Sundance Square sits at the center of the country’s 12th-largest city, but behind its lively façade lies a puzzle that few can piece together.
Questions about occupancy rates, leasing practices and the district’s future are mysteries despite its prominence as a go-to destination in downtown Fort Worth, the Dallas Business Journal reported.
The 37-block business and entertainment district is owned by billionaires Ed and Sasha Bass who have held an interest in the district since the ’70s but gained full ownership in 2019, just before the pandemic impacted hospitality and retail.
Sundance Square retail spaces that once housed long-standing businesses now sit empty, with little public information on what might replace them.
An informal survey by the Fort Worth Star-Telegram estimated that 25 percent of the district’s storefronts were either closed or empty halfway through last year. Sundance Square Management, owned by the Bass family, had the highest number of empty storefronts, with 20 of 141 spaces unoccupied.
Businesses like Reata Restaurant and the Four Day Weekend improv troupe are just two of the many businesses that vacated their locations, alleging a lack of communication from the landlord.
Unlike many commercial districts, available properties in Sundance Square are not listed on widely used real estate platforms such as Loopnet. Instead, brokers must contact the leasing office directly to inquire about availability. This approach has left analysts with little insight into vacancy rates or future leasing plans.
Despite the lack of transparency, signs of change are appearing. A former restaurant space was recently repainted, and another property’s window was display updated. However, it’s unclear how soon those spaces will be filled or what businesses will occupy them.
“We just trust that whatever they’re doing is according to their own plans and their own agenda, their own idea,” said Shane Smith of Downtown Fort Worth Inc.
Meanwhile, the nearby Cultural District is thriving with restaurants and upscale apartments. Demand in the area has been fueled by several large-scale projects, including the development of Texas A&M University’s downtown campus and the expansion of the Fort Worth Convention Center. A $1 billion expansion of the Stockyards is also underway.
— Andrew Terrell
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