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Updated: New hotel to be built on West Magnolia Avenue

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first_imgHaley Harrison ReddIt Linkedin Fort Worth set to elect first new mayor in 10 years Saturday Facebook Haley Harrisonhttps://www.tcu360.com/author/haley-harrison/ + posts Linkedin Haley Harrisonhttps://www.tcu360.com/author/haley-harrison/ Haley is a senior journalism major and political science minor from Parker, Texas. When she’s not in the newsroom, she enjoys playing sand volleyball with her friends and watching all the cute dog videos on Facebook. Haley Harrisonhttps://www.tcu360.com/author/haley-harrison/ Good Neighbors Animal Rescue helps hundreds of feral cats and dogs ReddItcenter_img Students concerned about off-campus thefts printThe northeast corner of West Magnolia Avenue and Henderson Street won’t be desolate for much longer.Construction is expected to begin in the next year for a proposed six-story, 138-room boutique hotel. The project is expected to take 30 to 36 months to complete, said Michael Bennett, CEO of Bennett Benner Partners and architect of the project.“A hotel would be a good complimentary use on Magnolia,” said Bennett. “It would be the next logical use to introduce into the area to keep it growing and evolving.”There was neighborhood opposition to the hotel being built, including a petition submitted by members of the Fairmount Neighborhood Association. The rezoning was approved by Fort Worth City council in spite of opposition.Bennett and the original landowner were introduced to Bond Partners of San Diego, the hotel developers, who had also been interested in building in the Magnolia area. They have established hotels such as the Foundre Phoenix, the North Block Hotel in Napa Valley and The Modern Honolulu.Plans call for a multi-use building that includes a restaurant facing West Magnolia Avenue, a rooftop bar and events space, a small number of apartments and condominiums and a large parking garage on the other side of Henderson Street. The new parking garage will also have 170 spaces available to reduce parking in the adjacent neighborhoods.The last piece of property for the project was purchased early last year, Bennett said. He added that his team is now in the process of branding the hotel with an independent company.“The branding will grow out of the history and feel of the Magnolia neighborhood,” Bennett said. “It will establish guiding principles for both the interior and exterior design.”Bennett’s firm has some conceptual drawings on its website. The images reflect the design elements meant to help the hotel match the area.His team collaborated with their immediate neighbors and business owners during the zoning process. Bennett said that most people are excited about the hotel, but there was quite a bit of misinformation and misunderstanding regarding the character of the project.“We will continue to work with the adjacent neighbors as the design progresses,” Bennett added.Kat Swift, assistant general manager of Gus’s World Famous Fried Chicken, said that she is “all for it.” The most reoccurring complaint on her restaurant’s Yelp reviews is that they don’t have a parking lot. Swift said an increase of visitors and a parking lot would help her business.“Magnolia is one of the coolest areas of Fort Worth that most people don’t get to see,” said Swift. “The growth will help show people this side of town.”Kent & Co. Wines and Heim Barbecue representatives are both taking a neutral stance on the project at this time.Steve Huffman, a nearby resident, said he he’s excited about the new addition to Magnolia.“The hotel will bring more business to the area,” said Huffman. “It’s nothing but good for our street and our neighborhood.”The Fairmount Neighborhood Association could not be reached for comment, but you can listen to their concerns from the city council meeting here, beginning around 1 hour and 32 minutes. Haley Harrisonhttps://www.tcu360.com/author/haley-harrison/ Facebook Previous articleUNTHSC/TCU Medical School is right on trackNext articleTwo seniors launch açaí bowl start-up Haley Harrison RELATED ARTICLESMORE FROM AUTHOR Twitter Grains to grocery: One bread maker brings together farmers and artisans at locally-sourced store Twitter TCU visiting scholar continues campus conversation on immigration Newest construction plan aims to close parts of Bellaire Drive for pedestrian walkway Abortion access threatened as restrictive bills make their way through Texas Legislature last_img read more

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House or ATM? Cash-out refinancings spiked in 2020

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first_img Email Address* Tags Mortgage rates fell below 3 percent for the first time last year, making refis a no-brainer for many homeowners. Last year, there were $2.4 trillion refinancings, according to mortgage data firm Black Knight.ADVERTISEMENTFor some homeowners, cash-out refis were a financial cushion in a financially tough year. Others withdrew equity to be able to buy bigger homes. Many took out cash for major home renovations, particularly given low inventory nationwide.“They can’t find a house to move into, so they’ve basically decided to make their homes work long-term,” said Eric Henning, a mortgage loan officer in Washington.Cash-out refis do have a downside: They reset the clock on 30-year mortgages, meaning owners could pay additional interest. There can also be tax implications.But economists don’t consider today’s cash-out refinancings as risky as in the run-up to the 2008 crisis: home prices are rising now, while values plummeted then.[WSJ] — E.B. SolomontContact E.B. Solomont Housing MarketMortgagestristate-weekly (iStock/Illustration by Kevin Rebong for The Real Deal)Americans treated their homes like ATMs last year, withdrawing $152.7 billion amid a cash-out refinancing spree not seen since before the 2008 financial crisis.Fueled by historically low interest rates, cash-out refinancings rose 42 percent year over year, the Wall Street Journal reported, citing data from Freddie Mac.Read moreCovid spurs refinancing spree Low rates give refinancings a boost Huge supply crunch pushes home prices up Full Name* Share via Shortlink Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

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Ryan happy with ‘attitude’ and ‘workrate’

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first_imgTipp FM’s coverage of the game at Semple Stadium gets underway at 2.50pm on Sunday and will be brought to you in association with Donal Ryan Motor Group – Nenagh, Thurles and Roscrea and Colm Hanly Tyre Centre, Cork Road, Cashel.We’ll also bring you live commentary on Tipperary V Longford in Division 3 of the Allianz National Football League on Sunday.  Our build-up starts at 12.50pm.  The broadcast will be sponsored by Cleary Motors Renault, Thurles. Although he also says that the standard of play produced in the opening two Allianz National League matches can be improved radically.Following a break Tipp return to action on Sunday when they face defending champions Clare in a DIvision 1A encounter at Semple Stadium.The Premier’s boss thinks his side will need to step it up in order to get the better of The Banner.last_img read more

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