North Carolina-based Asana purchased the area known as the Foundry District from Fort Worth-based M2G Ventures in 2022.
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Asana Partners LLC, which specializes in retail real estate investments, wants to transform a midcentury warehouse complex near downtown Fort Worth into a “more vibrant 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 six acres and features a 98,000 square foot warehouse centered around a large outdoor art gallery called Inspiration Alley. The area borders the Cultural District, which is home to major museums and a lively nightlife destination.
Asana, which has made major investments from Dallas to Fort Worth, announced details of its plans this week. The company hopes to redevelop the 65,000-square-foot site and create a “premium experiential destination” along Carroll Street and White Settlement Road. This could include retail stores, restaurants, gathering spaces, showrooms, creative office spaces, and more.
Work is expected to be completed by spring 2025, according to the announcement. The company also released new renderings from architecture firm GFF showing what the redevelopment will look like.
Brad Kantrowitz, senior director of investments at Asana Partners, said his firm views DFW as an attractive investment market. Asana Partners is also planning a $27 million renovation project in Dallas’ Design District. The company owns 1.5 million square feet of space throughout the Dallas metroplex, including Deep Ellum and Victory Park.
“For The Foundry District, we see a great opportunity to capture the heritage and charm that draws people to it, while enhancing the area and its offerings for visitors,” Krantowitz said in a statement. said.
Asana’s vision points to an interesting future for prime locations. Reinventing the 65,000-square-foot site could mean converting an elevated loading dock into an outdoor dining space or improving an outdoor gallery or alley area, the company said. Asana Partners also plans to transform the surface parking lot into “softer gathering spaces and comfortable patios” to create a more walkable area.
“Today, the Foundry District remains one of Fort Worth’s most vibrant areas, a testament to the power of identity and historical significance in placemaking,” said Lance, associate and senior design leader at GFF.・Abaya said in a statement. “We are honored to work with Asana Partners on their vision to redefine the District through organic, yet thoughtful growth over time.”
Several new businesses are opening in the Foundry District, including a self-pour taproom called Hoppin’ and the Alexis James Salon. Long-standing retailers include Blackland Distillery, Bumble Bee Yoga, Docs Records, M&O Grill, and Maple Branch Craft Brewery.
The Foundry District is surrounded by development activity. The approximately 2 million square foot, $850 million mixed-use development is planned by a partnership between Dallas-based Luxpur Capital LP and Fort Worth-based investment firm Keystone Group LP. The project spans 11.45 acres along Tiller Street north of White Settlement Road and 100 University Dr., the former Fort Worth Independent School District headquarters.
In the nearby Fort Worth Cultural District, Nebraska-based Goldenrod is planning two large-scale developments called Van Zandt & Wang University, with a combined investment of about $400 million. There is. Crescent Real Estate also plans a second office building in the area. Cultural District/West 7th Street leads in alcohol sales in the city, with adult beverage revenue increasing 37% between February 2020 and February 2024, according to a recent Fort Worth Star-Telegram analysis. I understand that.
