Downtown Fort Worth Development Site
Downtown Development Site with Existing Warehouse | 10,150 SF Parcel | 8,940 SF Building
Marketing description
Outstanding opportunity to acquire a nearly quarter-acre downtown Fort Worth development site just blocks from Sundance Square and the core of the Fort Worth Central Business District. The property, consisting of 10,150 square feet of land is located at 1119 W. 5th Street, between Summit Avenue and Lexington Street. Zoned “H” Central Business, the property can be developed into a high-rise office building, townhomes or multifamily apartments with no height restrictions providing an opportunity to have a very low basis in the land on a future building per square foot basis. The property is within the Downtown Urban Design District (DUDD) overlay. An existing warehouse of approximately 8,940 square feet can be leased out during planning and design phases of a development project helping to reduce the overall basis in the parcel.
Investment highlights
♦ Property consists of an existing single-story warehouse of approximately 8,940 square feet on a parcel containing approximately 10,150 square feet of land, all per Tarrant Appraisal District records.
♦ The Property is situated on the south side of W. 5th Street between Summit Avenue and Lexington Street.
♦ Property is next door, and across the street from four-story luxury apartment projects.
♦ Property is ideally suited for a new, mid-rise or high-rise development.
♦ Zoning: “H” Central Business. All uses permitted in “G”, plus multifamily residential, printing/publishing. No height restrictions and permissive area regulations. Restricted to designated Central Business District. Downtown Urban Design District (DUDD) overlay.
♦ Legal Description: Rectors Addition, Block 5, Lot A
♦ Asking Price: $1,375,000.00 / $135 per square foot to the land.
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