Trademark buying Lockheed Martin recreation land for new development

Posted Thursday, May. 16, 2013  comments  Print Reprints

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Trademark Property Co., a Fort Worth-based development firm, said Thursday it is buying 63 acres in west Fort Worth from the Lockheed Martin Recreation Association for a new residential and retail development to be called Waterside.

Terry Montesi, Trademark’s chairman and CEO, called the land, which has about a mile and a half of Trinity River frontage, a “phenomenal piece of real estate.”

Montesi said he has been looking at the property for about six months, drawn in part by its regional accessibility as well as its proximity to some of Fort Worth’s finer neighborhoods and retailers off Bryant Irvin Road.

“This site has it all and we plan to be extraordinary stewards of this great piece of real estate,” Montesi said. “It really is right in the middle of town.”

Waterside will have 200,000 square feet of retail space, including riverside restaurants, 20 to 30 acres for town homes, up to 200,000 square feet of office space and a hotel. Construction is scheduled to begin in spring 2014, with the first phase to open in spring 2015, Trademark said.

Project plans are being worked out, Montesi said. The deal, which is under contract, should close by the end of the year, he said.

Planned amenities include access to the Trinity Trails hike-and-bike trails, an internal trail system, signature bridge, canoeing and kayaking, a dog park, central plaza with outdoor dining and recreation areas, and a riverfront amphitheater, Trademark said.

The land is north of Bellaire Drive and bounded by the Clear Fork of the Trinity River on the north and west and Bryant Irvin Road on the east. Two road projects currently underway will make access into Waterside easier, including Arborlawn Drive, connecting Bryant Irvin and Hulen Street, which opens this summer, and the Chisholm Trail Parkway a few hundred yards from Waterside, scheduled to open in 2014, Trademark said.

The Lockheed Martin Recreation Association will retain about 16 acres on the north end of the site, with its fitness center, two softball fields and two sand volleyball courts.

When the nonprofit association first listed the property in 2009, it was offering 40 acres, but that was increased. The recreation area dates to around 1950, when the land was leased by Convair Aircraft, a predecessor of Lockheed, for its employees. In 1963, the General Dynamics-Fort Worth Recreation Association bought the land and facilities. It added an Olympic-sized pool in 1968, which is being sold to Trademark.

The facilities are private and employees pay a fee to use them. But they have not been self-sustaining in recent years.

Trademark was founded in 1992 and has primarily been involved in developing enclosed regional malls, mixed-use town centers, and other specialty centers, including Alliance Town Center and WestBend on University Drive in Fort Worth. Since its founding, Trademark said it has invested in or developed more than 10 million square feet of space.

Kirk Kelly, Jack Huff and Kyle Poulson with Transwestern represented the LMRA in the sale.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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