New Mercado owners see promise in Northside growth

The Mercado Building, located near the entrance to the Stockyards, has a new set of owners. 

BlueAlpha Capital, in partnership with CHC Development, acquired the three-story building along North Main Street for an undisclosed price. CDC Development is a real estate firm headed by twin brothers Rian and Rory Maguire. 

“We purchased it in an off-market deal and partnered with CHC, which is the Maguire brothers, after seeing their success with the nearby Vinnedge Building,” said Colton Wallis, director of broker services at Southlake-based BlueAlpha. 

The Vinnedge Building, about a block away from the Mercado, was built in 1927 and purchased by CHC in 2021. It has since been upgraded and refurbished while maintaining its historic character, Wallis said. 

Wallis said BlueAlpha was attracted by growth in the area as well as the success of the nearby Fort Worth Stockyards. The area is also just north of the Panther Island development. 

“We got a very good deal and think the upside potential here is great,” Wallis said. 

The Mercado is a 52,983-square-foot, mixed-use property located at 1500 N. Main St., that opened in 2005. The Mercado, Spanish for market, was a development meant to spur development on the Northside. 

Construction was begun by a local business owner, but the city stepped in to complete the project when she ran out of funds. The building is appraised at about $4.5 million, according to the Tarrant Appraisal District. 

The building had a 48% occupancy rate when the partnership purchased it in late August, Wallis said.

The new owners are upgrading the restrooms, common areas, exterior lighting and will add new amenities including conference and break rooms. 

Plans call for attracting retail, a coffee shop and a restaurant for the ground floor, Wallis said, noting that the building is already equipped with a grease trap. 

“It’s really set up and ready to go,” he said. 

The second floor will be designated for office space, while the third floor is already used as event space, Wallis said. The improvements are expected to be complete next year.

They plan to add some lighting to the outside but otherwise maintain the character of the building, Wallis said. 

The building includes a parking lot that is owned by the city. They are working with city staff and the Fort Worth Hispanic Chamber of Commerce to determine how that lot will be used. 

“We’re in discussions,” he said. “It’s a great asset for us and for the area.” 

The Mercado was originally planned as the centerpiece of a $6.5 million project aimed at revitalizing that area of North Main. Federal funds were used to upgrade several buildings in the area, including the Rose Marine Theater, according to news reports from that time. The city eventually sold the building to private investors, but area leaders and real estate officials say it has never reached its full potential. 

BlueAlpha is the private markets investment manager for the Sanjay Chandra family offices. Chandra is also managing partner at Trinity Investments in Southlake. 

The Mercado investment is the group’s largest asset in Fort Worth, Wallis said, though it does own two other projects. 

The Northside neighborhood and North Main Street, a part of Main Street America, is a $650,000 pilot program funded in part by the Fort Worth Local Development Corp. That program began in 2022 and aims to revitalize underserved areas of the city. 

The Northside pilot program focuses on the historic preservation of both the buildings and the community located between the Fort Worth Stockyards and Panther Island. The program calls for the establishment of a Hispanic small-business hub in the district to foster and grow entrepreneurship opportunities. 

In August, the city continued funding of the program with the Fort Worth Hispanic Chamber of Commerce, which is located in the area, handling much of the administration of the program for the Northside.

Email Bob Francis, business editor for the Fort Worth Report, at bob.francis@fortworthreport.org.At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.

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