$100M Mixed-Use Project Planned for Fort Worth
- Apr 24, 2008
With a location in a supply-constrained market, Trademark Property Co. has formed a partnership with RP Partners and local investors to snap up seven acres along Interstate 30 and the Trinity River in Fort Worth, Texas, with plans to start construction in less than 90 days on a $100 million mixed-use project. The 350,000-square-foot project (pictured), called WestBend, will offer 100,000 square feet of specialty retail and restaurants, 30,000 square feet of Class A office space above retail, a 135-room hotel above retail and the fully renovated 120,000-square-foot River Plaza office building. The first phase of WestBend will open in fall 2009.“This piece of land is one of a kind with a heavily utilized hike/bike/walk trail on University Drive in the university district, which is one of Fort Worth’s most important retail and tourism areas. It is near Texas Christian University, the Fort Worth Zoo [and] Colonial Country Club,” Terry Montesi, founding partner for Trademark, told CPN. “It is a world-class piece of real estate in an area that is supply constrained with a pent up demand for retail and restaurants. This area has a very strong economy and the lifestyle center across the street–University Park Village–is 100 percent leased.” Adding in a pedestrian dense mixed use execution across from University Park Village has created a tremendous demand from fashion specialty retailers already, Montesi said. Hotel developer LodgeWorks, L.P. will have a 135-room Hyatt Place in the project and Streams and Valleys, Inc. will build a new Trinity Trail trailhead, which will serve as a portal for walkers, runners and cyclists visiting WestBend. WestBend will seek Leadership in Energy and Environmental Design (LEED) certification through the U.S. Green Building Council.Fort Worth-based Trademark Property Co. has developed or acquired nearly $1 billion worth of retail and mixed-use space. The firm has completing nearly 6 million square feet of retail and mixed-use development/redevelopment projects nationwide. Other notable Trademark projects in Texas include the 500,000-square-foot Market Street -The Woodlands near Houston and the 1.15 million square foot Watters Creek mixed-use urban retail resort in Allen north of Dallas.