1.06 AC - CORE W. 7TH DEVELOPMENT SITE 2816 & W. 7TH STREET & 2329 W. 6TH STREET | FORT WORTH, TEXAS 76107 confidential offering memorandum davidson & bogel real estate LISTING TEAM CAMERON DEPTULA JAKE MILNER INVESTMENT SALES URBAN c: 214.497.0276 c: 817.999.5660 o: 214.526.3626 x 116 o: 214.526.3626 x 109 e: [email protected] e: [email protected] www.DB2RE.com www.DB2RE.com TABLE OF CONTENTS SECTION 1 EXECUTIVE SUMMARY 04 SECTION 2 PROPERTY INFORMATION 08 SECTION 3 LOCATION OVERVIEW 18 SECTION 4 MARKET OVERVIEW 26 SECTION 5 DISCLAIMER 30 2929 Carlisle Street, Suite 250 Dallas, TX 75204 1.06 AC - 2816 W. 7TH STREET | DB2RE | 3 THE OFFERING DAVIDSON & BOGEL REAL ESTATE is pleased to present 2816 W. 7th Street the opportunity to purchase the rare 1.06 AC tract at 2816 W. 2329 W. 6th Street LOCATION: 7th Street, an iconic once-in-a-generation development site Fort Worth, Texas 76107 within the core of Fort Worth’s W. 7th District. The Property is Tarrant County strategically located between Currie Street and Foch Street along W. 7th Street. The offering boasts over 350 feet of W. SALE PRICE: Market 7th frontage and is one of the largest and last redevelopment opportunities in the market, much less along the high-barrier W. 7th corridor. Zoned MU-2, investors and/or developers will benefit BUILDING SIZE: 7,799 SF (To be Demolished) from this flexible high-density zoning classification. As one of the fastest growing cities and infill markets in the U.S., the Property boasts a coveted centralized location with convenient access to world renowned entertainment venues and countless amenities. LOT SIZE: 1.06 AC / 46,210 SF Surrounding venues and developments include: the Foundry District, Montgomery Plaza, W. 7th Entertainment District, Fort Worth Cultural District, West Bank, Crockett Row and Dickies OCCUPANCY: 0.00% (To be Vacated at Cosing) Arena, among many others. Over the last several years, the W. 7th District has evolved into one of the most dynamic urban live, work, play destinations in YEAR BUILT: 1939 the U.S. As a result of its strategic positioning and high-density zoning, the W. 7th District has experienced tremendous growth with a wide variety of uses. Today, the area is home to various ZONING: MU-2 upscale developments and traffic generators that attract over 01. EXECUTIVE SUMMARY 8 million visitors annually. As Fort Worth’s most desired infill destination, the barrier to entry is high, significantly limiting new entrants and developments. With limited land available, DEBT: Free & Clear the offering is a true once-in-a-generation opportunity for both investors and developers seeking to build a variety of uses or a mix of uses. 1.06 AC - 2816 W. 7TH STREET | DB2RE | 5 • The W. 7th District boats over 8 million visitors annually - visitors investment highlights flock to one of the District’s many entertainment venues / events, museums and up-scale establishments. • Rare 1.06 AC (potential 1.3621 AC) development site located within the dense infill W. 7th Entertainment District of Fort Worth, Texas. • Centralized location in the middle of everything means convenient access to all surrounding amenities, Downtown Fort Worth and • Last major redevelopment site left on W. 7th Street or in the W. 7th major thoroughfares (University Drive, I-30, I-35, Jacksboro market with over 350 feet of frontage along W. 7th Street. Highway and White Settlement Street). • Approved high-density / coveted MU-2 Zoning already in-place! • With a contiguous 0.9173 AC, with a potential to increase to 1.3621 AC, new Ownership has ample flexibility in terms of • Excellent centralized location - 0.11 miles / 2 minute to the Foundry permitted uses in the MU-2 designated areas and with the layout District, 0.23 miles / 5 minute walk to Montgomery Plaza, 0.43 miles / 9 of the future development. minute walk to the W. 7th Entertainment District, 0.79 Miles to Downtown Fort Worth, 0.82 miles to the Cultural District and 1.25 miles to Dickies • MU-2 Zoning allows for a max height of 10 stories for mixed-use Arena developments (residential & commercial) and single-use office and hotel developments. For single-use multi-family or retail, max • Strategic positioning within the affluent high-growth West 7th trade height of 5 stories with height bonuses as earned (see Fort Worth area, between Currie Street and Foch Street along W. 7th Street - most Zoning). coveted commercial corridor in the city. • The offering encompasses two (2) land parcels totaling 1.06 • Surrounding traffic generators include: Montgomery Plaza, Left Bank, W. AC and two (2) existing buildings totaling 7,799 SF. A third / 7th Entertainment District, The Foundry District, Target, Dickies Arena, adjacent available parcel consists of one (1) land parcel and Will Rogers Memorial Coliseum, Chick-Fil-A, In-N-Out, Velvet Taco and building totaling 0.3055 AC and 5,818 SF. Total potential site is Starbucks, among many others. 1.3621 AC with 13,617 SF of improvements. 2816 W. 7th and 2329 W. 6th are owned by Supreme Bright Fort Worth III (“Owner • Traffic counts in excess of 26,877 vehicles daily along W. 7th Street and 1”) and 2824 W. 7th (outlined in blue) is owned by 2824 W. 7th 21,710 vehicles along University Drive Street LP (“Owner 2”). Both owners to consider offers together or separate, but will be in the best interest of new Ownership to • Dense affluent market with 95,288 and 274,377 residents within a three keep contiguous. and five mile radius. • Only 2824 W. 7th is occupied by owner and shall vacate on or • Average household income is $84,945 to $74,836 within the respective before closing or whatever both parties agree to. This allows new three and five mile radius. Ownership to expedite any development with no added time or costs to terminate the tenant(s). Note: The alley way has already • Daytime populations of 129,382 and 194,112 employees and 7,791 and been abandoned by both Owners, allowing development from 13,820 businesses within three and five miles of the Property front to back. Please note that 3,126 SF on 2329 W. 6th Street shall be designated for rerouting utilities that currently run through the alley. 6 | DB2RE | 1.06 AC - 2816 W. 7TH STREET 1.06 AC - 2816 W. 7TH STREET | DB2RE | 7 site layout Lot 4 2800 W. 7TH STREET 39,894 SF / 0.9158 * NAP / ASK FOR DETAILS Lot 1 2816 W. 7TH ST 39,958 SF / 0.9173 Lot 3 2824 W. 7TH ST 13,125 SF / 0.3013 * NAP / FOR SALE Lot 2 2329 W. 6TH STREET 6,252 SF / 0.1435 AC * 3,126 SF DEDICATED TO UTILITIES LOT ADDRESS SF AC 1 2816 W. 7th Street 39,958 0.9173 2 2329 W. 6th Street 6,252 0.1435 02. PROPERTY INFORMATION * Total (1-2) 46,210 1.0608 3 2824 W. 7th Street (NAP) 13,125 0.3013 4 2800 W. 7th Street (NAP) 39,894 0.9158 ** Total (1-4) 99,229 2.278 NOTES: • 2329 W. 6TH - 3,126 SF USED FOR REDIRECTION OF UTILITIES IN ALLEY. ENTIRE SITE IS 59,335 SF / 1.3621 AC. WHEN SUBTRACT- ING THE 3,126 SF, TOTAL USABLE SIZE OF THE SITE IS 56,209 SF / 1.2904 AC. • 2800 W. 7TH - OWNED BY VERITEX BANK, POSSIBLE SALE AT THE RIGHT TERMS AND IF INCORPORATED INTO DEVELOPMENT. 1.06 AC - 2816 W. 7TH STREET | DB2RE | 9 Survey PROPERTY INFORMATION 2816 W. 7th & 2329 W. 6th Street ADDRESS: Fort Worth, Texas 76107 44450-10-4R APN: 44450-10-8R BUILDING SIZE: 7,799 SF (To Be Demolished) 0.917 AC / 39,958 SF LOT SIZE: 0.072 AC / 3,126 SF Total: 1.06 AC / 46,210 SF OCCUPANCY: 0.00% (To Be Vacated) YEAR BUILT: 1939 To Be Determined (MU-2 boasts limit- NAP PARKING: ed parking requirements) FOR SALE SIGNAGE: None Two (2) points of entry along W. 7th INGRESS / EGRESS: Street and W. 6th Street ZONING: MU-2 ROOF: Improvements to be demolished HVAC: HVAC to be removed upon demo W. 7th Street - 26,496 vpd TRAFFIC: University Drive - 37,273 vpd 10 | DB2RE | 1.06 AC - 2816 W. 7TH STREET 1.06 AC - 2816 W. 7TH STREET | DB2RE | 11 2816 W. 7th Street ZONING SUMMARY LOCATION: 2824 W. 7th Street 2329 W. 6th Street FORT WORTH STOCKYARDS 44450-10-4R PARCELS: 44450-10-7R 44450-10-8R Van Zandt, K M Addition Block 10 Lot 4R JACKSBORO HIGHWAY LEGAL: PANTHERVan Zandt, ISLAND K M Addition Block 10 Lot 7R Van Zandt, K M Addition Block 10 Lot 8R WHITE SETTLEMENT DISTRICT 0.917 AC / 39,958 SF LOT SIZE: 0.301 AC / 13,125 SF WHITE SETTLEMENT ROAD 0.072 AC / 3,126 SF THE FOUNDRY DISTRICT CARROLL STREET MU-2 - High Intensity Mixed-Use LINWOOD ZONING: LEFT BANK C - Medium Multi-Family (Rezone) MONTGOMERY PLAZA UNIVERSITY DRIVE Mixed-Use - 10 stories max Hotel - 10 stories max Office - 10 stories max W. 7TH STREET MAX HEIGHT: Multi-Family (Single-Use) - 5 stories + height bonus (as earned) Other Commercial (Single-Use) - 5 stories W. 7TH ENTERTAINMENT DISTRICT Residential (apartments, condominiums, senior housing), office, hotel, retail, eating FOCH STREET FOCH PERMITTED USES: and drinking establishments (entertain- ment) W. LANCASTER AVENUE Fort Worth does not have a FAR maxi- MAX FAR: mum, only limited by height 12 | DB2RE | 1.06 AC - 2816 W. 7TH STREET 1.06 AC - 2816 W. 7TH STREET | DB2RE | 13 Architect renderings - option 1 Option 1 details 2816 W.