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FORT WORTH-LNR Property Corp. has exercised its option for another 141 acres of a 393-acre tract, commonly known as the Presidio. The just-closed deal puts the developer in control of 305 acres, with the 88-acre balance still up for grabs.

The mixed-use development site in North Fort Worth was marketed for $72 million or $4.25 per sf. The Newport Beach, CA-based LNR opted to take down the 305 acres in two stages, with the most recent closing delivering the frontage on the recently completed North Tarrant Parkway. “This property that they just bought controls all the frontage on North Tarrant Parkway,” says Steve Williamson, principal for Transwestern Dallas. “The retail is going in this section.” And if his calculations match up to LNR’s final plan, there will be at least one million sf of retail planted on the site.

“Not only is it the best development piece of property in North Fort Worth, but I believe it’s the largest commercial land transaction in Fort Worth this year,” Williamson tells GlobeSt.com. The seller, Diversified Asset Planning of Las Vegas, bought the land last February from Dallas-based Legacy Capital Co.

The 388-acre site has frontage on Interstate 35W, North Tarrant Parkway and Harmon Road. Its neighbor is Alliance Town Center, being developed by the Fort Worth-based team of Trademark Property Co. and Hillwood, and an unnamed lifestyle project planned by Margaux Development of Dallas and Ellesmere Corp. of Vancouver.

If LNR’s original plan is on track, infrastructure work will begin in January for the 164-acre first phase, simultaneously opening the construction door for a 660-unit multifamily development. At build-out, LNR says the project will have more than one million sf of retail, restaurants and shops, 1,300 residential rental units and 750,000 sf of hospitality, office and medical office space.

Williamson is marketing 88 acres just north of LNR’s second purchase. It too is destined for retail due to its frontage. “There are numerous users who have been interested in the property,” he says, adding a dozen major retailers who couldn’t get space in the neighboring projects, for one reason or another, have been sizing up the land.

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