FORT WORTH-Intradel Corp. of New Orleans expects to close in mid-January 2003 on the 81-year-old Transport Life Building in Fort Worth’s CBD. The developer, following the money trail since March, got a unanimous OK yesterday from city council on tax abatements for the $17-million adaptive reuse project.
Intradel president and CEO Kerry Kirby tells GlobeSt.com that the Overland Park, KS office for Horsham, PA-based GMAC Mortgage Co. has lined up a single buyer for $17 million of tax-exempt bonds, a closing that will be done practically in sync with the 24-story building’s acquisition from Equitable Life Insurance Co.
Intradel and Fort Worth officials have cut a tax abatement deal that starts revenue flowing for city taxes 90 days after the 200-unit Main Street Lofts at 714 Main St. reaches 90% stabilization, Kirby says. Intradel is ticketed to pay 50% of the property taxes for the first through third years; 60% for years four through six; 70% for the seventh, eighth and ninth years; and 100% in the 10th year.
Fort Worth spokesman Pat Svacina says the abatement is tied to a 20% hiring of minority and women’s businesses for the construction phase, a 35% hiring of Fort Worth-based contractors and creating seven jobs and $200,000 in annual service contracts. Shreve Land Construction of Shreveport, LA is the general contractor.
Kirby says construction will begin in February 2003 on the lofts and 7,000 sf of street-level retail. It will take about a year for the building conversion. A deli and grocer will be courted for the retail component to add to the mix now available in Sundance Square, situated just three blocks away. As for the units, roughly 50 prospects have signed an on-line waiting list.
The 10-year-old Intradel is marking its North Texas inroad with the Fort Worth urban loft project and an adaptive reuse of a 1934 federal courthouse and post office at 400 N. Ervay St. in Dallas. The Dallas project, though, still has a few hurdles to clear before the calendar can be marked for a construction start.