With the sale of the Fort Worth Public Library鈥檚 250,000-square foot Central branch at 500 W. Third St. for the city may jump- start another round of development downtown.
On Dec. 13, the Fort Worth City Council the three-story building and the more than two acres of prime downtown real estate for $18 million to Dallas-based national real estate investment firm Dart Interests has done a variety of developments and owns properties in several states, including California, South Carolina, New York, Florida and Texas. This will be the company鈥檚 first project in Fort Worth.
鈥淭his clearly could be a catalyst for that northwest side of downtown,鈥� said Jeff Johnson, executive vice president of development at Fort Worth鈥檚 .
鈥淚t鈥檚 great real estate and fairly walkable to Sundance Square,鈥� he said.
The project is viable for residential and a mixed-use project that could spur further development in the area, Johnson said.
鈥淚t鈥檚 got some great attributes, and the location is great,鈥� he said.
Andy Taft, president of the area鈥檚 management and advocacy organization, said the library site is a 鈥渞are opportunity.鈥�
鈥淚t鈥檚 close to the center of downtown, and it鈥檚 on Third Street, which is emerging as an even more important connector between the east and west sides of downtown,鈥� he said.
The redevelopment of those two blocks on Third Street will be a meaningful addition to the downtown 鈥渨alkable core,鈥� he said.
Adding those two blocks also will stretch downtown toward Henderson Street and to the new City Hall, which is expected to open in 2024.
While Dart Interests has not released any designs for the property, most ideas for the property have included a large residential component, Taft said.
鈥淭hose residents would be within easy walking distance of downtown鈥檚 work, dining and shopping core,鈥� he said.
The city first announced its plans to sell the Central Library building in February 2022, citing a decrease in usage since the pandemic shutdown and a low utilization rate. The listing, managed by real estate firm , required prospective buyers to invest at least $100 million into the property and redevelop it as a mixed-use project with office and residential space.
The plan is to relocate the staff and materials currently housed in the Central Library to other branches and establish a much smaller presence downtown, according to the city. The city is currently studying where it will locate. The Central Library鈥檚 genealogical archives were moved back in October to the new .
The Central Library building will remain open until the summer of 2023.
is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy.
