Fort Worth could turn the page for a historic building in its downtown.
The city is considering the purchase of a 36,400-square-foot building at 512 West Fourth Street to serve as its central library, the Dallas Business Journal reported.
The city sold its old library building at 500 West Third Street for $18 million more than a year ago to Dart Interests, which plans to redevelop the land, possibly with two commercial towers on the site’s 2 acres.
It plans to use $6.5 million from the proceeds of that sale to fund the acquisition. Although it didn’t disclose the price, that would amount to almost $179 per square foot. The Tarrant Appraisal District valued it this year for $3.5 million, although property tax appraisals are typically lower than actual values.
The building, constructed between 1928 and 1929 as the Fort Worth Elks Lodge, was formerly occupied by the nonprofit Center for Transforming Lives.
If the acquisition is approved by the City Council, renovations could begin next year.
The proposed library could be a boost for nearby Sundance Square, a Dallas-Fort Worth tourist destination that has suffered high retail vacancy while other parts of downtown Fort Worth are thriving.
For example, a $1 billion expansion of the historic Fort Worth Stockyards is planned, spearheaded by a venture of Hickman Companies, M2G Ventures and Majestic Realty Company.
Other redevelopments of historic buildings in Fort Worth include Icon Lodging’s $33 million conversion of the 11-story Bob R. Simpson Building at 110 West Seventh Street into a Residence Inn hotel.
The city of Fort Worth recently halted the demolition of a historic warehouse building, the Kimbell Milling Company building at 2109 South Main Street, which John Landry’s Pirogue Projects and Cenikor Foundation are trying to sell as a tear-down.
— Andrew Terrell
Read more
Real estate booming in Fort Worth
Dart Interests plans two-tower development in downtown Fort Worth
Equity Residential acquires $964M multifamily portfolio from Blackstone
