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Possible Mixed Use Project at S. Main & Vickery

Fort Worth South TOD Transit Oriented Development The T Fort Worth Housing Authority

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#101 JBB

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Posted 09 December 2020 - 01:32 PM

I wasn't expecting a skyscraper here, but the disappointment comes from a collective of what we've seen in this town with potential projects, not just THIS one single mixed-use space, which wouldn't surprise me if it was downgraded again into just apartments with no hotel attached. 

 

 

You say "this town" like it never happens anywhere else.  Large cities have projects announced and altered or canceled all the time.  You're just hyper-aware of it when it's in your hometown.  Shi..stuff happens.  Money doesn't fall into place, priorities change, COVID, sometimes an announcement gets made to build awareness and court investors.  



#102 Jeriat

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Posted 09 December 2020 - 03:23 PM

 

I wasn't expecting a skyscraper here, but the disappointment comes from a collective of what we've seen in this town with potential projects, not just THIS one single mixed-use space, which wouldn't surprise me if it was downgraded again into just apartments with no hotel attached. 

 

 

You say "this town" like it never happens anywhere else.  Large cities have projects announced and altered or canceled all the time.  You're just hyper-aware of it when it's in your hometown.  Shi..stuff happens.  Money doesn't fall into place, priorities change, COVID, sometimes an announcement gets made to build awareness and court investors.  

 

 

Yes... I know large projects get altered and cancelled in other cities. 

Here's the difference / reason for my gripes: 
   
There are several other cities around the same size (even smaller) of Fort Worth that STILL finds ways to make even the most basic needs of a major city happen for transit, development and even just simply competing for more diverse corporate opportunities or white collar jobs. 
 

I'd mention a few other things that I've gotten sick of when it comes to leadership in this city, but I don't have the time. 


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#103 Dylan

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Posted 09 December 2020 - 03:51 PM

To be honest, I think a 7-story building is completely appropriate for this site.

 

It's just a disappointment when the original proposal was 12 stories and looked more tall than wide. This is the second time this proposal has been scaled down.


-Dylan


#104 rriojas71

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Posted 09 December 2020 - 08:21 PM

I agree with most people that losing height is disappointing however like a few other have stated it will still be a viable addition to the area and will create additional density and more residents which I am totally in favor of.  Fort Worth is still new at this and getting younger people to move to the central city after decades of abandonment is a huge positive in my eyes.  If we want vibrant walkable neighborhoods we need residents to make sure those areas thrive as well as survive.

 

I've mentioned it on the forum in the past that although skyscrapers are a nice addition they provide little outside of a visual aesthetic to people through the city on the freeway and I'd even go as far as saying that it's like comparing the size of one's (fill in the blank) based on the number of skyscrapers one city has over the other.  Most action in bustling cities occurs at street level and from that vantage point little attention is paid to anything over 5 stories.



#105 johnfwd

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Posted 10 December 2020 - 08:23 AM

Katy Lofts will contribute to the badly needed revitalization of the southern periphery of downtown--which is not directly in the CBD.  I understand the current economics of scaling down construction largely on account of the virus pandemic.  No objection to a 7-story residential project on the outskirts of downtown.  What I don't understand is the economics of horizonal as opposed to vertical construction in the narrower tracts further into downtown.  The rare exception to my concern is Burnett Lofts with its adjacent parking garage--which turned out to be a larger sized project than I earlier thought.  But that project was expansively horizontal, enveloping more than one city block.



#106 Austin55

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Posted 19 March 2021 - 09:04 PM

More details on Katy Lofts 2.0. Wall of text. More here. Highlights in bold.

 

BACKGROUND In 2020, Matthews Southwest, who will serve as the Master Developer for a new project with Renaissance Neighborhood Development Corp., approached Trinity Metro through discussions for a potential property sale. After negotiations, Matthews Southwest submitted a Letter of Intent ("LOI") to purchase from Trinity Metro a track of property comprised of 2.34 acre or 101,769 SF tract of land located at 200 W. Vickery Blvd. The proposed Transit-Oriented Development ("TOD") will operate with a public owner and a public/private structure to acquire Trinity Metro's property. The redeveloped property owner, including a community park, pedestrian plaza, hotel pad, retail space, and 402 parking spaces in the lowest levels of the parking structure, will be a Central City Local Government Corporation (CCLGC) or an affiliate thereof. The CCLGC will enter into a long-term use agreement with Trinity Metro to secure their ongoing access and use. With a minimum of 135 parking spaces reserved for transit riders, the new parking will be developed as underground parking rather than the existing surface lots. There are no current plans to charge transit riders to park at the new underground location. The balance of these parking spaces will be available for commercial use and to attract customers to the redeveloped area. Bennett Benner Partners will serve as architect for both the CCLGC project and the Katy Lofts project. The project will develop 201 units of mixed-income rental housing located on levels three through seven of the new structure. It will be owned by a public/private LLC whose members will include the Fort Worth Housing Finance Corporation (FWHFC), an affiliate of Matthews Southwest and Volunteers of America. It is expected the entity will be referred to as Katy Lofts LLC. 80% of the apartments (161) will be affordable to households with incomes ranging from 30% to 80% of Area Median Income. The remaining 40 units will be market-rate with no income restrictions. By ownership and participation by the FWHFC, the Katy Lofts project will receive a 100% property tax abatement. The four levels of apartments will be developed and owned through a condominium agreement. In addition, Katy Lofts will purchase 201 parking spaces in the upper levels of the parking structure from the CCLGC as a separate condominium for the housing residents' long-term use. The developer for the project's housing component will be a joint venture of Matthews Southwest and Volunteers of America. Proposed Financing Structure – (Parking/Amenities/Commercial and Residential) The expected total cost of the CCLGC project is approximately $28 million. Funding sources include $5.4 million in land sale proceeds contributed back by Trinity Metro. The City of Fort Worth will provide Transit-Oriented Development Bond Financing for $4.5 million, and the City will provide $11.362 million in funding to the CCLGC project originally sourced as a commitment of North Central Texas Council of Governments funding to the project, but now transferred through the City of Fort Worth. It is also anticipated the Near Southside TIF District will commit $3.584 million in Tax Increment Financing. Lastly, through the 201 space residential parking condominium purchase, the residential housing project will contribute nearly $3 million to complete the project financing sources.

The $38.5 million Katy Lofts Residential project is expected to be financed with tax-exempt bonds and non-competitive 4% tax credits to generate approximately $11.5 million in investment equity. Permanent financing is currently contemplated to include a HUD 221(d) mortgage in the approximate amount of $24 million. Summary of the Letter of the Intent.

 Purchase Price Paid to Trinity Metro: $5,460,000. All cash to Trinity Metro. The price is based on a market appraisal conducted for Trinity Metro. All sale proceeds will be contributed to the construction of underground parking, which will replace the surface parking spaces being displaced by the development.

 Earnest Money Deposit: $50,000.00. The earnest money deposit shall be non-refundable at the expiration of the inspection period and shall be applied toward the purchase price at closing.

 Real Estate Brokerage: No Commission.

 Interim Use: Trinity Metro may continue to use the property for transit parking up to the closing date, which is expected to be closing the financing for the project and the start of construction. From the beginning of the construction project until the completion, approximately two and half years, Trinity Metro will be required to provide alternative parking spaces for the displaced parking.

 Parking: The purchaser will design and construct a minimum of 135 dedicated parking spaces for Trinity Metro that will be built below grade and within the project's footprint. Trinity Mero will have full control of the 135 parking spaces. Trinity Metro assumes no risk for the design and construction of the parking spaces.

 The LOI is non-binding on either party. It is intended to form the commercial terms for a Purchase and Sale Agreement ("PSA)") between the parties. The PSA will contain all necessary representation and warranties of the purchaser and the terms and conditions required to provide protections to Trinity Metro.

 Trinity Metro will incur no responsibility for the interim financing or long-term financing of the project. Trinity Metro will only contribute $5.4 million to develop and construct a minimum of 135 spaces. 

 



#107 Urbndwlr

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Posted 12 April 2021 - 11:29 PM

Katy Lofts will contribute to the badly needed revitalization of the southern periphery of downtown--which is not directly in the CBD.  I understand the current economics of scaling down construction largely on account of the virus pandemic.  No objection to a 7-story residential project on the outskirts of downtown.  What I don't understand is the economics of horizonal as opposed to vertical construction in the narrower tracts further into downtown.  The rare exception to my concern is Burnett Lofts with its adjacent parking garage--which turned out to be a larger sized project than I earlier thought.  But that project was expansively horizontal, enveloping more than one city block.

Do you mean how much more does vertical construction i.e concrete frame high rise construction vs the 4-6 story wood or wood over concrete structures?   I understand the cost difference is significant.  If you owned or were buying a site to develop, and priced out the two different construction types, you'd find the cost to do full concrete frame (more than 7 floors) is much higher, so you would need to be confident you could achieve much higher rents.  I don't know what rent/SF number that would come out to, but my rough guess is in around $3.00/SF or higher, so would to command a strong premium over most other new buildings being built.

 

I assume developers havent been building a ton of concrete high rise types because of prevailing economics not because they lack imagination.



#108 Austin55

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Posted 13 April 2021 - 02:11 PM

Just to compare a local highrise proposal vs a wood framed structure,

 

969 Commerce - 26 stories 

$90m \ 302 units* = $298,000 per unit 

*per 2019 TDLR filing

 

 

Katy Lofts* - 7 floors

$38.5M \ 201 units* = $191,542 per unit
*per numbers above

Compared to another nearby project without extra garage space, 

 

Burnett Lofts - 5 floors 

$40M \ 330 units* = $121,121 per unit
*per 2019 TDLR filing



#109 Nitixope

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Posted 13 April 2021 - 06:58 PM

Just to compare a local highrise proposal vs a wood framed structure,
 
969 Commerce - 26 stories 

$90m \ 302 units* = $298,000 per unit 

*per 2019 TDLR filing

 

 
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Keep in mind construction costs have increased a lot since 2019 plus those figures are usually a shot in the dark. The only thing they might have going now is perhaps slightly lower or more competitive general contractor fees due to needing backlog for 2021- 2023. Some GCs have project management teams with no projects right now.

#110 johnfwd

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Posted 14 April 2021 - 02:10 PM

Some of the preceding discussion has largely focused on the comparative cost of construction materials (concrete versus wood) as a determinative factor in whether to go horizonal or vertical.  Bear in mind that land availability and market demand are other factors.  Roughly illustrated, the owner of a narrow tract downtown needing to satisfy high market demand for residential housing would likely build a high-rise tower to get his money's worth out of the project, less whatever the construction costs.



#111 elpingüino

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Posted 28 November 2022 - 09:55 PM

This Star-Telegram roundup of Near Southside projects includes an update on the Katy Station Lofts, including this concept photo showing a plaza between an office building and retail space.

TP%20concept.jpg

#112 Nitixope

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Posted 28 November 2022 - 10:35 PM

Thanks, nice to see some of these projects mentioned.

#113 John T Roberts

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Posted 28 November 2022 - 10:51 PM

It was a good read.



#114 Austin55

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Posted 13 January 2023 - 05:07 PM

From the Trinty Metro board meeting,

 

 

At the September 26, 2022, Board Meeting, the Board of Directors discussed, in Executive Session, BA2022-61 Master Developer Services for T&P Station. The item was later approved by the Board in open session. A follow-up effort requested by the Board was to assess the proposal for market viability and competitiveness prior to negotiations. Staff enlisted an evaluation of the proposal through Cushman and Wakefield, with the assistance of Tom Shelton, HDR Inc., as the General Planning Consultant for Trinity Metro. With the positive comments from Cushman and Wakefield, staff is prepared to start working with SECO Ventures on contract negotiations. When negotiations conclude this item will be brought back to the Board for approval. We will provide an update at the March 2023 Board Meeting.



#115 Austin55

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Posted 21 February 2023 - 07:56 PM

Mike Brennan wrote a piece that was published by Fort Worth Inc, that includes some info on this site. It sounds very exciting, a 10-story residential tower and a 10-story office tower. 

 

https://fortworthinc...near-southside/



#116 rriojas71

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Posted 21 February 2023 - 08:46 PM

With this project and the other mixed use further west across from Bowlounge Vickery Village is really starting to blossom.  Hoping they can make it all happen.



#117 TLA

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Posted 21 February 2023 - 08:58 PM

Wow, 10 stories south of downtown is really something. I’m hoping in the future entering into Near Southside from the TexRail is like arriving in downtown Denver coming from their airport.

#118 Nitixope

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Posted 01 February 2024 - 02:17 PM

From TIF 4's 2023 budget: "$2,500,000 for 200 Vickery T&P TOD"


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#119 Nitixope

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Posted 01 February 2024 - 03:42 PM

​(timestamp jump to 1:41:00)
 
Action Item BA2024-08: Approved 1/16/24
T&P Station 200 W Vickery Blvd Transit Oriented Development
"The recommendation is that Trinity Metro Board of Directors authorizes the president and CEO to enter into a purchase and sale contract with Seco Ventures for the property located at 200 W. Vickery Blvd in the negotiated dollar amount for mixed use dev including retail, residential and office spaces with accompanying public space for which Trinity Metro will continue to have beneficial use of parking until such time when such time construction begins."


#120 steave

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Posted 02 February 2024 - 07:31 AM

Would this result in the loss of the parking that exists under I-30 or will you still be able to park and ride at that station?

 

I imagine a lot of ridership on Tex Rail actually comes from people being dropped off or parking at that station to go to the Airport. If that make that difficult it could be an issue.



#121 rriojas71

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Posted 02 February 2024 - 11:16 AM

Would this result in the loss of the parking that exists under I-30 or will you still be able to park and ride at that station?

 

I imagine a lot of ridership on Tex Rail actually comes from people being dropped off or parking at that station to go to the Airport. If that make that difficult it could be an issue.

I use that station quite frequently because we have a satellite office in DT Grapevine and I rarely see this parking lot 1/2 full.  Most of the people who use it seem to just park under the section that runs beneath the freeway.  From my understanding on past proposals that area is to remain with the T&P.



#122 Nitixope

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Posted 08 March 2024 - 09:15 AM

PDC Filed for 200 W. Vickery...

 

Record PDC-24-0071: 
Pre-Development Conference
Record Status: In Review
 
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#123 TLA

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Posted 08 March 2024 - 10:07 AM

Looks like full steam ahead on this. I like where the retail is situated, the public plaza, and the height on these two towers. Exciting transit development.

I wonder what the critical mass is for Near Southside to get an urban grocery store. Similar to the Trader Joe’s off Greenville in Dallas. Or my favorite smaller store, Blue Grocer out of Austin.

#124 AndyN

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Posted 08 March 2024 - 01:50 PM

It'd be nice if that Oncor substation wasn't so prominently on the corner.


Www.fortwortharchitecture.com

#125 rriojas71

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Posted 11 March 2024 - 10:31 AM

I am glad this is going forward but I am crossing my fingers that the design of this set of buildings doesn't end up as just more bland square blocks.  Unfortunately, the one thing negative going on with all the development in FW right now is the lack or interesting architecture being created due to increased material costs.  I love the growth but due to those challenges we have seen a value engineering of sorts during the design process.  I haven't seen anything constructed here recently that has Wowed me.  Definitely not saying that every project needs to, but it would be nice if they would from time to time.







Also tagged with one or more of these keywords: Fort Worth South, TOD, Transit Oriented Development, The T, Fort Worth Housing Authority

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