In February 2024, Trademark Property Company broke ground on their latest Fort Worth project. Located at W. Vickery Blvd and Hemphill Street, the five-acre mixed-use community, aptly named The Vickery, will be Trademark's sixth Fort Worth asset, complementing other mixed-use properties like Left Bank and Waterside. The project is being financed in part by a $61mm construction loan courtesy of First United Bank, which was secured in December 2023 in tandem with Trademark's acquisition of the land. With architecture by GFF Design, The Vickery is expected to welcome its first residents in Spring 2026.
The Vickery is being built atop an existing brownfield site, a former drainage detention area adjacent to I-30. The City of Fort Worth has established a Tax Increment Financing District, pouring investment into the area with the expectation of further growth paying dividends. This government investment has made the area far more desirable than in the past, offering improved sidewalks, lighting, and other infrastructure. This complements Hemphill Street's recent upgrades and the rapid growth in the area, creating an opportunity for Trademark to deliver a high-end product to a historically overlooked area.
While convenient for commuters, the community's proximity to I-30 presents noise-mitigation challengesSource: Google Maps
The project, which plans for 307 apartments, 14 townhomes, a standalone restaurant with a cocktail lounge, offers residents flexibility and convenience while providing Trademark with some diversification of their risk exposures. The residences will have access to luxury amenities that will command premium rents:
- Central green space
- Pickleball courts
- Dog parks
- Coworking lounge
- EV charging stations in a covered, 435-space structured parking garage
- Indoor/outdoor rooftop lounge
- Heated resort style pool
- "High-end, luxury finishes"
The blend of facade materials offers curb appeal while maintaining the practical, boxy shape of the structuresSource: Trademark Property Company
Terry Montesi, founder and CEO of Trademark, spoke to the company's depth of experience in their trademark* mixed-use strategy:
With over 30 years of experience in creating and maintaining premier retail-driven mixed-use communities, The Vickery will be a culmination of our expertise in placemaking and development. We are excited to break ground in our hometown of Fort Worth, and we will continue to build on the momentum with more projects in the pipeline.
The Vickery is also designed with efficiency in mind, adhering to the National Green Buildings Standards and qualifying for LEED Bronze Certification. Both the construction and future operations will place emphasis on conservation of energy and water. This focus on efficiency isn't just a matter of placating the ESG crowd: Trademark projects these design decisions will directly affect the bottom-line through lower operating costs and reduced maintenance.
It is unclear how much environmental sustainability serves to command premium rents, but the effect of lowered operating expenses is acutely evidence in today's capital market environment. The increase in operating income on account of lowered expenses serves to help ease the pain of increased cost of debt. Additionally, should cap rates once again compress, the higher numerator in the cap rate equation will maximize the value gained, likely offsetting potentially higher upfront costs.
