Trademark Property Co., a Fort Worth-based development firm, is buying 63 acres in west Fort Worth from the Lockheed Martin Recreation Association for a new residential and retail development to be called Waterside.
Waterside will have 200,000 square feet of retail space, including riverside restaurants, 20 to 30 acres for town homes, up to 200,000 square feet of office space and a hotel. Construction is scheduled to begin in spring 2014, with the first phase to open in spring 2015, Trademark said.
Planned amenities include access to the Trinity Trails hike-and-bike trails, an internal trail system, signature bridge, canoeing and kayaking, a dog park, central plaza with outdoor dining and recreation areas, and a riverfront amphitheater, Trademark said.
The land is north of Bellaire Drive and bounded by the Clear Fork of the Trinity River on the north and west and Bryant Irvin Road on the east. Two road projects currently underway will make access into Waterside easier, including Arborlawn Drive, connecting Bryant Irvin and Hulen Street, which opens this summer, and the Chisholm Trail Parkway a few hundred yards from Waterside, scheduled to open in 2014, Trademark said.
The Lockheed Martin Recreation Association will retain about 16 acres on the north end of the site, with its fitness center, two softball fields and two sand volleyball courts.
When the nonprofit association first listed the property in 2009, it was offering 40 acres, but that was increased. The recreation area dates to around 1950, when the land was leased by Convair Aircraft, a predecessor of Lockheed, for its employees. In 1963, the General Dynamics-Fort Worth Recreation Association bought the land and facilities. It added an Olympic-sized pool in 1968, which is being sold to Trademark.