Foundry District development unveiled: ‘A premier experiential destination in Fort Worth’
More than two years after purchasing Fort Worth’s The Foundry District, the new owners have unveiled redevelopment plans for the colorful, artsy mix of showrooms, shops, offices and distillers along Carroll Street and White Settlement Road.
North Carolina-based Asana Partners said Tuesday the adaptive reuse project will repurpose the old warehouses and industrial space “into a more active entertainment district while celebrating its history.”
The real estate investment firm, which also owns properties in Deep Ellum, Victory Park and The Hill shopping center in Dallas, said it intends to create a “premier experiential destination in Fort Worth.” Asana Partners bought the district in September 2022 with a goal of redeveloping 65,000 square feet of the 98,000-square-foot property, which is about 6 acres.
“The company’s vision is to enhance the area by adding more curated retail and dining offerings, improved gathering spaces, unique amenities, showrooms, and creative office space.”
The target date to complete the project is spring 2025.
The Foundry District is in the heart of what’s becoming one of the hottest parts of Fort Worth for real estate investors.
Eight townhouses called Foundry Row are nearing completion along Carroll Street, listed at $759,000. A few blocks south, along West Seventh Street, Goldenrod Companies expects to begin construction soon on the eight-story Van Zandt mixed-use building; the managing partner of the firm, which is also building two towers around the corner on University Drive, recently predicted the district could become the next Uptown Dallas.
An $850 million retail and residential development is planned at White Settlement Road and North University Drive. Dallas-based developer Larkspur Capital and partners envision a 35-acre “urban village,” according to early site plans.
And the future Panther Island development is just a few blocks to the east of the Foundry District.
‘A great opportunity’
The Foundry District’s previous owners, M2G Ventures of Fort Worth, began redeveloping old warehouses along Carroll Street about nine years ago. Sisters Susan Gruppi and Jessica Miller were inspired by other warehouse districts across the country and sought to find a similar spot in Fort Worth to bring old buildings back to life.
In 2015, they bought an industrial building that contained M&O Station Grill and Leonard’s Museum, not far from the Cultural District and West Seventh Street.
They quickly rebranded the area as The Foundry District to signal that the warehouses would be kept as they were. Then they started gathering as many buildings as they could.
The district is anchored by Inspiration Alley and its outdoor gallery flanked by colorful murals and dozens of artworks.
Early on, The Foundry District attracted popular local businesses and interesting new brands. Doc’s Records & Vintage is an enormous record store with a bizarre antique mall and frequent live music.
The district has held small festivals and community events over the years. The Grand Berry Theater brought art house films to the neighborhood until it closed this year.
Brad Kantrowitz, senior director of investments at Asana Partners, said the Metroplex has been an attractive investment market.
“With The Foundry District, we see a great opportunity to enhance the area and offerings for visitors while capturing the legacy and charm that draw people here,” he said in a statement.
Dallas-based design firm GFF is working on the project.
“Plans include reinventing the elevated loading docks as open-air dining space; improving the outdoor gallery and alley area; and transforming surface parking lots into softer gathering spaces and comfortable patios, all designed to knit the District into a walkable community. Other features include human-scaled spaces with passive shading techniques, porch-like patio spaces, and native plants designed to elevate each visitor’s experience,” the announcement said.
Businesses at the district include Hoppin’, a self-pour taproom, as well as Alexis James Salon, The Kicks Source, My Salon Suites, Salute Wine Bar and Squeeze Massage. Longtime retailers include Blackland Distillery, Bumble Bee Yoga, Doc’s Records, M&O Grill, and Maple Branch Craft Brewery.
This story was originally published November 12, 2024 at 11:54 AM.
