With units priced between $150,000 and $300,000-plus, sales have been brisk since the building opened in July 2006. Residents like living not only blocks from downtown offices and the hub of Fort Worth‘s nightlife, but also in a train station. “A lot of buyers work at the airport or in Dallas,” says Trask. “They step out of their front door and catch the train to work.”
Elizabeth Lunday is a freelance writer in Fort Worth, Texas.
PROPERTY: Texas & Pacific Lofts
DEVELOPER: Wood Partners
LOCATION: Fort Worth, Texas
RENOVATION COST: $25 million-plus
LENGTH OF RENOVATION: 18 months
SCOPE OF PROJECT: Renovation of a historic office building/train station into condos as well as construction of a new four-story mid-rise.
ACTION ITEMS
- With historic buildings, you must understand your building’s code violations as well as the city’s code. Only with a deep familiarity of the code’s was the team able to devise cost-effective solutions that satisfied code officials.
- If the community has a vision for your area, show them how your project will further that concept. By getting on board with the city’s plan for the Lancaster corridor, the project gained community support.
- Explore all incentive options —the Texas & Pacific Lofts even leased the building’s façade to the city as a commitment to preserve the historic exterior—but walk away if a program’s requirements compromise your project.