We now officially know who bought the Dos Gringos property on University Drive across from the Modern Art Museum, once planned as the site for a $52 million Westin-branded hotel. What we find more interesting, though, is that the land north of site has also been sold.
The Carlyle Group, a high-profile Washington, D.C.-based private equity firm, has purchased that property, where a shopping center sits at the northeast corner of University and Morton Street, deed records show. The land, acquired by CRP West 7th University LP, totals about 19,500 square feet and includes a small strip center built in 1950.
The Carlyle Group has owned several Fort Worth country clubs, but more recently partnered with Dallas-based Cypress Equities to develop the now-trendy West 7th project.
Buying the southeast corner at University and Morton, where the hotel was going to go, was real estate investor and developer Clay Mazur.
A few months ago, New Orleans-based developer HRI Properties backed out of its plans to build a 250-room hotel on University Drive, saying it couldn’t finance the project. The development was to serve as the primary hotel for the new multipurpose arena planned for the Will Rogers complex nearby in the Cultural District.
Instead, HRI had assigned its purchase rights to the property to another buyer but would not say who.
Mazur, principal of Mazur Capital, several months ago bought the former savings and loan building on the northeast corner of Houston and Ninth streets across from the Fort Worth Convention Center. Mazur was also involved in developing the Capital Bar and the Magnolia Motor Lounge at Norwood and Morton streets, near West Seventh. Sandra Baker
Will there be a “Fifty Shades” settlement?
Jennifer Pedroza of Arlington just won an $11.5 million judgment in the Fifty Shades of Grey case. But will there be an out-of-court settlement for a lesser amount?
Pedroza said she was cheated by Amanda Hayward of Australia — and a jury agreed — out of royalties from sales of the soft-core erotic novel. The women had a disputed partnership through an online publishing house called The Writer’s Coffee Shop.
Collecting the money could prove challenging. Pedroza would have to hire attorneys in Australia, which would be costly and cumbersome. Hayward, who is planning to appeal, may have to put up a costly bond and pay at least $50,000 in attorney fees if she initially loses.
Michael Farris, one of Pedroza’s lawyers, said it is possible that the two sides will reach an agreement because “settlement lends certainty to everything.”
“There is always room to settle. Everyone has a little bit at risk. We think they have more than we do, but there is always that risk,” Farris said.
David Keltner, a former appellate judge representing Hayward who is itching to make a big legal point with the case, had no comment.
Johnny Cash, Roy Orbison now on Musicbed
Fort Worth’s Musicbed has made a name for itself in the music licensing space with its highly curated selection of young and upcoming artists. Now its website, which offers musical snippets for use on videos, is offering a “Vintage Collection” of tunes from past stars.
Under a deal with Memphis-based Sun Records, founded in 1952 by producer Sam Phillips, Musicbed is offering licensing on songs from legends including Johnny Cash, Jerry Lee Lewis, Carl Perkins and Roy Orbison. In all, the deal will add more than 1,100 songs to Musicbed’s catalog.
“This is a historic deal for Musicbed,” founder and CEO Daniel McCarthy said in a statement. “We are humbled and excited to partner with Sun Records to make its diverse catalog — legendary songs that have stood the test of time and have influenced the entire music world — accessible to filmmakers with a few clicks. The sound in so many of these old tunes is vibrant to this day and in high demand from our creative community.”
It’s just the latest innovation from the fast-growing firm launched by the Fort Worth native five years ago. Last year, Musicbed added a new video unit called Filmsupply to license stock footage from filmmakers. The company also moved from Magnolia Avenue south of downtown to a new $2 million home in north Fort Worth, where it has a music studio for live recordings and hosted a film festival.
“We could not have found a better place than Musicbed to help us take this giant leap forward and ensure that our artists are top of mind for the creative community,” Sun Records Vice President Collin Brace said in a statement.
F-35 commits to Farnborough Air Show
Two years after an engine fire forced the F-35 to back out of its much-anticipated debut at the big Farnborough International Air Show in Great Britain, the joint strike fighter is preparing to head across the pond.
The next-generation stealth fighter jet, built by Lockheed Martin in west Fort Worth, will actually fly at two air shows there: the Royal International Air Tattoo on July 8-10 and Farnborough on July 11-17.
The appearances will mark another major milestone for the F-35 program, which has come a long way in two years. Last year, the Marines designated the jet as combat ready and the Pentagon has boosted orders allowing for increased production in Fort Worth.
Bankruptcy help for veterans
North Texas veterans needing assistance with bankruptcy or debt issues can receive free legal services Wednesday at a first-of-its-kind Veterans Bankruptcy Clinic in Dallas.
The clinic is a partnership of the State Bar of Texas, the Bankruptcy Law Section of the State Bar and Metroplex Veterans Legal Services. It is being held as part of the State Bar’s three-day annual continuing legal education opportunity for bankruptcy attorneys statewide.
The clinic will take place at 5:30 p.m. at Cityplace Events, 2711 N. Haskell Ave.
It is open to low-income, disabled, unemployed or homeless veterans in Texas with either an honorable, general or general under honorable conditions discharge from the military.
Veterans must register online in advance of the clinic. Walk-ins will not be allowed. To register, go to www.metroplex.veteranslegalservices.us Sandra Baker