Geaux Tigers
12 December 2005, 11:59 AM
Posted on Mon, Dec. 12, 2005
Neil P. at Burnett Park's opening soon will add more residents to downtown
By SANDRA BAKER
STAR-TELEGRAM STAFF WRITER
FORT WORTH -- Construction workers were gingerly walking on the thin, plastic sheeting spread across the newly laid terrazzo tiling in the foyer of the Neil P. at Burnett Park as if it were a coat of ice.
But it wasn't slowing down Matt Herring.
Herring, a partner in the development firm that is tackling a residential conversion of the former Neil P. Anderson cotton exchange building on West Seventh Street, had too many things on his mind on this day.
He wasn't going to let a little plastic break his brisk stride.
"You can't believe how many parts there are to this project," Herring said.
Herring and Mark Latham, partners in Amicus Interests, have a deadline looming. In a few weeks, residents will begin moving into the 84-year-old, 11-story building, the next project to bring more of the much-in-demand high-end residences downtown.
The Neil P. follows the opening earlier this year of The Tower, the redevelopment of the 37-story former Bank One Building at Fourth and Throckmorton streets, two blocks away. Residents began moving in this past spring.
Downtown Fort Worth has experienced a renaissance in recent years, and there is high demand for living space. The Tower met some of that current demand, and the Neil P. will, too.
But according to market studies, more is needed, particularly residences that come from converted historic buildings, such as the Neil P.
Plans are still in the works to redevelop the Charles D. Tandy Center at Third and Taylor streets into condos, and the Houston Place Lofts, a residential conversion at Ninth and Houston streets, is nearly sold out. Of the 30 units, 20 are sold and occupied, seven are completed and the remaining units are under construction, said Kim Sallinger, president of Merit Commercial Realty, which is overseeing the conversion.
Two years ago, Herring, Latham and an unnamed Fort Worth partner were working on a condo conversion in Dallas, not for residences but for medical offices. Although both Herring and Latham have been in real estate for many years, it was their first project together. Herring was an investor in the purchase of the historic Green Oaks Inn in west Fort Worth and the Ridglea Bank Building, among others.
Because the medical condo project was going so well, the men decided to do a similar project in Fort Worth, Latham said.
After searching for property for about a year, he said, they found the Neil P. Anderson building and bought it in July 2004. Built in 1921, the building had once served as a cotton exchange for the Neil P. Anderson Cotton Co.
The group commissioned a study and found, however, that the best use of the property would be for residential space rather than offices. All the key indicators were there, Latham said: Floor depths were right, and the building is downtown and near a park.
"We analyzed that and really determined that it would be a shame not to do it," Latham said. "It made a lot of sense."
Added Herring: "We saw what was going on with The Tower. We saw the demand in the market."
Few things have changed on the project since the two set out about 15 months ago. But it is running four months behind, mostly because tearing apart an older building led to some surprises.
The developers didn't have floor plans to work from, and myriad remodelings had been done throughout the years. At every turn, there was a new challenge, Herring said, including the most major setback: having to redesign the electrical and plumbing plans.
Herring said he wasn't happy about it, but they had no choice.
"The good news is, it's allowed us to change design elements for the better," Herring said.
The project started out with 60 condos, but it has been redrawn for 58 units to accommodate certain floors and spaces that early buyers wanted. Twenty condos are under contract and will be sold when completed. The large 11th-floor space, which will be coupled with a patio to be 5,000 square feet, is still available, but Herring said there are three prospective buyers.
A few months ago, a two-day open house was held. Well over 500 people looked, and reservations for 15 units were taken almost immediately, Herring said.
Some are buyers from the city's wealthy west side who want to give up some of their space but want to continue entertaining in elegant homes, Herring said.
"So many of our buyers and prospective buyers are your classic empty-nesters," Herring said. "What we wanted to do was create a space that was more in line with the richness and quality of the finer homes in Fort Worth."
The foyer, for example, features colorful terrazzo tiles with a portion designed as a compass. It also has a barrel ceiling and a teak chandelier.
The units, ranging in size from just under 700 square feet to more than 2,000 square feet, feature windows original to the building. Some have pocket doors that can close off rooms or be opened to offer larger spaces.
Some units will have balconies, and a second-floor sanctuary area will have a pool, waterfall and cooking pavilion.
The building will have 24-hour concierge services.
Also, Thomas Reprographics has bought the street-level retail location facing Lamar Street where it has operated for many years, as well as the portion facing Seventh Street that houses the Seventh Street Grill, together totaling about 11,780 square feet.
Neil P. at Burnett Park's opening soon will add more residents to downtown
By SANDRA BAKER
STAR-TELEGRAM STAFF WRITER
FORT WORTH -- Construction workers were gingerly walking on the thin, plastic sheeting spread across the newly laid terrazzo tiling in the foyer of the Neil P. at Burnett Park as if it were a coat of ice.
But it wasn't slowing down Matt Herring.
Herring, a partner in the development firm that is tackling a residential conversion of the former Neil P. Anderson cotton exchange building on West Seventh Street, had too many things on his mind on this day.
He wasn't going to let a little plastic break his brisk stride.
"You can't believe how many parts there are to this project," Herring said.
Herring and Mark Latham, partners in Amicus Interests, have a deadline looming. In a few weeks, residents will begin moving into the 84-year-old, 11-story building, the next project to bring more of the much-in-demand high-end residences downtown.
The Neil P. follows the opening earlier this year of The Tower, the redevelopment of the 37-story former Bank One Building at Fourth and Throckmorton streets, two blocks away. Residents began moving in this past spring.
Downtown Fort Worth has experienced a renaissance in recent years, and there is high demand for living space. The Tower met some of that current demand, and the Neil P. will, too.
But according to market studies, more is needed, particularly residences that come from converted historic buildings, such as the Neil P.
Plans are still in the works to redevelop the Charles D. Tandy Center at Third and Taylor streets into condos, and the Houston Place Lofts, a residential conversion at Ninth and Houston streets, is nearly sold out. Of the 30 units, 20 are sold and occupied, seven are completed and the remaining units are under construction, said Kim Sallinger, president of Merit Commercial Realty, which is overseeing the conversion.
Two years ago, Herring, Latham and an unnamed Fort Worth partner were working on a condo conversion in Dallas, not for residences but for medical offices. Although both Herring and Latham have been in real estate for many years, it was their first project together. Herring was an investor in the purchase of the historic Green Oaks Inn in west Fort Worth and the Ridglea Bank Building, among others.
Because the medical condo project was going so well, the men decided to do a similar project in Fort Worth, Latham said.
After searching for property for about a year, he said, they found the Neil P. Anderson building and bought it in July 2004. Built in 1921, the building had once served as a cotton exchange for the Neil P. Anderson Cotton Co.
The group commissioned a study and found, however, that the best use of the property would be for residential space rather than offices. All the key indicators were there, Latham said: Floor depths were right, and the building is downtown and near a park.
"We analyzed that and really determined that it would be a shame not to do it," Latham said. "It made a lot of sense."
Added Herring: "We saw what was going on with The Tower. We saw the demand in the market."
Few things have changed on the project since the two set out about 15 months ago. But it is running four months behind, mostly because tearing apart an older building led to some surprises.
The developers didn't have floor plans to work from, and myriad remodelings had been done throughout the years. At every turn, there was a new challenge, Herring said, including the most major setback: having to redesign the electrical and plumbing plans.
Herring said he wasn't happy about it, but they had no choice.
"The good news is, it's allowed us to change design elements for the better," Herring said.
The project started out with 60 condos, but it has been redrawn for 58 units to accommodate certain floors and spaces that early buyers wanted. Twenty condos are under contract and will be sold when completed. The large 11th-floor space, which will be coupled with a patio to be 5,000 square feet, is still available, but Herring said there are three prospective buyers.
A few months ago, a two-day open house was held. Well over 500 people looked, and reservations for 15 units were taken almost immediately, Herring said.
Some are buyers from the city's wealthy west side who want to give up some of their space but want to continue entertaining in elegant homes, Herring said.
"So many of our buyers and prospective buyers are your classic empty-nesters," Herring said. "What we wanted to do was create a space that was more in line with the richness and quality of the finer homes in Fort Worth."
The foyer, for example, features colorful terrazzo tiles with a portion designed as a compass. It also has a barrel ceiling and a teak chandelier.
The units, ranging in size from just under 700 square feet to more than 2,000 square feet, feature windows original to the building. Some have pocket doors that can close off rooms or be opened to offer larger spaces.
Some units will have balconies, and a second-floor sanctuary area will have a pool, waterfall and cooking pavilion.
The building will have 24-hour concierge services.
Also, Thomas Reprographics has bought the street-level retail location facing Lamar Street where it has operated for many years, as well as the portion facing Seventh Street that houses the Seventh Street Grill, together totaling about 11,780 square feet.