6/18/2010 - Ft. WorthSouth, Wells Fargo & Cat City

Another day in Ft. Worth researching or is it due diligence now? 

We visited with Mike Brennen at Ft. Worth South and shared with him the site we have and who we were dealing with, James Noryian.  Per James, we asked to see the plans from Beck and he offered a rendering of a building but was not able to leave it with us as he was not sure who owned the plans.  Apparently, about a year ago a developer by the name of Joe Frank had proposed a project to James that never came to fruition and Mike was not sure if the plans he had were owned by Joe or James hence we did not get them.  Not to worry,  we contacted James and we will have his plans on Monday.  Mike also shared with us the plans by Beck may not pass the neighborhoods approval as they are a bit too modern. 

He told us Comerica had bought an old house, demolished it and were going to build their standard bank and the neighborhood vehemently protested it.  Comerica had to go back to the community and change their building plans and facade to blend into the existing look and feel of the neighborhood presumably a PR nightmare and no doubtingly a costly mistake.  Mike also suggested we talk to Vance ?? owner of Lili's and Cat City Grill (hope it's not a Chinese restaurant).  We then proceeded to look for Vance at Lili's and he wasn't there so we went to Cat City and he wasn't there either but we did get a chance to talk to his partner Lance.  We talk about the area,if he was happy with his sales, and tried to get him to tell us what he was paying in rent but he wouldn't.  He did however tell us that $18 psf was in the range for the rents in the area so that helped.  We also patronized his bar with two cold blue moons.