A Dallas investor and developer bought a Fort Worth office building with plans to convert it to multifamily and hopes for historic tax credits on the 70+ year old building.
Bluelofts Inc., in partnership with Plano-based Wolfe Investments, bought the Oil & Gas building at 309 West Seventh Street in the heart of Fort Worth, the Dallas Morning News reported. The building is next to the historic Star-Telegram building.
Built in the mid-1950s, the 167,000-square-foot, 16-story highrise was listed for sale in 2020 and marketed by Younger Partners. The price wasn’t disclosed.
Bluelofts said it plans to transform the building into 180 residential units and ground-floor retail, for which they’re seeking restaurant tenants. The apartments will range from 650 to 1,000 square feet. Plans also call for a multilevel parking garage.
Work is expected to begin this year and take two years to complete.
This isn’t Blueloft’s first office-to-resi conversion.
In 2018, they tested the installation of a $20,000 modular box apartment in vacant space at an unnamed Pacific Avenue skyscraper in Dallas.
That’s not the plan for the Fort Worth project, where BlueLofts plans to cut a full-height atrium running through the building.
The developers plan to request historic tax credits to help finance this redevelopment on the edge of historic Sundance Square.
Read more
Commercial
Texas
Verdad Real Estate blazes into Fort Worth multifamily
— Victoria Pruitt