CBRE has been hired to market a 5.6-acre mixed-use development site in Fort Worth on behalf of JPS Health Network | Tarrant County Hospital District.
The site is bound by Magnolia Avenue to the north, an existing development and East Morphy Street to the south, Bryan Avenue to the east, and St. Louis Avenue to the west, and is separated by South Main Street. South Main Street is undergoing a development boom as the city has made several street improvements in the area.
“This is a unique opportunity to create a retail/multi-family mixed-use project connecting the JPS campus to the Fort Worth Central Business District and developing Medical Innovation Center,” said Peter Jansen, vice president, CBRE’s Public Institutions Group.
“The site benefits from strong local demographics, large daytime employment, excellent market fundamentals, and is in a prime location on Magnolia Avenue’s entertainment corridor.”
The existing zoning and entitlements allow for a mix of uses and substantial development, with potential projects valued in excess of $100 million. The site is being offered via a long-term ground lease.
“We are pleased to offer a world-class development opportunity next to our main Fort Worth campus,” said Robert Earley, president and CEO of JPS. “The project will allow us to be innovative in using a highly desired location to create a new, long-term revenue stream for JPS to support our mission.”
“This opportunity comes along at the right time in the market as this is the last remaining significant site available on Magnolia Avenue and we look forward to creating vibrant competition,” said David Walters, senior vice president, CBRE.
The mixed-use project is set to break ground in 2019.
Jansen and Walters with CBRE are the exclusive marketing advisors for the site.