Library site developer buys 4.6 more acres in downtown Fort Worth
November 14,2024
Library site developer buys 4.6 more acres in downtown Fort Worth
Dart Interests, a national firm specializing in real estate investment and development, isn’t stopping with its $18 million investment in the redevelopment of the former Fort Worth Central Library site.
The Dallas-based firm acquired 4.6 acres of property adjacent to the former library site downtown for more development. Company officials have not given many hints as to what they plan to do with the property yet.
“At this time, we are still in the preliminary concept phase, but additional project details will be shared as planning progresses,” said Heath Townsend, vice president of development for the firm.
The properties are located on West 1st Street, Burnett Street, West 2nd Street, Henderson Street and West Weatherford Street.
“The expansion of the mixed-use, walkable core of downtown to the west
has been something that’s been in the downtown strategic plan for years,” said Andy Taft, president of advocacy organization Downtown Fort Worth Inc. “So it’s great to see this endorsement of that idea.”
Much of the property Dart acquired consists of surface lots, but it also bought 300 Burnett St., a 143,000-square-foot, four-story office building.
Dart officials said they plan to continue working with the tenants and operating the building, which includes USHealth Group, an insurance company.
Dart acquired the properties from Farmers & Foresters.
In May 2023, Dart Interests acquired the former Fort Worth Central Library property, a 4.6-acre site in the heart of downtown. The city contracted with Jones Lang Lasalle to find a buyer.
When listing the library property for offers, the city required prospective buyers to develop it as a mixed-use project, including office space and residential space, as well as a lease space that the city will have the option to purchase for a new, smaller library. The minimum capital investment required of buyers was $100 million.
The city has since acquired a historic building at 512 W. 4th St. for its new downtown library branch.
Dart has not announced any plans for the former library site yet, though it has shown renderings indicating buildings of about 20 stories.
Dart Interests boasts a diverse portfolio of properties with investments of over $1 billion across Washington, D.C., and several states, including California, Florida, New York, South Carolina, Colorado and Texas.
Among the company’s projects are Republic Square in Houston, a 35-acre office project, and VistaBlue, a high-end residential project in Florida. The Fort Worth project is the company’s first in North Texas.
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
This article first appeared on Fort Worth Report and is republished here under a Creative Commons license.