Oct 10, 2008
UPDATED: Building At 8th & Magnolia To Come Down
By: Kevin Buchanan
You may remember this small building at 8th Avenue & Magnolia from my recent post about endangered historic buildings. I’m now receiving word that this building may be more endangered than I thought. The word I’ve heard is that the building is to be demolished and replaced with a Comerica Bank building. The plans I’ve seen indicate the new building would occupy the same corner site as the old one, with parking and drive-thrus in back screened from view. If I hear more about this, I’ll try and post what I can.
UPDATE: I have a site plan:
I am pretty sick of banks going up everywhere! What a waste for such a great location.
Regardless, it is better to have it occupied with convenience, rather than let the old building sits while creating an eyesore.
Actually, there was a former bank in the current Starbucks location (Bank of Texas, I believe). It is all about re-positioning within the banking industry. I read somewhere that Compass is being purchased (FW Business Journal).
Within the area, there is a Compass, Wells Fargo, coming soon, Comerica. Am I missing anything? I do not see Bank of America, Wachovia, and to name a few. Verily, there are several banks on the other side of I-30 along Summit/Henderson.
Just want to correct the last comment, as the banking and finance reporter at the Fort Worth Business Press I can say we have not run an article saying Compass Bank is either for sale or being purchased.
does this include the little “divorce for $300″ building?
Dustin – if you are referring to the little one-story building next door, it is also owned by Comerica Bank. Unless they intentionally left it off the site plan, it shows the little building to be replaced with what appears to be landscaping.
I stand corrected, it is from SA Business Journal -
http://sanantonio.bizjournals.com/sanantonio/stories/2007/09/03/daily30.html
It may be old news, sounds like it did not change to BBVA, as of yet, I suppose.
I think Dustin’s thinking of the building which is at the rear of the site, sort of in the middle of the block where Oleander would have been if it came all the way through. It’s got a sign reading “Divorce for $300″ or something like that.
Yes – I did notice a white paper posted on the front door of THAT building – more likely, it is grounded for demolition/reconstruction, I believe.
Not to hijack the thread, would Oleander Walk be located on the top of the diagram? It would be nice to connect with Baylor medical facilities, something to enhance quality of life for their patients – gait training, far-fetched, isn’t it?
I like to see investment on Magnolia, but man, I’m not sure that a run of mill drive through bank is exactly what we need.
oh great, a stupid bank. I know of at least one Comerica bank building in constuction- somewhere in between South Fort Worth and the TCU area, cant remember where I saw it. Looked like a boring bank building. Honestly, shouldnt banks hold out on new buildings right now???? What about all those banks being bought up with buildings in progress… will those survive?
FYI, the building is structurally unsound and must come down. The new owner is indeed Comerica. I think it’s the best available corner in the Southside and it would be much better to put a 2-3 story office building there with the bank on the ground floor, but parking would be a problem with the limited land. Unfortunately, the Southside is plated with small lots making assemblage essential, but many owners are less than agreeable to development. Case in point is the physician next door on Magnolia “You have have it when I’m dead.” If he were agreeable, there would be a better and bigger building on that site with mixed use. Instead, he’ll have an ordinary retail bank as a neighbor taking up a great gateway corner to the neighborhood.
Is that Myers guy you referring to?
Not to hijack this thread – I wonder if you hear anything (recent development, anyone?) about the site previously leased by former Mexican food joint (next to Subway)?
I was under the impression (probably mistakenly) that new construction on Magnolia was required to include a residential element. Can someone more familiar with the design guidelines clarify? Actually, the reason I had that impression was that a business that was considering building an office building on Magnolia told me they backed out b/c of the required residential element.
Ross, I could be wrong, but I don’t think residential is required on Magnolia, just mixed uses (i.e., office + retail, office + residential or some combination thereof). There are other streets around Magnolia, such as Hemphill and Jennings, where the mixed use requires a residential element. I forget the name of the code, but it’s something like “mixed use neighborhood.” Magnolia is just mixed use. Kevin can probably explain this better than me.
“Ryan Place” — Just to clarify, Compass Bank was purchased by BBVA in 2007. The name is getting ready to change to BBVA Compass, but that’s pretty much the biggest part of the change in ownership. The rest of the transaction has already been consummated for quite a while. BBVA wanted the footprint of Compass’s branches. Compass will continue to operate in all of its existing locations. BBVA also rolled Laredo National Bank, Texas State Bank, and State National Bank into the Compass Bank brand soon after buying Compass.
B mentioned that the building was “structurally unsound”. What constitutes “unsound” in this case? I am curious as I suspect that often people use such an accusation to justify demolishing an older building when the owner or developer lacks the time or expertise to renovate an older structure. Or were there other regulatory requirements? I suspect that at some cost anything could be salvaged and renovated, right?
darn a bank. i was hoping for another medical building.
i hear that historic fort worth has been in contact with the owner, but i have no details. And no permits for demolition have been issued, so for now at least it will still sit.