Background
Development Partner
To test and establish the feasibility of the new Neighborhood Center, Gideon Toal partnered with a developer, Tony Landrum of TLC Advisors. Mr. Landrum most recent public-private partnership was the redevelopment of the former Bank One building in Downtown Fort Worth. The March 2000 tornado that struck downtown Fort Worth left the building severely damaged and subsequently vacant. Following several attempts at repositioning the property, Mr. Landrum assembled the necessary financial backing to bring forward a residential redevelopment. The outcome was a unique public-private partnership that required substantial public reinvestment in the property, through captured new taxes from the building, but maintained the risk in the hand of the developer not the public partner. The residential tower that followed brought life back to the city center and re-established urban residential in Fort Worth. The project was a tremendous success and majority of the for-sale units were sold prior to the start of construction.
Mr. Landrum's familiarity of the redevelopment process and the needs and requirements of the public partner provided a unique real world analysis of the Neighborhood Center. Mr. Landrum provided financial analysis establishing a private investor baseline and helped identify the investment gap and tools required to make the development a reality. As with any Plan, the reality of the concept cannot be fully realized without a comprehensive implementation plan and strategy.