FORNEY, Texas — Last night, the Forney City Council unanimously approved an economic performance agreement to finalize plans to bring a Victorian-style retail and commercial development to the downtown district.
The project proposes construction of four 3-to-5,000-square foot Victorian-style buildings which are modeled after Victorian homes on Dallas' historic Swiss Avenue.
According to the Chapter 380 agreement approved last night, the City of Forney will convey 3.3769 acres, located at the northeast corner of the intersection of Main Street and Chestnut Street, to the Forney Economic Development Corporation (EDC). This land and 0.7506 of EDC-owned land are to be conveyed to the Garrett Moore Company which, under the terms of the agreement, has 180 days after conveyance of the property to begin construction of at least 8,200-square feet of Victorian-style retail and commercial space with a minimum capital investment of $1.2 million.
“Forney has a need for Class A office space and this development really addresses that need,” stated Forney EDC Director Warren Ketteman. “It also provides a 'bookend' for our downtown and will serve as a catalyst for additional development in the immediate area.”
The Garrett Moore Company anticipates starting construction in the next two to three weeks, according to Garrett Moore Company representative Terry Moore.
“We are excited and honored to have the opportunity to work in and with the City of Forney.” stated Moore. “Although built new, the buildings we are constructing will resonate with the charm of the past and will blend well into the historic district.”
A restriction agreement was also approved which allows the EDC to exercise a $10 option in the event certain terms of the agreement are not met — including construction commencement and completion dates.
The Garrrett Moore Company will further be obligated to receive a certificate of occupancy for the first phase of the project by December 21, 2019, according to the agreement. Additionally, the company will need to create 15 full-time positions at the premise within the first year upon receiving a certificate of occupancy.
The fair market value of the property is $510,000, according to a recent independent appraisal of the property.
The Chapter 380 agreement was unanimously approved by the Forney City Council.
“The Garrett Moore Company is a full-service development company headquartered in Dallas, that has more than 40 years of experience designing and developing properties,” according to a Wednesday news release from the City of Forney. “The Company has developed properties across the South, Midwest and DFW metroplex including Billy Bob’s in Ft. Worth, along with Swiss Tower and City Place II, both in the pre-development phase and located in Downtown Dallas.”
For more information about the project or for questions about leasing space within the development, contact the Forney Economic Development Corporation at (972) 564-7337.