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The continuing revitalization of Lancaster Avenue just east of downtown Fort Worth through mixed-use development projects took a leap forward with the recent opening of Got You Covered! Workwear & Uniforms.

Located at 1200 E. Lancaster Ave. in a 1920s-era building that previously housed Acme Coffee, the new store is the first retail establishment in decades in the Near East Side Urban Village, a once down-on-its-heels neighborhood that is making a commercial and residential real estate comeback.

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Historic buildings in Fort Worth have weathered dozens of storms throughout the years and now they can add one more to the list – the current economic storm.

As nearly every sector of real estate has been hit hard by the slowed market, local developers say historic building rehab projects are holding steady thanks to their niche market and some available tax credits.

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From the upper floors of the Heights at Park Lane apartment tower, you can see the Dallas skyline and – on a clear day – even make out downtown Fort Worth.But the best view is of the big Macy’s, Nordstrom and Dillard’s department store signs just across North Central Expressway at NorthPark Center mall.

“We are within walking distance of 3 million square feet of retail space,” said Bryant Nail, senior development officer for builder PM Realty Group. “There is really nothing like this in Dallas.”

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Some residential suburban communities insist on tiled roofs; others dictate color palettes and lot sizes. Often, the goal is to capture the look of a time in the past, before modern living and high housing costs changed tastes and materials.

But a small number of new developments is taking the opposite tack. Here, buried amongst a middle-class community and near the Central Expressway, is a street where the construction of Colonials and Tudors is expressly forbidden. Even mid-century modern is considered passé. “Make no mistake. It’s a dictatorship and I make the rules,” project developer Diane Cheatham says half-jokingly.

The result is Urban Reserve, a 13-acre development devoted to contemporary design. Pass a neighborhood of standard issue brick tract ranches and turn onto Vanguard Way and suddenly one confronts what looks like scene from a science fiction movie.

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With home foreclosures soaring in most parts of the country, the number of interested buyers of these properties is growing.

More than half – 55 percent - of Americans quizzed for a new survey said they would consider purchasing a previously foreclosed house. That’s up significantly in the last
few months, according to the survey which was done by Harris Interactive.

The survey of almost 2,400 consumers was done in early May for Internet real estate firms Trulia.com and RealtyTrac.

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There have been 77,000 new foreclosures in 2009 thus far. It is projected by the Center for Responsible Lending that there will be 2.4 million foreclosures by the end of 2009 and 9 million within the next 4 years. In a Subcommittee hearing on ‘The Role of NeighborWorks and Housing Counseling Intermediaries in Preventing Foreclosures’ held May 13, 2009, Representative Emanuel Cleaver (MO) stated that this is the “most significantly depressed moment in US history - financially - since October 1929. This is the great recession.” He also pointed out that with the rising unemployment, foreclosures will continue to be a problem.

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Widely recognized for fine design, Cambridge Homes specializes in creating carefree “adult lifestyle” homes. According to Phyllis Firebaugh, sales manager for Cambridge Homes, “These beautiful patio homes are designed for discerning adults of experience and taste. They love the fact that they don’t have to give up fine quality and excellent design just because they no longer need large numbers of rooms”.

Cambridge’s award-winning, carefree patio home designs range in price from the $300s to the $800s. The Designer Model Home at 6169 Stapleford is open from noon to dusk daily or by appointment.

For additional information about Cambridge Gate, call 469-446-2885 or visit www.cambridgehomes.biz.

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