FORT WORTH, Texas — This story was originally posted by our content partners at the Dallas Business Journal. You can read the original version here.
Asana Partners LLC, a firm that specializes in retail real estate investments, wants to turn a collection of mid-century warehouses near downtown Fort Worth into a "more active entertainment district."
North Carolina-based Asana purchased the area known as the Foundry District from Fort Worth-based M2G Ventures in 2022. The district encompasses 6 acres and features 98,000 square feet of warehouses anchored by a large outdoor art gallery called Inspiration Alley. The area borders the Cultural District, which is home to major museums and is a busy nightlife destination.
Asana, which has made significant investments across Dallas-Fort Worth, this week announced more details about its plans. The company wants to redevelop 65,000 square feet to create a "premier experiential destination" along Carroll Street and White Settlement Road. That might include retail and restaurants, gathering spaces, showrooms and creative office space.
Work is expected to be done by spring 2025, according to the announcement. The company also released new renderings from architecture firm GFF showing what the redevelopment might look like.
Brad Kantrowitz, senior director of investments at Asana Partners, said the firm sees DFW as an attractive investment market. Asana Partners also plans a $27 million renovation project in Dallas' Design District. The company owns 1.5 million square feet in across the Metroplex, including in Dallas' Deep Ellum and Victory Park.
"With The Foundry District, we see a great opportunity to enhance the area and offerings for visitors while capturing the legacy and charm that draw people here," Krantrowitz said in a statement.
Asana's vision showcaes an intriguing future for a prime location. The reinvention of 65,000 square feet might mean turning elevated loading docks into an open-air dining space or improving the outdoor gallery and alley area, according to the company. Asana Partners also plans to transform surface parking lots into "softer gathering spaces and comfortable patios" to create a more walkable area.
"Today, The Foundry District stands as a testament to the power of identity and historical significance in placemaking, remaining one of Fort Worth’s most vibrant areas," Lance Abaya, associate and senior design leader at GFF, said in a statement. "We are honored to work with Asana Partners on their vision to redefine the District neighborhood through organic, yet thoughtful growth over time."
The Foundry District has several new businesses open including a self-pour taproom called Hoppin' and Alexis James Salon. Longtime retailers include Blackland Distillery, Bumble Bee Yoga, Doc's Records, M&O Grill and Maple Branch Craft Brewery.
The Foundry District is surrounded by development activity. A $850 million mixed-use development of around 2 million square feet is being planned by a partnership between Dallas-based Lakspur Capital LP and Fort Worth-based investment firm Keystone Group LP. That project stretches 11.45 acres along Tillar Street, north of White Settlement Road, and also reaches to 100 University Dr., the former Fort Worth Independent School District headquarters.
In the nearby Cultural District of Fort Worth, Nebraska-based Goldenrod Cos. is planning two large developments called the Van Zandt and One University, a combined investment of around $400 million. Crescent Real Estate is also planning a second office building in the area. A recent Fort Worth Star-Telegram analysis found that the Cultural District/West Seventh Street lead the city for alcohol sales, with revenue from adult beverages up 37% between February 2020 and February 2024.
