Prime real estate near downtown Fort Worth hits the market
A proposed 16-story luxury apartment tower on the corner of West Seventh Street and Henderson Street won’t get off the ground.
Instead, Houston-based developer Allen Harrison Company is selling the 1.16 acre parcel at 1000 W. Seventh St., according to a listing by Real Estate firm DMRE.
The plans for a 16-story tower were paused due to a change in broader market conditions, according to Trey McGhin, a principae at DMRE.
“Ownership has since elected to market the property for sale and is seeking a buyer who can capitalize on the site’s unique location and long-term potential,” McGhin said.
The listing markets the property for a number of uses including apartments, offices, condos and a boutique hotel.
“Ownership is approaching the opportunity with an open mind and believes the site could support a variety of uses depending on market demand and a buyer’s vision, McGhin said.
Allen Harrison Company’s primary objective in selling the property is identifying a buyer with a compelling vision who can unlock the site’s highest and best use, he said.
“Given the site’s visibility and strategic location, ownership believes it represents a rare opportunity for developers, investors, and users seeking a meaningful presence in Fort Worth,” he said.
The proposed apartment tower at the site is one of several projects along this section of Henderson Street that failed to make the leap from renderings to reality.
There haven’t been as many high rise proposals for downtown lately, which may be due to the lending environment, said Downtown Fort Worth Inc. President Andy Taft.
Most of the development downtown is seeing is coming in the form of hospitality and hotels, Taft said, adding that developers are using the 27-story Deco 969 as a gauge for whether to build more towers downtown.
The big projects getting developed downtown are the Fort Worth Convention Center and the build out of Texas A&M’s Fort Worth campus, Taft said.
Those two projects might shake things up a bit, he said.
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