Pinnacle Bank Deal Moves Fort Worth's Lancaster Place Project Forward

May 6,2014

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Reposted from the Fort Worth Business Press

Scott Nishimura
snishimura@bizpress.net

Pinnacle Bank is paying $1.38 million for one third of the ground floor of the Lancaster Place mixed-use project on the south end of downtown, and will use the space for a retail branch and back office operations.

Pinnacle is acquiring 8,500 square feet, with plans to immediately use about 5,000 square feet of it, Jay Chapa, Fort Worth’s housing and economic development director, told Mayor Betsy Price and members of the City Council during their Fort Worth Local Development Corp. meeting Tuesday.

“The wanted the ability to grow,” Chapa said in an interview afterwards.

The Business Press was seeking comment from the bank Tuesday afternoon.

Pinnacle Bank has agreed to provide $16.5 million in financing for the project. Its purchase price of a third of the retail floor is $162.50 per square foot.

The bank also agreed to lease 30 parking spaces in a garage to be built as part of the project, and to prepay a 50-year lease for the parking.

The Local Development Corp., which owns the project, has agreed to rename the building Pinnacle Bank Place or Pinnacle Place, depending on whether the Downtown Design Review Board allows signage with the bank name, Chapa said.

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