TCC to buy RadioShack HQ, nix bridge, likely sunken plaza

In a reversal of its downtown campus plans, the Tarrant County College District on Wednesday paid $238 million for RadioShack’s four-building riverfront office complex a few blocks west of where the college is a year into construction on the first phase of a campus that would have taken 15 years to finish.

TCC will gain immediate control of two the RadioShack buildings where it will start $40 million in renovations for 51 classrooms so classes can begin for the fall semester of 2009, the college said.

TCC will move all the educational programs planned for the downtown campus, on the bluff next to the Tarrant County Courthouse, to the RadioShack property at Belknap and Taylor streets. It will scale back its plans at the bluff site and build only four buildings to house the district’s administration offices, distance learning services, continuing education classes and a conference center.

TCC Chancellor Leonardo de le Garza said the continued uncertainty about the costs to complete the downtown campus played a role in the board’s decision to buy the RadioShack buildings, which he said are bigger and better than anything the college could have built.

“This gives us certainty of cost,” de la Garza said. "By purchasing the Radio Shack property, we have more space for our growing student and faculty populations, we have better facilities, we can open a downtown Fort Worth campus quicker and our new campus will bring us cost certainty."

College officials will be meeting with architect Bing Thom and engineers and architects with Gideon Toal firm in Fort Worth to determine the changes that will made at the bluff site.

Two buildings are under construction and two others will be completed. Construction crews have tunneled under Belknap Street, but it is unlikely that the college will build the controversial sunken plaza that would have guided pedestrians down to the river front.

“We’re not crossing the river,” de la Garza said. “We do not see a bridge.”

TCC Trustee Randall Canedy said uncertainty in costs in the construction industry played a role in the board’s decision. Recent flooding in the Midwest are sure to raise materials costs in the coming years at the project, he said.

In May 2007, the board approved a $63.5 million increase to build the campus, bringing costs to $297.5 million for the first phase. It also scaled back the scope of the campus. The college was also dealing with delays resulting from reviews required by the Army Corps of Engineers to be able to build on the river levee.

“Who knows what’s going to happens to costs,” Canedy said. “It seemed like every time we turned around, there was another obstacle.”

Trustee Robert McGee said the negotiations for the property were closely held. He described the deal as a “great bargain.”

“You couldn’t replicate this,” McGee said. “You have a great use for a million square feet of space.”

David Wells, the vice chancellor for operations and planning services, who is overseeing the downtown campus, said he told the Fort Worth office of the Army Corps Wednesday morning that the college was halting its plans to build on the levee.

Corps spokesman Clay Church said some of the documents as a part of the college’s application will be stored.

TCC began looking at a possible deal for the RadioShack property about nine months ago, but negotiations became very serioius about 90 days ago. RadioShack and KanAm Grun, a German real estate fund that owns the buildings, signed contracts Tuesday. The deal was approved by TCC trustees early Wednesday morning.

Under the deal, RadioShack paid $2.25 million of the $238 million price tag, turned over 14 acres of surrounding land to TCC and will leave fixtures and furnishings, including RadioShack’s art collection, in the building. TCC is in the process of obtaining an inventory list of those items and its value.

In exchange, RadioShack will remain in two buildings rent-free for three years. At that time, it has the option to rent at market prices one building for two years.