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HomeMy WebLinkAbout2017-09-26 Euless ArticlesThere’s another hotel planned for Texas 121 near Glade Parks in Euless Developer photo of a recently built Grand Prairie facility neat I-30. The architecture and color scheme will be similar to the hotel to be built in Euless. Courtesy of the City of Euless. By Elizabeth Campbell liz@star-telegram.com EULESS Another hotel is planned near the expanding Glade Parks development on Texas 121 in Euless. Developer Amish Patel wants to build a four-story, 85-room La Quinta del Sol hotel along the east side of Texas 121, north of Mid Cities Blvd. and south of Vineyard Village Shopping Center. Patel, who lives in Euless, recently told the City Council that he wanted to build in the city when he saw an opportunity with nearby Glade Parks, which is across 121 from the new hotel. Glade Parks is an upscale commercial and residential development that is anchored by a Belk department store along with Dave & Buster’s and Dick’s Sporting Goods and Cinepolis luxury movie theater. Besides lots of restaurants and shopping, Glade Parks also offers urban lofts for young professionals and single-family homes. La Quinta will join other hotels along the busy Texas 121 stretch in Euless. Construction is underway for a Marriott Aloft near the public plaza and lifestyle area at Glade Parks, on the west side of Texas 121 between Cheek-Sparger and Glade roads. Just down the freeway in Colleyville, a Hampton Inn and Suites opened in October between Hall Johnson and Glade Road. The proximity to Glade Parks and the hotel’s architecture makes the La Quinta attractive to the millennial crowd, Patel said. The hotel in Euless will have the same hip look, color scheme and amenities as one that opened in Grand Prairie in November 2016. Patel told the City Council that the La Quinta del Sol location in Grand Prairie exceeded revenue expectations, and he anticipates similar results in Euless. The lobby is designed to encourage people to be out of their rooms and socializing, said Mike Collins, Hurst planning and development director. “Millennials like to gather together, which means spending more time in common areas and less time in their rooms,” Collins said. There is not a date yet on when construction will start, but the work should take about nine months to complete, he said. There are more shopping venues coming to Glade Parks. Old Navy and Forever 21 will locate in the development, but opening dates haven’t been announced. “We are blessed; we have so much going on. People have discovered Euless all of the sudden,” Mayor Linda Martin said. “They know this is the place to be.” Arch Street and Cortland Partners buy Texas apartment community Arch Street Capital Advisors, on behalf of a client, has teamed up with Cortland Partners to acquire Suite 2801, a Euless, Texas-based apartment community. No financial terms were disclosed. PRESS RELEASE GREENWICH, Conn., Sept. 19, 2017 /PRNewswire/ — Arch Street Capital Advisors is pleased to announce the successful acquisition of Suite 2801 on behalf of an institutional client in joint venture partnership with Cortland Partners. Suite 2801 is a Class A, 417-unit apartment community located in Euless, Texas, a suburb of Dallas, Texas. Suite 2801: Suite 2801 is strategically located in the center of major employment hubs including Dallas, Fort Worth and Arlington, while also providing convenient access to DFW International airport. The Class A property was built in 2013. The community offers 1, 2 and 3-bedroom luxury apartments boasting premium finishes and quality amenities catering to all ages, including two full-size swimming pools, a resident clubhouse, fitness center, communal lounges and grilling areas. Suite 2801 is conveniently located in walking distance to a major retail destination providing its tenants a “Live-Work-Play” environment. About Arch Street Capital: Arch Street Capital Advisors, L.L.C. is a full service real estate investment advisory firm. Arch Street specializes in assisting international investors with their U.S. real estate strategies including acquisition and joint venture advisory, financing advisory, and asset management and disposition services. Since 2003, Arch Street has advised clients on more than $6.0 billion of acquisitions, dispositions and financings. Arch Street manages, on behalf of its clients, a diverse portfolio of investments in the industrial, office, multi-family, single-family, hospitality, retail, health care, student housing, land entitlement and development sectors of the U.S. real estate market. For more information visit: www.archstreetcapital.com Cheers, spirits lovers! Liquor stores are pouring into this area of town Since voters in November approved liquor sales in Tarrant County Precinct 1, which includes far north Fort Worth, Watauga and Haltom City, eight liquor stores have opened up and a ninth is on the way. American Liquor on Basswood Boulevard is open on Tuesday. Joyce Marshall jlmarshall@star-telegram BY GORDON DICKSON gdickson@star-telegram.com Apparently there was a lot of bottled-up demand for hard liquor sales in far north Fort Worth. At least eight liquor stores have opened in Tarrant County Justice of the Peace Precinct 1 since voters approved packaged spirits sales in that area in November. The precinct covers a portion of Northeast Tarrant County that includes far north Fort Worth, the cities of Haltom City and Watauga and parts of Hurst and North Richland Hills. According to Texas Alcoholic Beverage Commission records, the permits have been issued to liquor stores within about a three-mile radius, roughly bordered by U.S. 377, Interstate 35W, Loop 820 and Heritage Trace Parkway. And a ninth store is on the way. Total Wine & More plans to open a large store in Alliance Town Center, at the former site of a Hobby Lobby. Construction is underway to revamp the site, and signs in front of the building at 3103 Texas Sage Trail invite passers-by to inquire at the company’s website about job openings. “We hope to open the Alliance store in mid-November,” Total Wine spokesman Edward Cooper said in an email. “That store will be Total Wine & More’s 10th store in DFW and 25th store in Texas.” In Tarrant County, the company also has locations in Fort Worth’s Hulen area and Arlington. The state records may not reflect other liquor stores that plan to open, TABC spokesman Chris Porter said. “TABC generally doesn’t have record of a new store opening until we receive the application,” he said. “In many cases, it can take a few weeks for an applicant to get local approval before TABC receives their application on the state side. During this time, the “60-day” sign (large white sign giving notice of an application) would be on display at the business.” Stores already open in far north Fort Worth include three on North Beach Street: Liquor Den, Reggis Liquor and US Liquor. There are also two on Basswood Boulevard: American Liquor and Liquor Depot. GG’s Convenience Store and the Liquor Outpost are located on Western Center Boulevard, and Tarrant Liquor Inc. is located on North Tarrant Parkway, near Park Vista Boulevard. Total Wine & More, a Maryland-based company with about 165 locations nationwide, is one of several liquor superstores that have entered the market in recent years as more cities have approved liquor sales. Last summer and fall, the company led a petition drive to get a question on the November ballot allowing liquor sales. But instead of going to each city to seek approval for package stores, this time supporters formed a political action committee known as J.P. 1 Citizens for Total Wine & More and took advantage of a state law that allows voters in a county J.P. precinct, which crosses multiple city limits, to cast ballots on the measure. Nearly two-thirds of voters in Precinct 1 approved the package sales. Now that the law has passed, liquor stores can open in those cities without permission of each city council, although the stores must comply with local zoning ordinances A similar measure that would have allowed liquor sales in Grapevine failed in November after local leaders loudly opposed it, saying it would hurt the city’s boutique wine industry. But liquor stores are located nearby in Colleyville. Texans drink 3 million gallons of hard liquor per month, according to TABC. That’s the equivalent of 384 million shots of whiskey. A decade or two ago, many cities in Northeast Tarrant County were “dry” — meaning alcohol wasn’t sold. But during the past 20 years or so, laws were relaxed to allow restaurants to serve beer, wine and mixed drinks. Then, convenience stores and supermarkets were allowed to sell beer, followed by wine. And now, the stronger alcohol is legal in most places, too. Arch Street Brokers Sale of 417-Unit Apartment Community in Metro Dallas Suite 2801 in Euless totals 417 units. EULESS, TEXAS — Arch Street Capital Advisors, a Connecticut-based investment advisory firm, has brokered the sale of Suite 2801, a 417-unit apartment community located in the Dallas metro of Euless. Built in 2013, the Class A property offers a mix of one-, two- and three-bedroom units and amenities such as two pools, a fitness center and a residential clubhouse. Arch Street represented the buyer, a joint venture between an institutional investor and Atlanta-based Cortland Partners, in the transaction. JV Acquires DFW Apartments Warba Bank and Courtland Partners secured Suite 2801, a 417-unit community in Euless, Texas. The community was developed in 2013. Warba Bank, in joint venture partnership with Cortland Partners, has acquired Suite 2801, with Arch Street Capital Advisors advising Warba on the deal. Suite 2801 is a 417-unit apartment community in Euless, Texas, a DFW suburb. For its part, Warba Bank invested about $23.4 million in the deal. Warba Bank is a Kuwait-based financial services company that offers banking and investment services in compliance with Sharia principles. INSIDE The property was developed in 2013. The community offers one-, two- and three- bedroom units, with such common amenities as two full-size swimming pools, a resident clubhouse, fitness center, communal lounges and grilling areas. Euless, which has about 54,000 people, is northeast of Fort Worth. The suburb is adjacent to DFW International Airport. Since the beginning of 2017, Warba Bank’s total real estate investments in the United States have reached $70 million. Previously the bank acquired the headquarters of Manpower Group, an office building in Milwaukee, and the Ultris apartments in Banyan Grove, Va.