Fort Worth-based Trademark Property Co. has decided to purchase an adjacent hotel next to its large WestBend mixed-use development in Fort Worth’s University District, which will give the development firm the ability to add a hotel or residential tower with ground-floor retail and improve access for would-be consumers.
Terms of the 3.5-acre land acquisition on University Drive along the Trinity River were undisclosed.
“We are redeveloping WestBend with the vision of becoming the go-to 21st Century retail and mixed-use developing in Fort Worth,” said CEO Terry Montesi, in a statement.
The deal gives Trademark more than 1,150 feet of frontage on University Drive and Trinity Trails with the ability to add a new traffic light and additional retail space, he said.
Plans are underway to develop a signature hotel, or residential tower above ground-floor retail space, which would replace a Hawthorne Suites hotel that currently sits on the tract.
Trademark’s WestBend redevelopment totals 278,000 square feet of retail, dining and office space, which also includes the existing River Plaza office building. The developer recently completed WestBend 2, which is a 81,150-square-foot office and retail building with grocer The Fresh Market on the ground floor and Class A office space above the store.
Construction is also underway on Drybar and HG Sply Co., which are expected to open in spring and summer at WestBend, respectively. HG Sply Co. will include a 5,000-square-foot patio along the Trinity River and Trinity Trails.