JLL overseeing the sale and development of the property located near Sundance Square
News release
30 May 2023
Dart Interests LLC To Bring Mixed-Use Development to Downtown Fort Worth
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Dart Interests LLC, a national firm specializing in real estate investment and development, has announced the successful acquisition of Fort Worth's Central Library for $18 million. This milestone marks the first step of a transformative plan to revitalize the site into a captivating mixed-use development. The library, located at 500 West Third Street, within walking distance of Sundance Square, spans three floors and totals 250,000 square feet, setting the stage for Dart Interests' vision for a growing, vibrant downtown Fort Worth.
JLL was engaged by the city to oversee the sale and development of the property, as well as to consult on relocation of the central library services. The JLL team involved includes Todd Burnette and David Berzina.
"JLL is pleased to have played a pivotal role in securing a deal that benefits all parties involved,” said Todd Burnette, Managing Director of JLL Fort Worth. “The development of the property will not only create new jobs within the towers and during construction, but it will also help generate additional tax revenues for the city.”
“The development will potentially include 20-story buildings, adding a signature appeal to Fort Worth’s skyline and ushering in fresh opportunities and growth for the area,” added David Berzina, Vice President of JLL Fort Worth. “Additionally, this sale not only sets a new benchmark for commercial land sales in downtown Fort Worth but also reflects the immense value and potential of the Fort Worth market."
Dart Interests LLC boasts a diverse portfolio of properties that spans coast to coast including California, Florida, New York, South Carolina, and Texas.
“We are based here in North Texas and thrilled to kick off our first investment in our backyard. Fort Worth's business friendly approach and resultant growth makes it the ideal choice for us,” said Christopher Kelsey, Dart Interests President. “We look forward to working with the city and its downtown residents and workforce to bring to life a development that gives more people the opportunity to live, work, play, and experience all that Fort Worth has to offer."
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.