$20M Pinnacle Bank Place development to Downtown Fort Worth

FORT WORTH – Pinnacle Bank and the City of Fort Worth’s Local Development Corp. have reached a development agreement to build a five-story, 160,000-sf mixed-use building on Lancaster Ave. near the Fort Worth Omni Hotel.

The retail, office and apartment building has been named Pinnacle Bank Place after the bank committed $16.5 million in a loan to construct the project, which will cost about $19.7 million to develop.

Plans include developing the upper four floors of the building into 130 apartments and using the ground floor for retail space and apartment management offices.

In the retail space of the building, Pinnacle Bank plans to operate a full-service, street-level branch with offices that will house its executive office.

The bank has signed a 50-year lease for the drive-thru of the bank on the first floor of the garage, which will include parking for residents and tenants of Pinnacle Bank Place.

Construction of the building is expected to be complete first quarter 2016.