Pinnacle Bank reaches agreements with city; construction of West Lancaster building prepares for launch

By Scott Nishimura

Other Business Press content on West Lancaster:

West Lancaster projects heating up

Fort Worth turns up heat on moving T&P Warehouse redevelopment ahead

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Pinnacle Bank and the city of Fort Worth’s Local Development Corp. closed out two agreements, and construction of the five-story Pinnacle Bank Place on West Lancaster Avenue downtown will begin early this year.

Pinnacle committed to loan the LDC $16.5 million to build the 160,000-square-foot mixed-use builiding, and agreed to buy the 8,500-square-foot west side of the ground floor. The bank will open a street-level, full-service branch in the retail space, and completion of the building is expected in the first quarter of 2016.

The building, on West Lancaster between Jennings and Throckmorton streets, is planned to have retail space and apartment management offices. The four floors above will have 130 apartments. Total project costs are expected at about $19.7 million.

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-thru for the bank on the first floor of the garage.

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“Pinnacle Bank is excited about the opportunities that abound in Fort Worth, including the burgeoning development of Lancaster Avenue,” Peter Bennis, CEO of Pinnacle Bank’s Texas locations, said. “Our heritage and long-term vision fit perfectly with the most dynamic Central Business District in Texas.”

JHP Architectural/Urban Design is the project architect, with Ibanez Architecture as consultant. Jordan Foster is the general contractor.

Group plans 230-unit Northwest Fort Worth development

MV Residential Development LLC – an entity of the Miller-Valentine commercial real estate group – plans a 230-unit apartment development called the Reserve at Quebec Apartments near Loop 820 and Jacksboro Highway.

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The city of Fort Worth’s Housing Finance Corp. – Mayor Betsy Price and the eight City Council members – voted Tuesday to approve the negotiation of an agreement with MV, form a partnership entity, and buy the site. MV will buy the property and turn it over to the HFC.

The project will have mostly affordable-rent apartments, 15-20 percent market rate, and 20-30 units of permanent supportive housing.

ATC, MillerCoors incentive agreements ending

ATC Logistics and MillerCoors are proceeding with planned expansions in Fort Worth, but have decided to move forward without financial help from the city, city officials said.

ATC agreed in 2012 to an eight-year incentive agreement to abate up to 70 percent of property tax increases on new business personal property at its three Alliance Business Park facilities. The company is opting to acquire another piece of property for its expansion and, rather than seek an amendment to its agreement with the city, has decided conditions are good enough to go forward without the original agreement, Jay Chapa, the city’s housing and economic development director, said.

Similiarly, MillerCoors, which last year won a 10-year incentive agreement for a three-phase upgrade of the company’s South Fort Worth plant, needed to seek an amendment and decided to proceed without the original incentive, Chapa said.

Key targets in the agreements were in 2015 and 2016.

Fort Worth naming Hillwood to manage former American Airlines base

Fort Worth’s Alliance Airport Authority is naming Hillwood to manage and maintain the the former American Airlines maintenance base at Alliance Airport. The Alliance Airport Authority – Mayor Betsy Price and members of the City Council – made the move at a meeting Tuesday.