Historic Land Buy Includes 1,000 Feet of Trinity River Frontage
The land acquisition in Westworth Village is a unique opportunity to expand Fort Capital’s vision for the River District, with potential uses including a mixed-use development for 234,000 residents within a five-mile radius.
FORT WORTH—Fort Worth-based real estate investment firm Fort Capital has acquired the largest contiguous tract of developable land currently available in West Fort Worth. Located at 5700 White Settlement Rd. in Westworth Village, the 27.73 acre site has 1,000 feet of Trinity River frontage and is directly adjacent to the quickly growing River District. It is also a five-minute drive to the West 7th and Cultural Districts, 10 minutes from downtown and a quick stroll to the Trinity Trails.
“With the purchase of the Kite Farm, Fort Capital has picked up a once-in-a-lifetime property that will allow us to continue developing the River District,” Chris Powers, Fort Capital’s CEO/CIO tells GlobeSt.com. “The 27-plus contiguous acres along the Trinity River give us an incredible opportunity to build a very desirable mixed-use community.”
This historic land acquisition in Westworth Village is a unique opportunity to expand Fort Capital’s vision for the River District. Future potential land uses include a mixed-use development, which would bring additional amenities, attractions and places to work for surrounding neighborhoods and the more than 234,000 people living within a five-mile radius.
The River District is a locally cultivated community in West Fort Worth completely anchored by the Trinity River. The District offers various living options, and is home to restaurants and retail locations such as Abundio’s Fit Society, Salsa Limon Distrito, Lettuce Cook, Heim Barbecue on the River and Tim Love’s newest restaurant, Gemelle.
The site has been nicknamed the “Kite Farm” as a tribute to its previous owner, Samuel Kite, who moved to Fort Worth in 1951 and founded Kite’s Custom Cleaners. He had a passion for showing his Palomino Western Pleasure horses and operated equestrian stables on this land, which was once the Kite family farm.
Retail fundamentals remained strong in second quarter, with occupancy reaching a record high of 94.7%, according to a report by CBRE. Construction and absorption also had slight increases this quarter, showing signs of strength mid-year.
Retail construction was up 18% this quarter with 2,66 million square feet of new retail space in development. Another indicator of the strength of the market: DFW gained approximately 132,000 new residents from 2017 to 2018, more than any other metro area in the nation, according to new data from the US Census Bureau.