Former Frank Kent Cadillac site downtown could become apartments
April 2,2015
Artists rendering of Cadillac Lofts, planned for the former Frank Kent Cadillac site on Lancaster Avenue. HAND-OUT PHOTO
Reposted from Star-Telegram
FORT WORTH
A Dallas-based investor group is under contract to buy the former Frank Kent Cadillac site on Lancaster Avenue where it plans a 202-unit apartment community called Cadillac Lofts.
Happy Baggett, a Fort Worth-based real estate developer who sold the 67 acres for what became the Walmart-anchored Renaissance Square shopping center in southeast Fort Worth, said he is working with the group — called Sonoma Investments — as a consultant.
Baggett confirmed the 2.4-acre property is under contract, but it would be the first of May before any details will be revealed about the project.
“We’re spending a lot of money,” Baggett said, adding the project is in final design stages. He said the investment group has done “scores and scores” of apartments, mostly in the Dallas area. This would be their first Fort Worth project. “They’re very quality guys,” he said.
The project was revealed by Andy Taft, president of Downtown Fort Worth Inc., during the organization’s 33rd Annual Meeting at the Worthington Renaissance Fort Worth Hotel. Taft offered no further details, only that the project was in the works.
The land at Lancaster and Main Street, at the south end of downtown, has sat empty since the dealership was destroyed in a natural gas explosion in 1986. The land is owned by the Churchill family.
In the past decade, the location has been sought after by hotel developers as well as office and multifamily developers. As late as mid-2014, the property was under contract to a developer that planned a 140-room boutique hotel, but that group backed away from the project.
Sandra Baker, 817-390-7727
Twitter: @SandraBakerFWST
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