26 replies to this topic

[Austin55]

Very few details, but this qoute is from the TIF 8 agenda, 

B. Discussion and consideration of a resolution authorizing execution of a Tax Increment Financing (TIF)

Chapter 380 agreement with L2L-Lancaster, LLC. in support of an office, retail and garage development

located on a portion of the blocks bounded by Lancaster Avenue, Lamar Street, W. 13th Street and Monroe

Street and for related public improvements (Michael Hennig, Strategic Development Coordinator). 

 

 

This site is currently partly occupied by the home of the Texas Workforce Comission Building, which I've long considered to be one of the ugliest structures in the city. Lamar to Monroe spans two blocks, over Taylor street. If Taylor St is closed it would leave a sizable site here for development. 

 

The site is located directly across from the T&P Warehouse, one block West of the proposed future City Hall site, 2 blocks west of the future Omni Hotel Expansion site and 1 block East of the Under Construction Burnett Lofts.

 

I might be wrong, but I wonder if L2L Lancaster is a branch of the local development corporation that built the Parker House/Pinnacle Bank building just 1 block east. 

[renamerusk]

Wow, office, retail and garage. This is really exciting and something we will be talking about and following, all be that it is off the beaten trail.

[Austin55]

Here's notes from the TIF Docket,

 

Proposed Project

• Minimum $50 Million Private Investment ($65 M est.)

• 8-story Mixed-Use Office; Ground floor retail facing Lancaster• Additional second building (separated by Taylor St.)

• 50,000-80,000 sf. Office or Multi-family

• Tenant-driven project, will facilitate consolidation and expansion of downtown employer

• Min. 100,000 sf. total development, Min. 10,000 sf. retail• 390 space parking garage

 

Proposed TIF 380 Agreement

• Up to $4.2 million to address project gap and support public improvements

• Funds to offset financial impact of site constraints as well as to support:

• Site Work, Landscaping, Streetscaping, Utilities, Public Parking

• Min. 20% Affordable Housing required for any multifamily (10% at 80% AMI, 10% at 60% AMI)

• Garage to include min. 120 space 25-year parking easement (for use as free evening and weekend public parking for district or other City purpose)

• Commitment to abide by DDRB design requirements

• Priority of Payment to be determined by submission date of complete application for building permits

• Completion Deadline: December 31, 2023

 

I'm really curious which company it is that is expanding. 

 

Edit - here are photos. 

 

 

 

[Dylan]

It took me a while to realize that this proposal includes two separate buildings on either side of Taylor Street. That's what I get for trying to study the renderings before reading the description. 

 

I'm glad to see this city getting more needed office space (even if this company relocates from within downtown, it will free up existing space). I hope the building east of Taylor Street will be office as well.

[Austin55]

It took me a while to realize that this proposal includes two separate buildings on either side of Taylor Street. That's what I get for trying to study the renderings before reading the description. 

 

It is a bit confusing the way that is presented. 

 

My total speculative guess as to who is building the space is Higginbotham. They have their current HQ a half block over and another office space West of Henderson. I've heard they are running out. They also are having parking issues which a multilevel garage could solve.  

[txbornviking]

 

Here's notes from the TIF Docket,

 

Proposed Project

• Minimum $50 Million Private Investment ($65 M est.)

• 8-story Mixed-Use Office; Ground floor retail facing Lancaster• Additional second building (separated by Taylor St.)

• 50,000-80,000 sf. Office or Multi-family

• Tenant-driven project, will facilitate consolidation and expansion of downtown employer

• Min. 100,000 sf. total development, Min. 10,000 sf. retail• 390 space parking garage

 

Proposed TIF 380 Agreement

• Up to $4.2 million to address project gap and support public improvements

• Funds to offset financial impact of site constraints as well as to support:

• Site Work, Landscaping, Streetscaping, Utilities, Public Parking

• Min. 20% Affordable Housing required for any multifamily (10% at 80% AMI, 10% at 60% AMI)

• Garage to include min. 120 space 25-year parking easement (for use as free evening and weekend public parking for district or other City purpose)

• Commitment to abide by DDRB design requirements

• Priority of Payment to be determined by submission date of complete application for building permits

• Completion Deadline: December 31, 2023

 

I'm really curious which company it is that is expanding. 

 

Edit - here are photos. 

 

 

 

 

 

I like the proposed height to create the visual enclosure along Lancaster across from the T&P Warehouses structure

[Jeriat]

 

 

Here's notes from the TIF Docket,

 

Proposed Project

• Minimum $50 Million Private Investment ($65 M est.)

• 8-story Mixed-Use Office; Ground floor retail facing Lancaster• Additional second building (separated by Taylor St.)

• 50,000-80,000 sf. Office or Multi-family

• Tenant-driven project, will facilitate consolidation and expansion of downtown employer

• Min. 100,000 sf. total development, Min. 10,000 sf. retail• 390 space parking garage

 

Proposed TIF 380 Agreement

• Up to $4.2 million to address project gap and support public improvements

• Funds to offset financial impact of site constraints as well as to support:

• Site Work, Landscaping, Streetscaping, Utilities, Public Parking

• Min. 20% Affordable Housing required for any multifamily (10% at 80% AMI, 10% at 60% AMI)

• Garage to include min. 120 space 25-year parking easement (for use as free evening and weekend public parking for district or other City purpose)

• Commitment to abide by DDRB design requirements

• Priority of Payment to be determined by submission date of complete application for building permits

• Completion Deadline: December 31, 2023

 

I'm really curious which company it is that is expanding. 

 

Edit - here are photos. 

 

 

 

 

 

I like the proposed height to create the visual enclosure along Lancaster across from the T&P Warehouses structure

 

 

Now if we could just get this to happen . . . 

 

[renamerusk]

It can happen: City Hall, City Library, FWISD and Texas Tech Research.

[Jeriat]

It can happen: City Hall, City Library, FWISD and Texas Tech Research.

 

As I mentioned before, I'd go for a W Hotel. 

[RD Milhollin]

It can happen: City Hall, City Library, FWISD and Texas Tech Research.

Maybe, but no tax revenues. Honestly I would trust a developer with a vision rather than a bunch of city and school administrators. After all the time this has set rotting it really needs to be done right; first-class.

[pilgrim]

I agree with Jeriat concerning the beautiful and neglected TP building and RD Milhollin's suggestion to leave it with private sector folks that have a finite source of money to tackle the restoration instead of tax payer dollars, handed over to local government in perpetuity, to be in charge.  The thing that kills me (assuming this isn't some "massing" architectural proposal) is the willingness to "compliment" TP across the street with some hunk-a-junk brutalist modern (or worse, some blase copy-cat we see everywhere today) building where every single one of us will hate years and years to come (if we admit it).  TP needs a Deco-revival across the street with a broad inviting retail base and a 20 plus tower on top; okay any Classical revival will do as well. I'm even for post-Modern (dare I say?) revival!  :-).

[rriojas71]

I agree with Jeriat concerning the beautiful and neglected TP building and RD Milhollin's suggestion to leave it with private sector folks that have a finite source of money to tackle the restoration instead of tax payer dollars, handed over to local government in perpetuity, to be in charge.  The thing that kills me (assuming this isn't some "massing" architectural proposal) is the willingness to "compliment" TP across the street with some hunk-a-junk brutalist modern (or worse, some blase copy-cat we see everywhere today) building where every single one of us will hate years and years to come (if we admit it).  TP needs a Deco-revival across the street with a broad inviting retail base and a 20 plus tower on top; okay any Classical revival will do as well. I'm even for post-Modern (dare I say?) revival!  :-).

According to Lancaster Ave. design standards...  any building has to compliment the architecture of the Post Office, the T&P Station and warehouse.  I think we are safe from any brutalist building.

[Austin55]

It appears the project might be moving forward. City Council is voting on a land-lease agreement next week.

 

 

Following the reconfiguration of I-30 along Lancaster Avenue, the City came into possession of former right of way property along the north side of Lancaster Avenue. Much of this property has been promoted for development by the City with the support of Tax Increment Reinvestment Zone Number Eight (TIF 8). This property includes a portion of the block bounded by Lancaster Avenue, Lamar Street, 13th Street and Taylor Street and a portion of the block bounded by Lancaster Avenue, Taylor Street, 13th Street, and Monroe Street (Project Site). On March 4, 2020, (Res. 8-2020-02), the Board of TIF 8 authorized execution of a TIF Economic Development Program Agreement with L2LLancaster, LLC, (Developer) for the construction of a $50 million, mixed-use office development with a 390 space parking garage (Project) located on the Project Site. The Project Site consists of both publicly and privately owned property and includes approximately 1.447 acres of vacant land owned by the City (City Property). An exhibit of the City Property is attached to this M&C. The Developer proposes that the City enter into a Ground Lease Agreement with the Developer that will, upon completion of the Project and satisfaction of other Developer commitments, permit the conveyance of the City Property to the Developer in exchange for a permanent 185 space parking easement within the constructed parking garage (authorized under Texas Local Government Code 272.001 ((6)). The total cost of development of the parking easement is estimated to be $4,000,000.00, and the rental value of the parking spaces in the Parking Easement is approximately $2,817.542.00, both of which exceeds of the value of the City property to be conveyed as appraised at $2,050,000.00. The conveyance of the property will be subject to the public notice requirement in Chapter XXI, Section Five of The Charter of the City of Fort Worth. Staff recommends authorizing the City to enter into the Ground Lease Agreement with Option to Purchase, thereby authorizing conveyance of the City property in exchange for the parking easement.

https://fortworthgov...7C-F4029BD191E4

[Austin55]

Stockyards, Downtown and Lancaster TIFs are meeting this week. All three have light agendas and this is the only project on any of them. 
 

 

Discussion and consideration of an amendment to Resolution 9-2020-2 relating to the development of

mixed-use property near the intersection of Lancaster Avenue and Lamar Street (Michael Hennig, Strategic

Development Coordinator)

[Austin55]

Updated rendering shown in DFWI's newest development map. Looks like the project has less office and more residential now. 

[MorganRehnberg]

Looks like it lost two floors, which is too bad.

[Jeriat]

Looks like it lost two floors, which is too bad.

 

Eh... for Lancaster, that's fine, just as long a it's not gone, completely.

[Jeriat]

Updated rendering shown in DFWI's newest development map. Looks like the project has less office and more residential now. 

It's not on there.

[Dylan]

Booo.

[GenX]

Looks like it lost two floors, which is too bad.

 

I agree it is too bad. But that is so typical of Fort Worth projects. Expects first proposals height and floors to get reduced as times goes on. 

[Austin55]

Some more info from next week's City Council worksession.

 

https://fortworthgov...3D-F8B424FB56B5

 

 

At the time of approval, the Project was driven by a major

prospective office tenant which would occupy much of the building. Impacts from the

COVID-19 pandemic led the office tenant to reevaluate its plans for a new office, leading to a

significant redesign of the Project.

it is proposed that the Project be revised for consistency with the TIF agreement to be a minimum $40 million mixed-use development constructed on the Project Site and that the authorized ground lease with option to purchase (subject to requirement of a 185-space parking easement) be eliminated in favor of a fee simple purchase by Developer of the City Property through a purchase and sale agreement (Purchase Agreement). 

[Stadtplan]

^^ pandemic led the office tenant to reevaluate its plans for a new office, leading to a
significant redesign of the Project.^^

This is starting to sound familiar.

[Jeriat]

 

Some more info from next week's City Council worksession.

 

https://fortworthgov...3D-F8B424FB56B5

 

 

At the time of approval, the Project was driven by a major

prospective office tenant which would occupy much of the building. Impacts from the

COVID-19 pandemic led the office tenant to reevaluate its plans for a new office, leading to a

significant redesign of the Project.

it is proposed that the Project be revised for consistency with the TIF agreement to be a minimum $40 million mixed-use development constructed on the Project Site and that the authorized ground lease with option to purchase (subject to requirement of a 185-space parking easement) be eliminated in favor of a fee simple purchase by Developer of the City Property through a purchase and sale agreement (Purchase Agreement). 

 

...it's gonna be like 3 floors, isn't it? 

[Shanedallas76]

Just starting to learn how developments work in general + DTFW developments. Question, is it primarily COVID that causes a planned project such as this to delay for > two years, or are there other barriers?

[rriojas71]

 

 

Some more info from next week's City Council worksession.

 

https://fortworthgov...3D-F8B424FB56B5

 

 

At the time of approval, the Project was driven by a major

prospective office tenant which would occupy much of the building. Impacts from the

COVID-19 pandemic led the office tenant to reevaluate its plans for a new office, leading to a

significant redesign of the Project.

it is proposed that the Project be revised for consistency with the TIF agreement to be a minimum $40 million mixed-use development constructed on the Project Site and that the authorized ground lease with option to purchase (subject to requirement of a 185-space parking easement) be eliminated in favor of a fee simple purchase by Developer of the City Property through a purchase and sale agreement (Purchase Agreement). 

 

...it's gonna be like 3 floors, isn't it? 

 

I think they changed it again and it is going to be single story and will house a Michaels, an empty retail spot and a Dollar Tree.

[Presidio Interests]

Shanedallas76, there are any number of reasons a company might choose to not commit to a new big office lease.  Since Covid, as I'm sure you've read, many office-using companies took a lot of time to assess their need for and use of space.  Many chose to go to some version of a hybrid model, and for some (not all), that meant they wanted a different type of office - sometimes larger, sometimes smaller, but often wanted to change up the layout and design.

 

Meanwhile, the cost of construction increased significantly, meaning for this company, the cost to either lease or own this building would have increased a lot.  If they were also reassessing their footprint it might have been a double whammy.

 

I have no idea what company it is or what their logic was.  Some are 100% committed to in-person work, and are willing to commit to long term leases.  Some are wishy-washy and have been keeping lease terms short to preserve the option to adjust based on their experiments with hybrid or remote scenarios.  What is clear is that certain industries, especially tech, has been leaning more toward remote.  So they've been shedding office space faster vs other industries.  Law firms, on the other hand, have generally been quick to return to in-person work.

 

The City can bog projects down with delays and nit-picking, which CAN kill an opportunity, but that wouldn't be my first guess for the cause of a company to change plans during Covid.

 

You have to be at least a little bit masochistic to be a ground-up office developer, especially in an urban environment.  Is generally the worst ratio of time/work + risk to financial pay off for a real estate developer.  In my opinion, the person has to have some additional motivation to do it such as just loving it, civic impact, etc.

[Jeriat]

Almost forgot...

 

It can happen: City Hall, City Library, FWISD and Texas Tech Research.