On behalf of the Owner, Transwestern Commercial Services Fort Worth, LLC is pleased to present for sale the Hotel Texas Annex, a 234,160 square foot proposed multi-family re-development opportunity to be known as The Commerce at 815 Commerce Street, Fort Worth, Texas (“Property”). The Property, located at the southeast corner of 7th and Commerce Streets in downtown Fort Worth and covering one-half city block, consists of a thirteen-story building, plus a basement with eight floors of former hotel rooms and a valet parking garage encompassing the lower five floors and basement.
The Property, located across Commerce Street from the Hilton Hotel (and connected via a leased skybridge), is in the heart of downtown Fort Worth, one of the most diverse and successful urban corporate, residential, retail and entertainment districts in the country. The Property is just two blocks northwest of the Fort Worth Transportation Center which offers rail service to downtown Dallas, DFW International Airport and more. Just one block north of the Fort Worth Convention Center, the Property is currently vacant with demolition of existing conditions on the upper eight floors and a complete asbestos abatement having been completed within the past several months. In addition, current ownership has completed a design, including full construction plans, for a re-development of the property to include 150 residential rental units on the upper eight floors in conjunction with an operating valet parking garage that can accommodate approximately 175-200 vehicles onsite. Amenities incorporated into the design include the residential lobby and ground floor retail space, outdoor swimming pool and sixth floor deck, fitness center, theatre, meeting rooms, lounges and more. While the Property can be re-developed into other uses including office space or live/work units, should the purchaser desire to pursue the contemplated multi-family development, the Purchaser can be provided copies of the nearly complete permit set of construction documents and all due diligence materials the owner has completed toward the multi-family re-development. Please note the Property is deed restricted preventing future use as a hotel. However, the seller has been in discussions with the previous seller and there is now an agreement that the hotel deed restriction can be modified under certain terms and conditions. Provided those conditions are met, the Property can be redeveloped into a hotel. Please contact the brokers for more information and a list of the terms and conditions.
To aid in the financial benefits of the re-development, the Property has been listed on the National Register of Historic Places providing significant re-development federal and state tax credits. In addition, the Property had previously secured an agreement with the downtown Fort Worth Tax Increment Financing District #3 for more than $4.7 million in funding. A purchaser that re-applies may also be successful in obtaining a larger amount.
The Hotel Texas Annex offering provides a purchaser the opportunity to acquire an exceptionally well-located and significant historical, in-place mixed use structure with an existing valet parking garage at far below shell replacement cost with reduced net development costs by utilizing the historic tax credits and potential TIF funding.
