A. Lee Graham
Reporter
Pinnacle Bank and the city of Fort Worth’s Local Development Corp. have reached two agreements, with the development of the five-story Pinnacle Bank Place on Lancaster Avenue in downtown expected to begin early this year, according to the bank.
“Pinnacle Bank is excited about the opportunities that abound in Fort Worth, including the burgeoning development of Lancaster Avenue,” said Peter Bennis, CEO of Pinnacle Bank’s Texas locations, commenting in a news release.
Pinnacle has committed to loan the LDC $16,500,000 to construct the 160,000-square-foot, mixed-use development building, according to the bank. The bank is at Lancaster between Jennings and Throckmorton streets facing the U.S. Post Office and T&P Station.
Planned for the building’s ground floor are retail space and apartment management offices. The four floors above will include 130 apartment units. The building is to be named Pinnacle Bank Place and will have project costs totaling about $19,700,000.
In addition to the loan commitment, Pinnacle Bank has agreed to purchase 8,500 square feet of the west side of the building. The bank will open a street-level, full-service branch in the retail space. This office will house the executive offices of the bank as well as space for future growth.
Directly behind Pinnacle Bank Place will be a parking garage that will include parking for residents and tenants. Pinnacle has a 50-year lease for a drive-through for the bank on the first floor of the garage.
Construction is expected to be completed in the first quarter of 2016.
A city official lauded the news.
“We are excited to be partnering with Pinnacle Bank,” said Jay Chapa, with the city’s Local Development Corp., also commenting in the news release.
“We believe this will be the start of further rejuvenation of the Lancaster corridor. We can’t wait to see the dirt flying with construction of a new addition to Downtown Fort Worth’s great stock of buildings,” Chapa said.
Serving as project architect is JHP Architectural/Urban Design with consultant Ibañez Architecture. The general contractor is Jordan Foster,