CITY SELLING NINE HOMES IN ARLINGTON HEIGHTS
The City of Fort Worth has put up for sale nine homes on Carleton and Western Aves. in Arlington Heights. The City acquired the homes over the last several years from homeowners who voluntarily sold them because of drainage challenges in this particular area of the neighborhood. Some of the homes have taken in water during intense downpours; some have never taken in water. The City bought the homes and was considering demolishing all of them to put in a stormwater detention project similar to the one by Walgreen’s on Bryce Ave. and Hulen Ave., but about four times larger. The City cautioned neighbors to not expect the project to significantly improve the drainage in the area.
Nearby neighbors successfully petitioned the City to abandon the detention project plans and keep the area residential. This summer, the City issued a Notice of Sale (NOS) for the homes. The plan is for the City to sell all nine homes to a single residential developer who, in turn, can sell to individuals once the sale with the City is complete. There is no minimum bid. Here is the link to all of the details about the sale: https://www.fortworthtexas.gov/departments/property-management/real-estate-division/real-property-sales-section (scroll down to Special Bid Sale Information).
This Wednesday September 20, 2023 from 9:00AM until 1:00PM, the nine homes will be opened for interested parties to tour. The homes will also be opened for touring this Thursday September 21, 2023 from 1:00PM to 5:00PM. It’s not necessary to pre-register to take a tour. Before entering each home, visitors must sign a waiver to walk through the property. These site visits are open to anyone with a potential interest in the redevelopment of the properties to help them in their decision making process. At this time, there are no other tours of the inside of the homes scheduled.
This sale is an exceptional development opportunity in the highly desirable Arlington Heights neighborhood where property values continue to increase at a surprising rate. Here are some of the highlights in the Notice of Sale:
• No minimum bid required. A recent appraisal of the homes resulted in a negative value after taking into account the typical profit margin developers expect to get from projects they undertake.
• Bids are due by November 30, 2023.
• All lots must have single family homes on them. No lots can be left empty with no homes on them.
• The City is not offering the properties for sale individually. It will sell all nine properties to a single developer only, but allows the developer to turn around and re-sell individual homes to separate parties.
• The existing homes must either be elevated two feet above flood level, or demolished and redeveloped with new homes that are two feet above flood level. The amount of required elevation for each house varies, between 3.21 feet and 4.48 feet. Anything under 5 feet is considered a “low lift” in the trade. All the houses are on pier and beam, except for the new build on Western, but all are capable of being elevated successfully, according to a report by an expert lifting company out of Houston that the City hired as a consultant.
• Adverse risks to nearby property owners must be mitigated.
• Developer(s) has four years to complete the project.
For more information, contact the City’s Real Estate Division of Property Management at 817-392-6253 or 817-392-7590.
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