Trademark Property Company, the national real estate developer, investor and operator based in Fort Worth, announced that it was bringing a multifamily, mixed-use development to a five-acre site on the Near Southside.
The Vickery, at West Vickery Boulevard and Hemphill Street, will consist of 307 apartments, 14 townhomes, and a 5,300-square-foot standalone restaurant building with a second story lounge.
Trademark said on Monday that it had closed on the land and secured financing.
“I’m thrilled to bring this project forward in this very challenged capital markets environment,” said Chad A. Colley, Trademark’s multifamily and mixed-use partner, in a statement. “The Vickery prevailed because of the strong demand drivers in Fort Worth and Trademark’s reputation for creating highly amenitized mixed-use environments.
“Given the coming shortage of new construction, we expect a surge in demand for high-quality multifamily housing in the coming years, and The Vickery will be poised to satisfy this demand for top-quality housing with unmatched amenities.”
According to a press release, First United Bank provided the $61 million construction loan for the project, while SCOA Real Estate Partners serves as the primary capital partner. The Walker & Dunlop Texas-based Capital Markets teams, led by Heather McClure and Jonathan Paine, advised Trademark on the development joint venture with SCOAREP.
Over three decades, Trademark has invested in, developed, or redeveloped 21 million square feet of mixed-use, multifamily, and retail assets worth $4.6 billion. The company is currently responsible for a 17-property portfolio of over 8.2 million feet of mixed-use and retail projects across the country, including Galleria Dallas, Lincoln Square, Left Bank, WestBend, Waterside, 5000 S Hulen, and Alliance Town Center in Fort Worth and Dallas.
“Over the last 30 years, we have partnered with numerous multifamily developers in creating vibrant mixed-use communities that provide a wonderful quality of life for residents,” said Terry Montesi, founder and CEO of Trademark. “We are thrilled to have launched our own multifamily platform with The Vickery and apply our best practices in design and placemaking to create a quality living experience that is truly unique.”
Construction is expected to begin early next year. The Fort Worth and Dallas offices of regional design firm GFF serve as the project architect.
The edge of downtown and the Near Southside district is experiencing a fast-growing population. It has evolved over the years from a dilapidated, neglected part of town into a highly walkable neighborhood with restaurants, bars, breweries, and coffee shops. A Tax Increment Finance District set up by the city of Fort Worth has gone a long way in improved sidewalks, lighting, public spaces, and other upgrades to the surrounding infrastructure. Those improvements continue.
The city also recently completed the Hemphill Street’s pedestrian and vehicular connection, further enhancing the site’s connectivity to downtown.
“This development is meticulously designed, and we look forward to building a community where our future residents will be happy to call home and all stakeholders will be proud,” said Joe Zagranski, president and CEO of SCOA Real Estate Partners.
This post was originally published on this site be sure to check out more of their content.
