Phoenix-based Alliance Residential is under contract to buy 3 acres at the corner of Summit Avenue and West Fifth Street near the Pier 1 Imports Building for an apartment development.
Alliance, which has properties in 29 metro areas in 19 states, is buying the property from Houston-based Hines, a real estate firm that bought the site in August 2014 from Oklahoma City-based Chesapeake Energy. Hines renamed the building for its major tenant, Pier 1 Imports.
Pier 1 built the 20-story office tower as its headquarters in 2004 and later sold it to Chesapeake. It has a lease through 2027.
Hines put the land on the block in April.
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Alliance plans a 345-unit apartment community, including some two-story brownstones. The development will be called Brownstone 5th and Summit, according to a presentation Thursday to the Downtown Design Review Board. The board approved some changes to sidewalk widths.
The site has a parking lot that will be moved to the north, in front of the building’s entrance.
After the meeting, Hines officials declined to talk about when the sale to Alliance is expected to close. Alliance Residential representatives said they are under a confidentiality agreement and cannot discuss possible construction start dates or when residents might be able to move in.
Evan Beattie, principal with GFF architects in Fort Worth, who is designing the building, said the project brings a block of the Hines property into the urban grid.
The building will be six stories on the west and seven stories on the east, because of the property grade. A 1-acre outdoor amenity level will be located on the second level of the building.
It will be constructed of materials similar to the adjacent Pier 1 Imports Building and will have similar colors.
Alliance Residential has developed other Fort Worth communities, including three in CentrePort.