The Fort Worth Club has reached an agreement to sell its parking lot at the corner of Sixth and Lamar iin downtown Fort Worth to a firm that plans a Class A office building at the site. A. Lee Graham
The Fort Worth Club has entered into an agreement to sell its off-site downtown parking lot to Anthracite Realty Partners LLC.
The Fort Worth-based real estate development firm emphasized that the sale is subject to a 60-day due diligence review, expected to reach completion by the end of June 2014. Terms of the transaction will not be disclosed.
The Fort Worth Club currently uses the property, at Sixth and Lamar streets, for overflow parking for club members, tenants, guests and the public.
The club purchased the property from the Fort Worth Star-Telegram in 2008.
Anthracite owner Greg Bird said the intent of the review is to explore options to develop a Class A multiuse office building to serve as headquarters for Jetta Operating Co. Inc., a Fort Worth-based privately held oil and gas company for which Bird serves as president.
Jetta has been a Fort Worth Club tenant since 1991.
The multiuse office building also would include retail space and a parking garage that the Fort Worth Club would use for its members, guests and tenants. Anthracite has retained Bennett Benner Partners, a Fort Worth-based multidisciplinary design firm, to manage the due diligence review and the initial planning and programming of the building.
“Fort Worth has always been Jetta’s home, and we are delighted about the potential of this new downtown Fort Worth development,” Bird said in a news release.
The Fort Worth Club, founded in 1885, is a member-owned social, business and athletic club. It owns the 12-story and 14-story office buildings at 306 W. Seventh St., which includes a 300-space parking garage. The club is located on the upper floors of the two buildings.