Report to Members & Stakeholders

August 2000

Ante-up, guys! — We sent out 1642 membership solicitation brochures two weeks ago. One positive response has been received. Take a leap of faith and join Fort Worth South. There are great things on the horizon, but we can’t realize them without funds. We depend on membership dues and contributions to make it work.

Paris Coffee Shop — Attorney Kevin Byrne, who leases the office space adjacent to Mike Smith’s Paris Coffee Shop from owner Wells Fargo Bank, exercised his option to purchase the entire property at Hemphill and Magnolia from the bank which was under contract with the Omni Group. The current plan is for Mike Smith to acquire the restaurant property and for Kevin to purchase his office building along with adjacent parking. FWS is working with Fort Worth-based Omni Group to find a suitable site for their client, Walgreen.

Apartments — Here is some interesting information from the most recent M/PF Research apartment study for the period January through June 2000. Fort Worth absorbed 2,350 rental apartment units in the 2^nd quarter of 2000, reflecting the highest demand since 1992 (there are currently 128,980 apartment units in this geographic area). If Fort Worth was measured separately from Arlington in surveys, the central city's rate of growth world rank in the top five most rapidly expanding markets in the country along with Austin and San Antonio.

The "InTown/Cultural District" with includes the Medical District has absorbed 600 units YTD. There are 3,234 units in this submarket, with 1,174 units built since 1990 and 856 units built since 1999. Current occupancy is 89.7%. The stabilized properties (Sanger Lofts, Sundance West, Houston Place Lofts and Hillside) are 97.5% occupied. Citywide occupancy is 94.6%.

Monthly rental rates average $.726 per square foot in Fort Worth and $.893/sf in the InTown/Cultural District. The rate on the InTown properties built since 1990 is $1.085/sf.

In Fort Worth South there is one 750 sf apartment left in the recently remodeled Modern Drug Village located at Magnolia and Hemphill; fourteen 850 sf single bedroom apartments will be available for leasing in late September at the historic Markeen Apartments at Daggett and St. Louis; and 192 units in the Homes of Parker Commons at Jennings and Terrell are under construction with the first to be available in November.

Modern Drug Village - The remodeling of the old Modern Drug is almost complete. Fort Worth National Bank will be moving into their new space on the corner of Magnolia and Hemphill in early September. Mr. Bacon's barber shop is open for business on the back side (south) of the building in a little shop adjacent to the courtyard. The vacant space west of the bank on the first floor is to be used for a restaurant and lounge. Guests will be able to use the courtyard space for outside dining. Four of the five loft apartments on the second floor have been leased. Ray Boothe and Fran McCarthy (phone 927-5000) have done a wonderful job of bringing the old building back. They have set the stage, and the standard, for Magnolia redevelopment.

Design Guidelines - Fort Worth South's Urban Design Guidelines were published and distributed in October 1999 to be used as a guideline for new development. Since then five new projects in the District have been designed and site plans produced in a form that conflicts with the concepts of urban design. As a result FWS’s 14 member Development Committee decided to recommend to the Board of Directors that they consider an action at their October meeting that would direct the organization toward making the guidelines mandatory for new development within the boundaries of the Development District.

FW Independent School District closed on its purchase of the Motheral Printing Company property at 510 South Main Street - $3.9 million for 8.73 acres and 90,000 sf of buildings. The ISD plans to use the site for a new elementary school. The ISD also completed their acquisition of Temple Beth El at 207 W. Broadway. This 1.5 acre parcel has a two-story 37,000 sf building with a dining hall and auditorium, and office and classroom space. Its future use is not yet determined.

Trains - Commuter rail service to and from Dallas is scheduled to begin on October 28, 2001 when the first train will arrive at the T&P Depot on Lancaster Street after first stopping at the new Intermodal Transportation Center (ITC) depot at 9^th and Jones Street.

Clayton Child Care has acquired the 3,500 square foot building at 1608 Eighth Avenue, just south of its current office building, and plans to renovate it for use as a school-age child care service site and training center for caregivers. The benefit concert given by Danny Wright at the Caravan of Dreams on August 27 was part of the fundraising effort to pay for the improvements. Executive Director Frankie McMurrey hopes to be in the new space by June 2001. Daedalus Development will do the design and construction work.

Beer & Wine - In this work, sometimes you have to take the long view. Texas Alcoholic Beverage Commission Administrative Law Judge Robert Jones approved an application for a mixed beverage license which will permit the reopening of the bar at 1408 W. Magnolia, most recently known as El Barrilito. In a similar case County Judge Tom Vandergriff approved an application for a beer and wine permit at the Oasis Bar at 1263 W. Magnolia. Both decisions were made over the objections of many in the neighborhood who remember, and described vividly, the problems with both of these establishments when they were open. Property owner and landlord City Vending Company will work with us to avoid a reoccurrence of earlier problems.

Palermo's Italian Café - Fay and Joseph Sutah, whose restaurant is located at 1000 W. Magnolia, received a variance from the City regulation preventing beer and wine permits close to a school, in this case the Accelerated High School. They are now able to apply for a permit that will eventually permit them to serve a glass of wine with dinner.

Ron's Deli - Ron Ramon and his wife have opened a new restaurant in the retail strip at Westchester Plaza, located at the corner of Pennsylvania and Eighth Avenues. They’re open 6a to 6p, Monday through Friday, and 6a to 2p on Saturday. Give it a try - good food and a pleasant atmosphere.

Dolores Stewart & Associates - The tornado forced the relocation of Delores Stewart's court reporting business from Mallick Tower. She purchased the old Sankary Building at 1701 Pennsylvania (west of Eighth Avenue) and has moved her business and 16 court reporters to a larger facility in the District. Welcome.

Durham House - Attorney Vince Cruz, Jr. was blown out of the Bank One Tower, but has recovered by purchasing the historic Durham House at 9^th and Pruitt. Vince will use the structure as a live/work space. Downstairs will accommodate his law practice, which focuses on civil and criminal trial work, and upstairs will become home. As information there are about 35 law firms in the District.

Guy & Kathleen Thompson - Last December Guy and Kathleen, owners of Thompson's Harveson and Cole Funeral Home, moved into their new home located south of, and directly across the street from, Vince Cruz's property. The Thompsons remodeled a 112 year old carriage house which had been used as a garage for their company vehicles. The idea of living on the site of their business was recommended by Alan and Kenneth Barr who were with the Thompsons during the funeral services for their father, former Mayor Willard Barr. The late Mayor Barr lived for many years above his printing company on Macon Street in the downtown. More live/work arrangements in the urban sector are coming.

Membership - FWS has 179 members with these recent additions. Thank you.