NThomas
16 September 2009, 12:26 AM
Couldn't find a thread for the project, if there is one, feel free to merge it:
Economy forces change at West 7th development
Fort Worth Business Press
September 14, 2009
By Aleshia Howe
Full Article (http://www.fwbusinesspress.com/display.php?id=11008)
Though space has been turned over to a few restaurant tenants, developers of Fort Worth’s West 7th development say the project’s grand opening will be pushed back to March 2010 and the hotel piece of the development likely will be replaced with more multifamily.
“The hotel is still a possibility, but given what we’ve seen with the residential leases, we’ll probably go forward with turning that into additional multifamily,” said Kirk Williams, vice president of development for Dallas-based Cypress Equities, which is developing the West 7th project.
Among the other changes at the $200 million development:
• The second office building will not begin construction until a tenant is found.
• Fort Worth City Market is no longer part of the project.
• The grand opening, originally set for October, has been pushed back to March 2010.
Williams said signs of progress are evident all around the high-profile development. Several retail spaces are undergoing finish-out currently with plans to open this fall, but in this sluggish real estate market, the official grand opening for the project had to be pushed back and the hotel piece of the development – once slated as a 150-room boutique hotel on the southeast corner at Crockett and Currie Streets – will likely become an extension of The Lofts at West 7th.
The West 7th development, located along Fort Worth’s West Seventh Street and bound by University Drive to the west and Foch Street to the east, includes 106,000 square feet of office; 345 apartments; and 240,000 square feet of retail and restaurants.
The decision to add multifamily units in place of the hotel is likely to be made soon, Williams said.
“It would add 100 units onto The Lofts [at West 7th] and just be a continuance of that development. I’m not saying the hotel is absolutely not going to happen, but we’re weighing the delivery of both projects and it appears the residential has a greater demand in the market.”
Should Cypress decide to go forward with The Lofts expansion, it would be the only mid-priced rental units under construction along the West Seventh corridor, though the nearby Museum Place development has plans for a similar multifamily component...
Economy forces change at West 7th development
Fort Worth Business Press
September 14, 2009
By Aleshia Howe
Full Article (http://www.fwbusinesspress.com/display.php?id=11008)
Though space has been turned over to a few restaurant tenants, developers of Fort Worth’s West 7th development say the project’s grand opening will be pushed back to March 2010 and the hotel piece of the development likely will be replaced with more multifamily.
“The hotel is still a possibility, but given what we’ve seen with the residential leases, we’ll probably go forward with turning that into additional multifamily,” said Kirk Williams, vice president of development for Dallas-based Cypress Equities, which is developing the West 7th project.
Among the other changes at the $200 million development:
• The second office building will not begin construction until a tenant is found.
• Fort Worth City Market is no longer part of the project.
• The grand opening, originally set for October, has been pushed back to March 2010.
Williams said signs of progress are evident all around the high-profile development. Several retail spaces are undergoing finish-out currently with plans to open this fall, but in this sluggish real estate market, the official grand opening for the project had to be pushed back and the hotel piece of the development – once slated as a 150-room boutique hotel on the southeast corner at Crockett and Currie Streets – will likely become an extension of The Lofts at West 7th.
The West 7th development, located along Fort Worth’s West Seventh Street and bound by University Drive to the west and Foch Street to the east, includes 106,000 square feet of office; 345 apartments; and 240,000 square feet of retail and restaurants.
The decision to add multifamily units in place of the hotel is likely to be made soon, Williams said.
“It would add 100 units onto The Lofts [at West 7th] and just be a continuance of that development. I’m not saying the hotel is absolutely not going to happen, but we’re weighing the delivery of both projects and it appears the residential has a greater demand in the market.”
Should Cypress decide to go forward with The Lofts expansion, it would be the only mid-priced rental units under construction along the West Seventh corridor, though the nearby Museum Place development has plans for a similar multifamily component...