, from the guy who owns 2 acres in Azle to the City of Fort Worth, is cashing in and then spending locally. And all that money trickles down into every area of the local economy. The beauty of capitalism.

Now we're WAY off-topic, so I'll call it a day.


#55 1849

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Posted 17 September 2007 - 02:10 PM

I guess it looks like 7th Haven will be the last holdout. They are being bumped in mid November to their new location over on 7th. But what a sweet deal they got out of it. Can't wait to hang out on the roof-top patio.

#56 PLS

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Posted 17 September 2007 - 04:26 PM

saf, i can't go offline for more than a day and have time to keep up with your posts.

1. i really wish you would quote the "insiders" that you so often refer to in your posts. some of the statistics you quote really are absurd, although highly entertaining - like many of your posts i suppose. if you want some good economic analysis, not lit majors writing business columns for your local paper, check out peter linneman of the wharton school and his "linneman letter." he'll help you to filter out the bs.

2. housing prices are not going to fall 30% anywhere - i don't care how bad the media depicts the "housing crisis". who is going to sell their house for a 30% loss? answer, no one. people may not move as often because their house isn't worth what it once was and they can't book a quick cap gain while making a move up. i think that's the extent of it. sure, some people will default on their home loans, but we're still within historical norms for defaults nationwide. yes, lending has tightened and the smith family in california with an annual household income of $65k aren't going to be able to qualify for a $900k mortgage anymore. boo-hoo. people will readjust their realities and get on with life. the american consumer is still spending money, the country is still growing at 1-1.5% annually, and people still need places to live.

3. fort worth is not california, new york, florida, or phoenix. housing prices, construction, inventories, etc. here have little correlation to those markets. there is some, but not nearly to the extent that you are trying to create. hannerhan is right on, so instead of repeating his info, i'll just second it.

now to address icd's original observation:
it's certainly going to be a challenge to fill all of those units, particularly at the price points (most) condo/townhome developments seek these days. in the near term, you may very well have some units that sit on the market for a longer period than the developers planned. however, fw growth and continued re-urbanization should absorb these units over time. the retail subject has been a topic of discussion on this forum for several months, especially related to tenant annoucements. i tend to share your observation that the retailers are playing the developers off one another, hence the delay in solid annoucements. in the end, i suspect the retail will have an easier time than the for sale housing.

#57 cbellomy

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Posted 17 September 2007 - 08:35 PM

QUOTE(PLS @ Sep 17 2007, 05:26 PM) View Post

who is going to sell their house for a 30% loss?


Banks / lending institutions. It works like this:

1. Homeowners get caught in predatory ARMs.
2. Homeowners no longer can make monthly payments.
3. Banks foreclose on above homeowners.
4. Banks put repo'ed homes on market, creating housing glut.
5. Home values fall.
6. Next wave of homeowners, now with underwater mortgages, starts to sell, driving home prices further down.
7. Rinse.
8. Repeat.

Of course there are many externalities at play here, but that's how a panic sell-off would get momentum. It's not as though there's no historical precedent for this.



#58 safly

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Posted 18 September 2007 - 12:39 AM

I'm SO VERY SORRY Professor Bellomy for my apparent tardiness to your RE Finance 101 class today. I was amusing myself with giving PLS a TEXAS SIZED Wedgie in the hallways of the Business SCHOOL. And then I offered some assistance in getting a BIG Leddy's boot out of that same person's mouth.

Again, my sincerest apologies SIR, it WON'T happen again. sleep.gif

"REO" isn't just the first name to a great 80's band. ohmy.gif

Oh and PLS, that "Insider" worked for a private equity firm out of CA and had an interview on air with Mr. KUDLOW on CNBC wub.gif about 2 weeks ago.

"Thank YOU, drive THRU." (rollin neck side to side here)

Today's BIG news at 2:15 will give some indications on just what kinda REALIZATION our country will be faced with for the next 5 to 10 years.

Best of luck GM.

GOLD some 3 years ago. Best move EVER.

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#59 hannerhan

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Posted 18 September 2007 - 06:56 AM

Cbellomy, that's a good example. But realistically I think we're talking about a 10%-15% drop in value, and the only places that will see 30% losses are limited areas in central Cali, the Miami condo market, etc. Are there alreaday a lot of foreclosures? Sure. But the homebuilders are already slowing way down on new construction. Given the overall economics in the U.S., it doesn't appeear that we're heading for a housing glut. Now if the credit markets turn worse again and banks stop lending, that's the real risk I see.

Safly, I am glad to see that you have specific advanced knowledge of the Fed Statement which is coming out today. Please shoot me an IM with the info so I can get ahead of the market this morning. Thanks.

#60 cberen1

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Posted 18 September 2007 - 08:13 AM

QUOTE(hannerhan @ Sep 18 2007, 07:56 AM) View Post

Cbellomy, that's a good example. But realistically I think we're talking about a 10%-15% drop in value, and the only places that will see 30% losses are limited areas in central Cali, the Miami condo market, etc. Are there alreaday a lot of foreclosures? Sure. But the homebuilders are already slowing way down on new construction. Given the overall economics in the U.S., it doesn't appeear that we're heading for a housing glut. Now if the credit markets turn worse again and banks stop lending, that's the real risk I see.




I think that there will be people who see a 30% loss on property, but they will be in the distinct minority because, to PLS's point, most people won't sell at a 30% loss. They can't afford to. There will certainly be an elevated level of default, but that doesn't inherently lead to price declines. In markets that never got too overheated, like FW, the market price of a home is still not too far from its intrinsic value. Pricing declines have shown a strong geographic bias to southern CA, Florida, New York and Detroit (economy). Except for Detroit, many people are just losing ficticious profits. The majority of homeowners, even in Cali, are relatively normal working people who bought their house with every intention of living in it indefinitely. These people will, for the most part, continue to make their payments and wait out the dip. Don't forget, roughly 80% of home loans are "conforming" loans, meaning they have a fair amount of equity and the buyers have a reasonable payment to income ratio.


This is all clouded by two kinds of people, speculators and home equity spenders. Speculators who were holding property at the end are going to suffer legitimate 30+% losses. People who foolishy borrowed and spent the new found equity from their homes will also suffer (as they should).

I was in Santa Ana last week. A friend of mine told me his house keeper has a $5K house payment and her loan resets in about 18 months. She said she wasn't worried because the broker who set her up with the loan assured her she would be able to refinance when her ARM was up. There's the real problem. It's the effin brokers with no accountability. The banks will suffer for their foolishness, as will the speculators, but the brokers get off scott free.

#61 PLS

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Posted 18 September 2007 - 08:54 AM

QUOTE(safly @ Sep 18 2007, 01:39 AM) View Post

I was amusing myself with giving PLS a TEXAS SIZED Wedgie in the hallways of the Business SCHOOL. And then I offered some assistance in getting a BIG Leddy's boot out of that same person's mouth.


Oh and PLS, that "Insider" worked for a private equity firm out of CA and had an interview on air with Mr. KUDLOW on CNBC wub.gif about 2 weeks ago.


haha. you continue to amuse me with your posts...

#62 Fort Worthology

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Posted 18 September 2007 - 09:54 AM

Meanwhile, the demolition crews roll...

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And some dirt is turning on the first block...

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- Architecture/urban planning/transit blogger, Fort Worth Weekly

Fort Worth District 9 Zoning Commissioner


#63 safly

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Posted 18 September 2007 - 11:54 AM

Precisely! The "effin" brokers. Let's redifine the word "broker" as in someone who has BROKEN the law. But they have immense protection in the State of Texas.

There has been alot of that MORTGAGE FRAUD going around the states, affluent neighborhoods in particular. It's the "white collar" way to ROB THE BANK. I saw that segment on CNN this past weekend. Shady listing, shady appraiser, shady buyer, shady broker, shady lender, DEFAULT! People share the fees from the contracts. Silly little game, but it still hurts the neighborhood.

hannerhan, it is FACT that when the Cowboys do great (Superbowl), Texas economy and most of the US will flourish. Something about it that ALWAYS happens.

*I am not privey to the Fed Reports pre-announcements, and I have absolutely no idea why one would think I did. However, the homebuilders sentiment is at it's lowest since '91 (score of 20). sleep.gif

And REO's can significantly lower the per/unit valuation. To support PLS, most REO's are concentrated in CA,AZ,FL and NV(?), a significant amount may play into TX for Q3.

* I will however throw a FedCut rate prediction and announce a 20-25 basis points reduction today by Bernanke. A very "political" call leading into the holiday shopping season in a matter of 6 weeks. A 3% reactionary rise in GOLD will occur. PIMPS all around the world will rejoice. smile.gif
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#64 hannerhan

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Posted 18 September 2007 - 01:36 PM

QUOTE(safly @ Sep 18 2007, 12:54 PM) View Post

* I will however throw a FedCut rate prediction and announce a 20-25 basis points reduction today by Bernanke. A very "political" call leading into the holiday shopping season in a matter of 6 weeks. A 3% reactionary rise in GOLD will occur. PIMPS all around the world will rejoice. smile.gif


Ahh, the fabled 20 bp Fed move...I've been waiting for that one. Please keep us up on your economic and financial predictions. tongue.gif


#65 cberen1

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Posted 18 September 2007 - 02:21 PM

QUOTE(hannerhan @ Sep 18 2007, 02:36 PM) View Post

QUOTE(safly @ Sep 18 2007, 12:54 PM) View Post

* I will however throw a FedCut rate prediction and announce a 20-25 basis points reduction today by Bernanke. A very "political" call leading into the holiday shopping season in a matter of 6 weeks. A 3% reactionary rise in GOLD will occur. PIMPS all around the world will rejoice. smile.gif


Ahh, the fabled 20 bp Fed move...I've been waiting for that one. Please keep us up on your economic and financial predictions. tongue.gif


That's pretty funny...

...I wonder what the analysts would think about that? I bet it would take them a day or two of stunned silence to start blinking again after reading about it. "Twenty basis points?!? What the hell?"

#66 safly

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Posted 18 September 2007 - 02:51 PM

Just got back here. My bad on the HUGE typo there CB. (Supposed to be 50 -25, and the use of "political" was to bring light to the fact that 50 and 25 have been used all over the media for quite some time now, meant to be a satirical prediction, so pick a number people!) Great comeback though Hhan. I must have been in a real hurry to the TV set.

Glad some people here still have some FOMC humor left in em. smile.gif

I think the world knew the 50bp cat was in the bag. Now for Dec. 11th???

On a "heavier" note, some interesting news on GOLD though?
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#67 safly

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Posted 18 September 2007 - 03:11 PM

TODAY!

SPEAKING of selling property

Home builders offer deals to lure nervous buyers

By John Spence, MarketWatch
Last Update: 2:56 PM ET Sep 18, 2007
BOSTON (MarketWatch) -- Residential builders are launching promotional price reductions and other incentives in a bid to attract anxious homebuyers and move standing inventory off their books.
A three-day national campaign this weekend by Hovnanian Enterprises Inc. (HOVHovnanian Enterprises, Inc
HOV) featuring price cuts as deep as $100,000 has drawn special attention and was seen as a sign of just how bad things are in the U.S. residential housing market.
Dubbed the "Deal of the Century" sales promotion, Hovnanian said it topped expectations and resulted in more than 2,100 home sales.
"Market conditions have changed," said Chief Executive Ara Hovnanian during a Web cast presentation Tuesday from a home-builder conference hosted by Credit Suisse. "The market has been fraught with concessions and incentives."
The CEO said the recent promotion led to sales rates that were 10 times the recent pace.
"There are interested buyers in the marketplace," Hovnanian said, but they are hesitant because they want to catch the bottom. Also, potential buyers hear negative commentary on the housing market in the media and the problems shaking the mortgage market, he said.
The fears are hitting the entire home-building industry. The National Association of Home Builders said Tuesday its confidence index fell again in September, tying the all-time low reached in early 1991. See Economic Report.
"Builders are expressing concern that home buyers are getting spooked by the many headlines they are seeing on mortgage-market issues and their continuing effects on the housing market and home prices," said NAHB President Brian Catalde in a statement. "Indications are that consumers are trying to time the bottom of the market before making their purchase."
Hovnanian isn't the only home builder seeking to hook buyers with lower prices and other incentives.
"It's something we have to accept. It's part of the business today," said Beazer Homes USA Inc. (BZHBeazer Homes USA, Inc BZH) CEO Ian McCarthy, who added that his company has been running promotions since June 2006 and is planning more. "The market needs to be addressed in different ways today."
Aside from selling homes, sales promotions bring in traffic and leads which can by themselves get buyers to the table.
"People just don't turn up anymore," McCarthy said. Beazer's shares were off nearly 80% heading into Tuesday's session, and the company has delayed filing its quarterly financial results as a result of ongoing internal and regulatory investigations.
More deals to come?
Home builders are struggling against a glut of unsold homes, and cancellation rates have surged, resulting in the parade of special offers. But some market watchers think these sales promotions aren't necessarily a signal that buyers should jump into the market now.
Although Hovnanian's recent event will likely generate cash flow and reduce the company's leverage, "competitors are likely to respond with even bigger discounts, so deals for homebuyers are likely to get even better over time," wrote Banc of America Securities analyst Daniel Oppenheim in a research note this week.
Also, the promotion may trigger more cancellations in Hovnanian's backlog as buyers "either cancel or renegotiate the contract price to reflect the recent sale price," the analyst said.
"In addition, we expect mortgage issues to prevent many buyers currently in the backlog from closing without further price concessions, since appraisers will likely use the recent sales as comparisons," Oppenheim wrote.
CEO Hovnanian said price reductions always upset recent buyers, but added that he doesn't expect any "issues" with the backlog.
Dan Klinger, president of Hovnanian's mortgage business, said some of the deals during the recent event were pre-qualified for home loans, and that he expects by the end of this week to get a handle on how many buyers qualify for mortgages. He acknowledged that lenders are demanding better credit ratings, more money down and better income documentation.
Although sales promotions boost cash flow and reduce inventories for home builders, some wonder if the potential backlash is worth the upside.
"People will mistrust their prices," said Danielle Babb, real estate expert and co-author of the book "Finding Foreclosure: The Insider's Guide to Cashing In On This Hidden Market."
She questioned if big sales events like Hovnanian's trade short-term gains for long-term pain. The public companies may be submitting to shareholders demanding cash flow and lower inventory levels, but they end up angering rivals and homeowners by changing the playing field for prices in certain markets, she said.
Also, buyers may end up simply waiting to see if another "Deal of the Century" comes along.
"Buyers are seeing how desperate builders are, so they figure there might be more deals," Babb said. "More home builders will do this if Hovnanian is able to close on a lot of these homes it sold."
John Spence is a reporter for MarketWatch in Boston.
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#68 Fort Worthology

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Posted 18 September 2007 - 06:41 PM

Perhaps all this housing discussion would be best suited for its own thread, as it's drifted quite a ways from the West 7th development.

- Architecture/urban planning/transit blogger, Fort Worth Weekly

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#69 Thurman52

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Posted 19 September 2007 - 11:40 AM

Taylor Rental has caution tape around it, I would bet demo will start soon

#70 Bart

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Posted 19 September 2007 - 11:53 AM

The most recent Black Dog is going down today. . .

Also, the tape around Taylor's is for asbestos removal . . . so hopefully it's gone soon.

#71 Thurman52

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Posted 09 October 2007 - 11:41 AM

Across from ACME brick site, fences went up and a backhoe sitting on the lot. Ideas

#72 Fort Worthology

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Posted 09 October 2007 - 12:10 PM

QUOTE(Thurman52 @ Oct 9 2007, 12:41 PM) View Post

Across from ACME brick site, fences went up and a backhoe sitting on the lot. Ideas


I noticed that as well. I am very curious as to what's going on.

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#73 Fort Worthology

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Posted 09 October 2007 - 11:39 PM

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Interestingly, TAD shows that property (the old Econo Glass & Mirror site) is now owned by none other than Cypress Equities. It would seem they may have decided to expand the West 7th development to the north side of 7th as well.

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Posted 11 October 2007 - 11:54 AM

QUOTE(Atomic Glee @ Oct 10 2007, 12:39 AM) View Post

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Interestingly, TAD shows that property (the old Econo Glass & Mirror site) is now owned by none other than Cypress Equities. It would seem they may have decided to expand the West 7th development to the north side of 7th as well.


Cypress Equities owns the three lots where Econo Glass was, plus the three lots behind it bordering 6th and Foch. I'm told they will build a bank on these six lots. I hope it will be visually pleasing, unlike the sore thumb Citizens Bank built. Speaking of which, Cypress also shows the three lots on 7th west of Citizens Bank as theirs on their site plan, although on the TAD roles these three show to be owned by Spokane Ventures. If you'll notice on the CE site plan it shows the lots north of 7th they currently own.

http://www.cypresseq...spx?image_id=51

#75 Fort Worthology

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Posted 17 October 2007 - 08:30 AM

The demolitions continue, block by block.

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The Museum Place cranes watch over the cleared blocks as Taylor's Rentals waits its turn with demo crews.

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Meanwhile, across 7th, the Econo Glass & Mirror building is already gone. That didn't take long.

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#76 Fort Worthology

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Posted 24 October 2007 - 09:05 AM

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Cypress Equities continues demolishing block after block on 7th in preparation for its West 7th mixed-use development. In the heart of the project, one of the last holdouts - 7th Haven - prepares to depart its soon to be demolished building on the 27th (donít worry, 7th Haven fans - theyíre moving across the street from Montgomery Plaza).

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Heavy equipment is now moving in for site preparation. Fredís can be seen in the background - one of the few buildings in the area *not* being demolished for the project.

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The former Acme Brick headquarters will be coming down soon, and crews have already been spotted doing interior demolition work.

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The asbestos removal in the former Taylorís Rentals building at 7th & University seems to have wrapped, and early demolition work is underway. Crews have been spotted taking apart parts of the building already.

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Another block in the south side of the project is cleared. For reference, this is across the street from Popís Safari.

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Meanwhile, across 7th, the old Econo Glass building has been completely demolished and cleared.

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#77 Fort Worthology

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Posted 27 October 2007 - 09:31 AM

Demo fence is up around Taylor's Rentals, a fence is going up around the Acme site, and dirt is moving in a big way on the first block.

- Architecture/urban planning/transit blogger, Fort Worth Weekly

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#78 txsloth

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Posted 30 October 2007 - 12:13 PM

QUOTE(Atomic Glee @ Oct 27 2007, 10:31 AM) View Post

Demo fence is up around Taylor's Rentals, a fence is going up around the Acme site, and dirt is moving in a big way on the first block.



Demolition on Taylor Rentals underway as we speak. Wish I didn't have to go back to work after lunch--I could watch demolition for hours on end!

#79 Fort Worthology

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Posted 30 October 2007 - 01:19 PM

QUOTE(txsloth @ Oct 30 2007, 01:13 PM) View Post

Demolition on Taylor Rentals underway as we speak. Wish I didn't have to go back to work after lunch--I could watch demolition for hours on end!


Sweet. That building was rather unfortunate.

When I took my latest 7th Street photos, I parked behind the old Texaco site in Museum Place and walked around. It is really amazing how rapidly 7th Street and the surrounding area is changing because of these developments.

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#80 panthercity

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Posted 05 November 2007 - 08:44 AM

Is the building on Bryant replacing the old one. It really is not a bad building.

#81 Fort Worthology

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Posted 05 November 2007 - 08:54 AM

QUOTE(panthercity @ Nov 5 2007, 08:44 AM) View Post

Is the building on Bryant replacing the old one. It really is not a bad building.


Do you mean the new Acme facility in southwest Fort Worth? Yeah, it's completely replacing the old one on 7th - Acme has completely vacated the old HQ, and all of it will be coming down.

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#82 panthercity

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Posted 06 November 2007 - 09:11 AM

Thanks I had passed by and it got my attention I guess not bad for Acme

#83 txsloth

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Posted 08 November 2007 - 02:44 PM

There is a new construction fence up today. It faces 7th and is just west of the Acme buildings. The fence has renderings on it--I drove by too fast to tell for sure, but from the glimpse I had, the renderings looked somewhat different from what is on Cypress Equities website.

#84 Fort Worthology

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Posted 12 November 2007 - 09:26 AM

There will be an official groundbreaking ceremony on November 20th at 9:00 AM at the site.

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#85 Fort Worthology

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Posted 13 November 2007 - 11:56 AM

Here are the new renderings:

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- Architecture/urban planning/transit blogger, Fort Worth Weekly

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#86 mosteijn

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Posted 13 November 2007 - 01:33 PM

QUOTE(Atomic Glee @ Nov 13 2007, 12:56 PM) View Post

Here are the new renderings:

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Is that a parking lot on 7th? huh.gif

#87 Fort Worthology

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Posted 13 November 2007 - 02:15 PM

QUOTE(mosteijn @ Nov 13 2007, 01:33 PM) View Post



Is that a parking lot on 7th? huh.gif


No, it's a parking garage with ground-floor retail. The 7th frontage is either office buildings or parking garages, depending on the block, all with ground floor retail (from what I've been told).

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#88 Bart

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Posted 15 November 2007 - 01:09 PM

The Acme Building by Fred's is coming down . . . and construction fence is going up around the main building on 7th.

#89 William Huber

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Posted 16 November 2007 - 12:36 AM

It's going to get really crowded around Fred's Cafe.


#90 safly

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Posted 16 November 2007 - 01:00 AM

FRED'S should do well with construction business, if he stops having those wild grease fires.
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#91 jefffwd

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Posted 21 November 2007 - 09:26 AM

There is an article about the groundbreaking in the S-T today. Movie Tavern is going to run the theater and there will be a luxury hotel in the development.

Wednesday, Nov 21, 2007
Posted on Wed, Nov. 21, 2007

Theater, hotel coming to Seventh Street in '09

By SANDRA BAKER
Star-Telegram staff writer

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FORT WORTH -- A seven-screen Movie Tavern theater and a new-brand 150-room boutique hotel will be a part of West 7th, the redevelopment of an 18-acre tract at the museum district on the city's near west side that until recently was home to Acme Brick Co. headquarters and other commercial property.
Most of the small industrial buildings at the site have been demolished and the iconic orange-brick Acme Brick buildings will come down in December to make room for the $200 million, 1.1 million-square-foot project, being built by Dallas-based Cypress Equities, a development affiliate of The Staubach Co. real estate firm. The development will be completed by fall 2009.

Numerous officials with Cypress Equities, the city of Fort Worth, and the real estate and business community gathered at the site Tuesday morning for a groundbreaking ceremony. Demolition continued during a number of speeches.

"Nothing makes me happier than the sound of a backhoe in the morning," said Chris Maguire, chief executive of Staubach Retail and Cypress Equities. "Being a development guy, this is the progress we like to see."

Development officials are saying little about what shops and restaurants will open at the site, saying further details will be released in coming weeks. But, they did say that Movie Tavern will operate the theater and that there will be 345 apartments in the project, 15 percent of which will be offered at affordable-housing rents.

Maguire said his staff is negotiating letters of intent and leases on about half of the planned 350,000 square feet of retail space. Some of those talks are with retailers and restaurants without locations in Fort Worth or elsewhere in Texas.

"The momentum in leasing has been incredible," he said. "And now that it's under construction, it will get retailers' attention."

West 7th is going up in the middle of one of the county's hottest development areas: West Seventh Street. It has been in planning stages for about two years, company officials said. Cypress Equities partnered with the Carlyle Group private-equity firm to buy the land in January. Acme Brick recently moved its headquarters to southwest Fort Worth.

"We invested considerable time and energy to make sure over the past 18 months that what we build is compatible with the surrounding uses, including the museum district," said Kirk Williams, vice president of development at Cypress Equities. "Every element of design was exhausted."

Cypress Equities has completed several similar so-called "infill" mixed-use projects across the country, Maguire said.

"This location is truly unique to this region, with the Cultural District to the west, the central business district to the east and great, affluent residential community around University, and a very unique five-point intersection," he said. "This location stacks up and compares extremely well to other developments such as this around the country."

The luxury, limited-service hotel will have 150 rooms, plus 20 for-sale condos on the top floors. About 200,000 square-feet of Class A office space will also be included. The apartments will be one- and two-bedroom units with about 800 square feet. Rents will be about $1.25 a square foot range, Williams said.

Mayor Mike Moncrief called the project an "expression of quality and commitment" that will likely spawn positive change to the city's inner core.

"West 7th is a part of the answer of just how we manage this rapid growth in order to prevent the kind of urban sprawl we all fear," he said. "We must find ways to bring people back into the Fort Worth central core."

Roger Staubach, chairman of The Staubach Co., said: "This is a big project. It will be done the way it should be done."

#92 PLS

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Posted 21 November 2007 - 09:28 AM

similar article from globe street...

Cypress Equities Digging Into $200M West 7th
By Connie Gore

West 7thFORT WORTH-Cypress Equities, a Staubach Co. affiliate, has met its goal to break ground this year on the 1.1-million-sf West 7th, an estimated $200-million mixed-use project in the city's Cultural District. The urban infill development, positioned on 15.5 acres, is penciled to deliver in September 2009.
The Cypress Equities team has kept most details under wraps as it finalized the site acquisition of 2821 W. 7th St. from Acme Brick Co., worked through city incentives and mapped out a plan for an urban village with 345 residential units, 345,000 sf of retail, 200,000 sf of spec office and a 150-key hotel that could hold 20 condos by the time the deal's done.

"Nothing makes me happier than the sound of a backhoe in the morning," Chris Maguire, CEO of the Dallas-based Cypress Equities and Staubach Retail, told the crowd at yesterday's groundbreaking. With dirt being pushed in the background, the vertical work is slated to get underway "any day now," he later told GlobeSt.com. Washington, DC-based Carlyle Group has equity in the project.

In 30 days, Maguire says the team plans to reveal its first wave of retail tenants, which have stepped up for at least 50% of the 345,000 sf, and a partnership agreement with a national hotel company to launch a new brand for the industry on the site. Movie Tavern Partners of Dallas will anchor the retail component with a three-level venue designed with seven screens for first-run and art films and restaurant-bar combo with a balcony on the top floor.



West 7th's Team"This is a big project, but it will be done and done in a way you'll be proud of it," said Roger Staubach, executive chairman of the namesake company.
To earn city incentives and nods, the development team has agreed that 15% of the rental units will fall into the affordable classification and 25% of hard construction costs will be contracted to women- and minority-owned businesses. The one- and two-bedroom units, including the high-end apartments, will average 775 sf.

"We don't want affordable housing, we want quality affordable housing," Mayor Mike Moncrief said during the groundbreaking fete. "We must plan smart if we want to meet demands for new development and quality of life."

Staubach affiliate, Robert Shaw of Columbus Realty Partners Ltd. in Dallas, will guide the residential component through construction and lease-up. Its projected rents will end up north of $1.25 per sf.

Joel Pustmueller and T.D. Briggs, founders of Dallas-based Peloton Real Estate Partners, hold the office leasing assignment. There will be 80,000 sf of office loft space above retail and an estimated 120,000-sf freestanding class A office building. The quoted rate will be $28.50 per sf plus electric. "What we're sensing from the brokerage community is there's a lot of activity out there," Briggs says, "and there's good pent-up demand."

Staubach Retail's national leasing director Ed Coury says interest is equally as brisk for the retail space. "The rates will be reflective of this marketplace and similar types of vertically integrated bases on a national level," he said. "This is a market niche that's virtually untapped." Based on national stats for comparable space, that would put the rate in the $35 per sf range. Staubach Retail's Steve Ewing and Lauren Johnson lead the team.

Kirk Williams, vice president of development for Cypress Equities, said West 7th will take up 12.5 acres of the site. The team is still weighing uses for the three-acre balance.

Maguire says there is no additional land under contract in the pocket, which got its revitalization start by Dallas-based Weber Co.'s redevelopment of a turn-of-the-century Montgomery Ward complex, now an urban infill showcase with residential and retail space. "There are a few opportunities potentially," Maguire said as his eyes scanned surrounding tracts.

General contractor Rogers-O'Brien Construction Co. of Dallas will start drilling piers Nov. 26 and demolishing Acme Brick's headquarters building Dec. 1. Acme is relocating to a 77,000-sf new building in southwest Fort Worth. "They could have sold this land at a very high cost and just walked away," Fort Worth councilwoman Wendy Davis said, "but they wanted to leave a legacy for this city and the corridor." West 7th was designed by Gideon Toal of Fort Worth.

West 7th is just the latest in a series of 2007 starts in the Downtown and Cultural District. "Fort Worth continues to buck all the trends with respect to growth and development," Moncrief said. And, the city is far from done. "We have a few more on the drawing boards," he later added.

West 7th is Cypress Equities' first project in the city--and it's not done either with mining the terrain. "This will not be our last project here," Williams vowed. "And we want to thank you for working with us and encouraging us."




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Posted 21 November 2007 - 09:41 AM

QUOTE(jefffwd @ Nov 21 2007, 09:26 AM) View Post

15 percent of which will be offered at affordable-housing rents.


What does this mean?


#94 urbancowboy

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Posted 21 November 2007 - 10:04 AM

I'm not sure if Fort Worth has an inclusionary zoning ordinance. But these ordinances require a developer to set aside so many units in a development for affordable rents and the rest can be sold at market value.

#95 texastrill

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Posted 21 November 2007 - 10:23 AM

What are they gonna do with all those Acme bricks?They should leave that legacy by reusing them somehow.Paving a street or sidewalk?
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#96 PLS

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Posted 21 November 2007 - 10:45 AM

QUOTE(urbancowboy @ Nov 21 2007, 10:04 AM) View Post

I'm not sure if Fort Worth has an inclusionary zoning ordinance. But these ordinances require a developer to set aside so many units in a development for affordable rents and the rest can be sold at market value.

to expound a little - affordable housing is often a condition of govt subsidies (or various approvals) for developers. it requires that a certain percentage (in this case 15%) be leased to people making less than the average income of the area at a reduced rate. as an example, i recently worked on a project where 10% of the units had to be leased at around 60% of the market rate to tenants with an annual income that was 80% (or less) of the median income in a 10 mile radius of the development. the exact requirements vary from state to state and city to city, but its essentially the cost of doing business these days. for the record, i think it's a fair program, but you'd be amazed at how difficult it can be to lease "affordable" units at some projects. not sure if people aren't aware the units are available, or don't want to live in nice complexes because of the stigma they feel might be attached to them.

in california, there are actually for-sale residential developments that have to include an affordable component. in a condo project i worked on, the average unit was priced around $600k - the affordable units were less than $70k. as you might imagine, the lottery for those units was highly anticipated.

#97 txsloth

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Posted 22 November 2007 - 10:57 AM

My unsolicited newbie $.02--"Acme Sells Property" thread should be renamed something with "West 7th" in the title.

#98 John T Roberts

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Posted 22 November 2007 - 11:50 AM

I have merged the two threads, changed the title, and deleted the duplicate posts.

#99 jefffwd

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Posted 22 November 2007 - 12:04 PM

QUOTE(John T Roberts @ Nov 22 2007, 01:50 PM) View Post

I have merged the two threads, changed the title, and deleted the duplicate posts.


Happy Thanksgiving to John and all fellow FW fans! We have a lot to be thankful for! smile.gif

#100 Fort Worthology

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Posted 26 November 2007 - 11:42 AM

A little grist for the rumor mill: I've gotten word that some other tenants going in to West 7th will be LA Fitness, Fireside Pies, Brut, Iron Cactus, Tom Tom, and Splitsville (a high-end bowling/food thing).

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