FORT WORTH, Texas — Read this story and more North Texas business news from our partners at the Dallas Business Journal.
Tim Downey, founder and CEO of Nashville-based Southern Land Company LLC, knows all eyes are on Deco 969, the 27-story luxury apartment tower his company developed and just opened in downtown Fort Worth.
That’s because downtown Fort Worth hasn’t seen such a development in nearly 30 years. If the $150 million building does well, Downey said that could open the floodgates for other developers to follow suit with similar projects.
Deco 969 is off to a strong start. Tenants began leasing some of the 302 units in April, while construction was still being finished. Now, the building is 16% leased and construction is largely finished, including rooftop amenities including a pool, lawn, kitchen and lounge. Some of the penthouses on the top three floors are still being finished.
"How well this building performs is critical, because if we do well, other people will develop," Downey said. "If we don't do well, it will get bogged down right here."
Dallas Business Journal recently toured Deco 969 and spoke to Southern Land Company about the vision behind the high-end high-rise that's a bet on the future of downtown.
Of the 567,000 square feet in the tower, Deco has about 9,800 square feet of indoor amenity space and 6,800 square feet of outdoor amenity space. Plus, Oklahoma-based Provision Concepts LLC plans to open restaurant Broadway 10 in 8,500 square feet on the ground floor, offering a menu that includes steak and seafood.
Rent ranges from $2,000 to $6,000 a month, according to the Deco 969 website.
The tower, located 969 Commerce St., sits in an area that is seeing a lot of new construction, such as the renovation of the downtown convention center, the Texas A&M Fort Worth campus and Le Meridien hotel.
Tiffani Larson, community manager for Deco 969, pointed to several features that aim to create an "elevated experience" for tenants, including a doorman that doubles as security and a beverage manager that offers future tenants drinks.
"So many people live in downtown Dallas," Larson said. "That is not the case for downtown Fort Worth. So we're really setting the stage for something amazing."
Waging an "amenity war" — stuffing buildings with as many gadgets and amenities as possible — isn't the goal, said Ronan Kearney, senior vice president and head of property management at Southern Land Company Instead, it's all about creating somewhere that people are excited about.
"What follows is like, 'Gosh, you know, people love outdoor space, how do we create something that excites them and energizes them?'" he said.
Downey waited about 15 years for available land to open up for development in downtown Fort Worth. He was originally inspired to develop when he visited Sundance Square, he said.
Southern Land bought the site for Deco 969 from XTO in 2017. Banks were nervous about financing the tower, Downey said. DBJ previously reported Southern Land relied on internal equity with debt financing from Bank OZK.
In a speech, Fort Worth Mayor Mattie Parker said Deco 969 will play an important role in the city’s economic development.
"I can't tell you how many times I've had a conversation with prospective corporate relocation where they want a world class place to live and they want to lease and so I hope that those wishes do come true," she said.
Only time will tell whether Southern Land’s bet will pay off. The company’s goal is to fully lease the building within 16 months, Larson, said. Downey previously told DBJ he’s interested in building another residential tower in the area, and sought the former downtown library for redevelopment. Dart Interests ultimately bought that land and tentatively intends to build two new towers.
