Fort Worth Business Press
Chadwick Farms to see multifamily followed by retail, church
BY ALESHIA HOWE
June 08, 2009
Chadwick Apartments Phase I Ltd. has secured financing for the construction of its 264- unit Chadwick Place Apartments in the 800-acre Chadwick Farms mixed-use development in the cities of Fort Worth and Northlake and will start construction immediately.
Chadwick Apartments Phase I is an affiliated development entity of Chadwick Farms Ltd., the master developer for the Chadwick Farms Master Planned Community located along and south of Highway 114 and east of Interstate 35 in both north Fort Worth and Northlake.
Chadwick Farms recently completed $2 million in water and sewer utilities as well as the new Chadwick Parkway, which serves as the roadway for the apartment complex and connects Highway 114 to Cleveland Gibbs Road.
“We expect strong demand from all forms of retail pad users and large box tenants in the coming years with the residential build up and tremendous traffic volumes on Highway 114,” said Marc Footlik, Chadwick Farms Ltd. managing partner and development manager, in a press release.
The 264-unit luxury Chadwick Place Apartments, which was designed by B&A Architects of San Antonio and Goodwin & Marshall Engineers of Grapevine, will be constructed by Irving-based Texas BBL LP. The project is expected to be complete in 14 months. Financing for the complex was provided by Dougherty Mortgage and initial leasing and occupancy will be in early 2010.
“In spite of the economic recession the market in North Fort Worth is still growing with major employment drivers like the Alliance Airport and Barnett Shale development and a desire for affordable rental housing,” Footlik said.
About 180 acres were initially sold to Kimball Hill Homes, which along with Weekly Homes and Drees Homes, built the 735-lot Chadwick Farms residential community located between Elizabeth and Henrietta Creeks and just west of the Byron Nelson Ranch Homestead. Chadwick Farms Ltd. retained the remaining land zoned for retail/commercial and multifamily development.
In addition to the apartments, Footlik said his company also is under contract on eight acres for a new church and is completing market studies for the co-development of a Stoney Brook Assisted Living Center.
Fort Worth firms
wrap up Everman project
Speed Fab-Crete Design-Build General Contractors has completed construction of the new multimillion-dollar Dale Keeling Field House for Everman Independent School District.
The field house, one of multiple projects Speed Fab-Crete will construct for the school district, totals 24,100 square feet.
Fort Worth-based Callahan & Freeman Architects designed the angular-shaped facility.
Arlington firm tapped
for $150 million project
Arlington’s Ascension Group Architects was awarded a $150 million contract to design and build a replacement hospital for Portneuf Medical Center in Pocatello, Idaho.
Plans call for the construction of a new six-story addition on the east campus of the medical center along with interior renovation throughout Portneuf’s existing facility.
Construction is scheduled to begin in late June and will make room for 187 beds in 320,000 square feet of new construction and 37,000 square feet of renovated space.
Construction is slated for completion in mid-2011.
Portneuf is owned by a joint venture between Portneuf Health Care Foundation Inc. in Pocatello and by Plano-based Legacy Hospital Partners Inc.
Partnership picks up Waxahachie hotel
An unidentified limited liability partnership purchased Sleep Inn & Suites, a 63-room hotel property in Waxahachie. Ravi Mehta Sanjeev Lad with Marcus & Millichap Real Estate Investment Services’ Fort Worth office represented the seller and the buyer in the transaction.
The hotel, located at 1701 North US Highway 77 in Waxahachie, sits on about 1.92 acres. Opened in 2007, the property was listed for sale at $4.275 million.
Retail leases inked at Camp Bowie shopping center
Five companies have signed leases totaling more than 6,000 square feet at Ridglea Village Shopping Center at 6040 Camp Bowie Blvd. in Fort Worth bringing the retail center’s occupancy to 97 percent.
La Madeline French bistro and bakery renewed its lease for 4,910 square feet. Kim Jordan-Miller of SRS Real Estate Partners negotiated the lease on behalf of the tenant.
J. Clint Robertson renewed its lease for 848 square feet and New South Federal Savings Bank renewed its lease for 400 square feet. Dee Dee Herring signed a new lease for 316 square feet for its corporate headquarters and Maureen Nicol renewed its lease for 204 square feet.
In all of the deals, Matt Waldon and Kirby Cone of Dallas-based RM Crowe, represented RM Crowe.
Built in 1939, Ridglea Village Shopping Center is a 112,000-square-foot, multi-tenant retail building.
Dollar Tree grows in Fort Worth
Dollar Tree Stores Inc. leased 10,382 square feet of retail space at 7400 McCart Ave. in Fort Worth from SW McCart LLC. Bob Ginsburg of CB Richard Ellis negotiated the lease on behalf of the landlord while Jim Weir of Retail Connection represented the tenant.