Hilco Real Estate LLC is pleased to announce September 26, 2019 as the sealed bid deadline for the sale of a 2.65± AC development site in the heart of exciting new residential and retail development in Fort Worth, Texas.
A great location for retail, hotel or multi-family development, this property has three leased tenants currently on site that occupy 11,000± SF of building space. The site is situated along the banks of the West Trinity River near the city’s $435 million Trinity Uptown Project and 1,000 newly constructed residential units, including the 400-unit Jefferson River East across the street. The site comes with a dedicated turn lane off East Belknap Street, a commercial corridor that leads directly into downtown Fort Worth.
The Trinity Uptown Project is a massive revitalization project undertaken by the city of Fort Worth to revive the nearby riverfront with residential and retail development, parks and infrastructure improvements. According to trinityrivervision.org, the project’s aim is to upgrade flood protection for the riverfront land, while at the same time upgrading Panther Island and Gateway Park. The city’s vision for Panther Island includes a waterfront district with new parks, residential development, canals to stroll and a 33-acre town lake – as well as sustainable infrastructure improvements like improved roads and new bridges. The city hopes to revive 800 acres of underutilized land with this project, making way for development opportunities of 10,000 housing units and 3 million sq. ft. of commercial, retail and educational space. Gateway Park will undergo upgrades as well, with new trees, sports fields, a kayak/boat launch, scenic river overlooks, a splash park, outdoor amphitheater, expanded dog park and miles of new trails.
Directly northwest of the subject site is a strong retail corridor along Race Street, which includes Fuzzy’s Taco Shop, New York Style Pizza and Gyros, Roasted Coffee Shop and a number of other local retailers and newly constructed residential complexes. Additionally, there is a retail area anchored by Walmart Supercenter, and supported by Cici’s Pizza, Kentucky Fried Chicken, Taco Bell, McDonald’s, Whataburger and Walgreens. Directly south of the site is Topgolf and Martin House Brewing Company.
About three miles north of the site is the renowned Fort Worth Stockyards Historic District, which features twice-daily cattle drives, live rodeos, brick walkways and wooden corrals. This area has a thriving music scene, famous steak and barbecue restaurants, the Stockyards petting zoo, the Cowtown Coliseum and numerous shopping options.
The nearby Fort Worth Medical District is home to five world-class hospitals and clinics. According to Near Southside, Inc. – an organization aimed at revitalizing the city’s south side – “In 2017, the city of Fort Worth unveiled its new strategic plan for economic development efforts, and one of the plan’s four primary goals was to establish a Near Southside Medical Innovation District to help attract more business to the area and help position the Near Southside as the ‘most livable medical district in the U.S.’”
Jeff Azuse, Senior Vice President of Hilco Real Estate stated, “This is a great opportunity for a buyer or end user who wants to capitalize on the proximity of the exciting Trinity Uptown development, nearby residential development, strong retail corridors and the medical district. A buyer for this site is expected to benefit from the city of Fort Worth’s dedication of time, energy and capital to major urban revitalization projects.”
Azuse continued, “Additionally, there is the potential for rental income as there are three fully leased tenants on site. We are confident the opportunity to develop this site and add value will result in a quick sale of this property.”
Bids must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (CT) on the day of the deadline to be considered. For more information regarding the sale process, please contact Ed Beck at (847) 504-3224 or firstname.lastname@example.org. Interested buyers can submit their bids via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, or via email to email@example.com.
For further information on the property, an explanation of the auction process, terms of sale, and to obtain access to the Virtual Deal Room containing all the property due diligence, please visit HilcoRealEstate.com or reach out to (855) 755-2300.
For more information about this or other properties available for sale, please visit HilcoRealEstate.com.