Company will seek land for another luxury tower in Fort Worth
See full WFAA news article by Spencer Brewer here.
While Deco 969 remains under construction, Southern Land Company has begun prowling downtown Fort Worth for land to construct another luxury residential high rise.
The company recently topped out Deco 969, the first residential tower in Downtown Fort Worth in about 30 years. Fort Worth hasn’t seen as much high-rise residential development as other cities of similar size, but that could change depending on how Deco 969 performs.
Land remains scarce in Downtown Fort Worth, and it took Southern Land Co. about 12 years to secure the parcel that would become Deco 969. The firm remains focused on the walkable core of downtown, but it has broadened its gaze following Texas A&M University System’s downtown Fort Worth expansion.
“Once we prove it out then others will probably try to follow, but there just isn’t much land to do it in,” said Tim Downey, CEO of Southern Land Company.
Southern Land Company targeted the Central Library building for a potential development, but Dart Interests secured the site. Dart Interest intends to construct a high rise development potentially featuring two towers, but the company remains early in the planning process and specifics remain fluid.
Planning is far from concrete but the property’s location lends itself to a combination of office and multifamily development. The existing zoning allows for both types of development.
Deco 969 will fully deliver around this time next year, and consumer demand has outpaced Southern Land Company’s predictions. The list of people registered as interested in leasing rose to 570 after the topping out ceremony.
Southern Land Company has projects across the nation, but has never seen this level of demand for a development before.
“In Nashville, I bet there are at least 30 luxury high-rise apartment buildings, like what we’re doing in Fort Worth,” Downey said. “It’s the same population and generally the same incomes and number of jobs. I think what we’re seeing is people in Fort Worth want something luxurious too.”
Southern Land Company will continue to target sites in Fort Worth for another luxury tower, focusing on the urban core.
Location Mentioned: Deco 969