Fort Worth’s Historic Electric Building, an 18-story apartment building with ground-level retail space, has a new owner.
Tradewind Properties of Houston bought the 88-year-old building from Atlas Properties, a company run by Fort Worth entrepreneur Adam Blake. The purchase was made through the entity TRDwind HEB, a Texas LLC with a mailing address in Glenbrook, Nev., according to deed records. The buyers used a $11.25 million loan from Iberia Bank in Houston.
Tradewind President James Rastello said his company was attracted to the building by its excellent location near Burnett Park and Sundance Square and its art deco architecture.
“We acquired this asset as part of a proactive initiative to expand our long-term presence in Fort Worth, drawn by the city’s culture, character and economic growth.” Rastello said via email.
The 109,956-square-foot property has 106 loft-style units and 10,000 square feet of retail space, according to Marcus & Millichap, which handled the sale. Rastello said the apartments are 98 percent occupied.
Atlas acquired the building, at 410 West 7th St. on the west end of downtown, in 2009 from Fort Worth investor Robert Bass, who had redeveloped it into apartments in 1994.
Tradewind plans improvements to the building’s apartments and common areas, Rastello said, and may also renovate what’s left of the old Hollywood Theater, which sat adjacent to the tower and closed in 1976.
“Despite being in a state of disrepair, the space is still breathtaking and much of the historic character and ornamentation is intact and well-preserved,” Rastello said. “We believe the theater has the potential to be restored to resemble its original state and to become an extremely unique entertainment venue that reminisces 1920s Fort Worth.”
The Electric Building is listed on the National Register of Historic Places and features terra cotta detailing and decorative friezes, Marcus & Millichap said.