Fort Worth is marketing a portfolio of city-owned properties for sale in a move to spur growth downtown.
The properties, encompassing 222,200 square feet across 1.32 acres, include the historic Lone Star Gas Building at 908 Monroe Street, a neighboring structure at 900 Monroe Street and a 338-space parking garage at 319 West 10th Street, the Dallas Business Journal reported. The asking price wasn’t disclosed.
The package is being marketed by JLL, which describes the site as “the largest currently available site in the city’s Central Business District.”
Downtown Fort Worth has become a hub for development, but certain areas still lack the necessary investment to become a dynamic neighborhood, said Robert Sturns, Fort Worth’s economic development director.
“Putting these city-owned facilities on the market creates an opportunity to better activate some areas that haven’t seen as much investment — in particular, the southern part of Downtown near Lancaster Avenue,” Sturns told the outlet.
Fort Worth has a history of selling city-owned assets to stimulate downtown growth. This includes the sale of the central library to Dart Interests for $18 million in 2022. The centerpiece of the city’s portfolio offering is the Lone Star Gas Building, designed in 1929 by architect Wyatt C. Hedrick.
The seven-story structure, known for its rotating neon blue sign in the shape of a flame, holds a historic designation that protects it from demolition. This designation, coupled with its windows on three sides, makes it ideal for conversion into residential units or a hotel, said Todd Burnette, executive managing director of JLL’s Fort Worth office.
The neighboring building, at 900 Monroe Street, spans 42,000 square feet and carries a demolition delay of up to 180 days. Meanwhile, the parking garage on West 10th Street includes over 900 square feet leased by Hertz, with the lease set to expire in November 2026.
The properties’ location near the $700 million convention center expansion and the Fort Worth Texas A&M campus would put buyers in an area primed for growth.
Downtown Fort Worth has an expansive office supply, including 5.3 million square feet of Class A and 3.5 million square feet of Class B office space with average asking rent of $34.69 per square foot and $23.68 per square foot, respectively, according to JLL.
— Andrew Terrell
Read more
Development
Fort Worth
Is Wells Fargo adding Fort Worth to North Texas office footprint?
Development
Fort Worth
Construction school, new homes sync in fast-growing Fort Worth suburb
Commercial
Fort Worth
Behind the relative unknown who bought Fort Worth’s tallest tower