Smith plans to have four distinct areas in the spruced-up old Southside Lions Club hall. A ’50s-era lounge up front, with a small space available for acoustic performers: “I want it to be a true, relaxing lounge,” he says. “I want people to be able to answer their cell phones without having to run outside.” The main music hall, which Smith says will seat either 300 or 350, depending upon how he ends up configuring the space, will play host to “some big names,” he says, name-checking the likes of Fleet Foxes, Robert Earl Keen and Lucinda Williams. (Although there may be the occasional band reminiscent of Lola’s Saloon or the Where House, Smith says those more indie acts will likely be the exception, rather than the rule.) According to Smith, the lounge/music hall layout will be reminiscent of Dallas’ Gypsy Tea Room (now the Door), with clearly defined boundaries between areas.
Today I got a chance to meet with Eddie Wanston of the Carillion Group, he has been redeveloping a historic building by adding lofts and apartments above remodeled retail spaces. Eddie Vanston at 209 S. Main St. Eddie restored the Sawyer Grocery store into 14 loft apartments with office space on the street level. He has also added apartments and home that will be ideal for singles, and families with children. The retail space has already started leasing to small business such as Stir Crazy Baked Goods, and several other businesses.
Along with the renovations being done to the building it has lead to community volunteer contirubting executing community improvement projects, called Better Block Projects. These projects have also lead to narrow, slow traffic lanes. Dedicated bike lanes. Giant-sized people space. Art vendors. Food carts. Sidewalk cafes. On-street bike corrals. Live music. Native landscaping. Games. Giant crosswalk.
The renovations so far consisted of, pieces like the building’s original floor and window trim survived and are restorable, as is the original flooring. All the original trim, flooring, and counters are coveted, and quite beautiful, Longleaf Pine, which is in short supply now due to severely reduced numbers and must normally be gotten at salvage. The building’s original Longleaf Pine woodwork is being restored in all its various uses and will add tremendously to the buildings’ character. Along with ventilation windows above each door in the halls. Then the original 1930s-era kitchen cabinet assembly. The buildings’ upper floors were used as a hotel in the ’30s and ’40s, and these cabinets were installed at that time. A few remained, so Eddie will be able to use them and build replicas to match for the other units.
Got a chance to meet with Mike Brennan, AICP Planning Director
Fort Worth South, Inc. (FWSI) is a private, member-funded, non-profit 501(c)(4) development company dedicated to the revitalization of Fort Worth’s Near Southside.
This district’s history dates back to the beginning of the 20th century, when it was developed as the city’s first streetcar suburb. Today the Near Southside is an eclectic and diverse mixed-use community and the second largest employment center in Tarrant County, with around 30,000 jobs.
I got a chance to hear Mike discuss the creative funding options used to create several of the projects developed/maintained by Fortwoth South inc. I was really glad that he took time to break down how they obtained and utilized their TIF funding. Obtaining grants and development credits is fairly new to me so getting this break down really saved me hours of googleing. And from my understanding is an important redevelopment tool for the Near Southside. It allows tax revenues generated by new investments in the district to be used for funding public improvements within the district. TIF #4 was created in 1997 and will expire in 2022.
TIF #4 has funded many different types of projects, from the repair of sidewalk benches to the construction of a 320-space public parking garage at Magnolia Green. TIF funding has also supported public infrastructure that is constructed as part of a private redevelopment project, providing an incentive that defrays development costs for projects that advance district goals and, but for the TIF assistance, wouldn’t be financially feasible. Developers interested in applying for TIF assistance must go through an application process prior to consideration by the TIF’s Board of Directors.
A newer plan converted the building into lofts for sale and construction of a new low-rise apartment building to the east of the tower. The lofts opened in July of 2006. Commuter rail service started on December 3, 2001, serving as the western terminus of the Trinity Railway Express.
The Texas & Pacific Railroad merged with Missouri Pacific in 1963, and Mopac has long since been gobbled up by Union Pacific.
The station closed in 1967, when rail passenger service was taken over by Amtrak and relocated to a smaller station a few blocks away. Since then, the building has housed federal office space on the upper floors, but the lower levels have been mostly vacant.
Construction will cost about $50 million, and the developers are working on a public-private sector financing plan. Compared with building a new full-service hotel, the conversion of the historic railroad building is a bargain.
I got a chance to visits The Magnolia Avenue Redevelopment in Forth worth, and I got a great tour with Ray W. Boothe.
Ray Boothe is Chief Architect, responsible for several historic aspects and aesthetic including:
- 1000 West Magnolia Bldg. – City Historic-Renovate & Adapt for City Police Substation, loft apartments, a restaurant & a bed-&-breakfast
- Newkirk Building– City Historic- Renovate & Adapt for Corporate Offices
- Fire Station No. 5 – National & City Historic-Renovate & Adapt for Video Studio & Corp Offices
- Modern Drug Complex – National & City Historic-Renovate & adapt for new Bank, Restaurant, Landscape Architect and 6 loft apartments – in progress
- Max Mehl Building – National & City Historic-Renovate & Adapt for Architects Office, Restaurant, and 12 loft apartments – in progress
- Victory Art Center – National & City Historic-Renovate & Adapt for Glass School, Performing Center, Retail Art Galleries, 10 studios and 43 loft apartments
- Assisted in Strategic Master Plan for renovation of Fort Worth South (1400 acre Southside Fort Worth) Continue to work with implementation
- Consultant to Huitt-Zollars, Inc. for Federal GSA Historic Analysis Projects in Joplin and Columbia, Missouri – Provides GSA guidance on what they can do with buildings
The development I got a chance to tour was the Magnolia Avenue Redevelopment.
This Blog page was created to analyze and support the potential investment of a multi-family property located in the
I decided to do a Real Estate Analysis of a seasoned multi-family property located near the Fair Park area. What attracted me to this property was its location, the Fair Park Area is an older community located in Central Dallas and has been slowly undergoing a slow transformation. The Dallas Economic Development just complete phase one of their long-term efforts to attract new businesses and residents.
This property recently passes its city code inspection, and had its roof remodeled in 2009. It has also had its foundation leveled this year in 2012. It is an 8 unit apartment complex with 100% occupancy. It has a gross rental income of $4,240, additional expenses of $14,000 and a NOI of $34,080. Interestingly with 100% occupancy it has a fairly high Cap Rate of 17%.
4,800sq.ft. Milti-family low-rise garden property with 2 floors
- Built on 7500.00 acres
- 8 units- all 2 bedrooms/1bathroom
- Ceramic tile
- Tenants pay electric
- Located near new Dart Rail
- Gross income of 3800/month
This property can be acquired at a 17% Cap Rate, using the income statement of May 2012.
- Asking Price $199,OOO
- Down Payment $ 50,000
- 30 year Note $ 160,000
- Amortization – 2o Years
- Balloon – 3 Years
- Interest – 9.5%
- Monthly PI Payment $1,491.41
Since the year 2000 real property value has increased in the Southern Dallas region by 3.62B or 53.6%. The Southern Dallas Area is continuing to grow including new condominium, several town homes, and the addition of a new police head quaters.
Median Age: 35.1% Sizes of Households: 2.4 people
Average Adjusted Gross Income: 22,524
Percentage of Renters in 75215 vs State Average
After careful analysis of the areas market, the properties income statements, and projected cash flow I feel this property would be a good first time infestment. The remainder of this blog will present a break down of the research that went into the dession to possibly invest in this property.
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