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dentical twin brothers Rian and Rory Maguire's Fort Worth real estate firm, CHC Development, is experiencing a significant year after a slow start in 2023. In two weeks, they expect to close on the purchase of the 53,000-square-foot North Main Mercado mixed-use building at 1500 N. Main St. They've also acquired an office building on Bailey Avenue with plans to renovate it into their new headquarters.

    The brothers have a tenant lined up for their current space in the South Main Urban Village and are working on various other projects, including medical office buildings off of St. Louis Avenue and Riverglen Drive. This is a far cry from last year when construction loans were scarce and development was stagnant.

    CHC Development has been raising capital to take advantage of the improving market. They've raised $67.9 million over the company's life, with $22 million coming in this year alone. The firm estimates it developed or acquired 923,763 square feet of mixed-use commercial space and nearly 600 acres of land.

    The Mercado acquisition will pair well with CHC's existing Vinnedge Building at 2100 N. Main St., an office building they own. The Maguires plan to update the lighting, tenant spaces, and bathrooms in the Mercado, which is currently 51% leased. They believe it won't require a significant investment to make it "pop."

    CHC's relationships have paid off with the Mercado deal, as another group put the property under contract but ultimately partnered with the Maguires after seeing their work on Vinnedge. The property has substantial parking and a tenant who left is paying below-market rent, giving CHC the opportunity to break up the space into smaller units.

    The brothers are optimistic about the North Main corridor's growth potential, particularly with Panther Island's projected development connecting downtown to the Stockyards and surrounding areas. They're also excited about their new headquarters project, which will double the size of their current office space.

    CHC Development was founded in 2009 by Rian and Rory Maguire after they left their jobs during the post-recession era. The brothers had no familial business background but remembered coming up with a real estate idea as teenagers. Their first project was acquiring a 30,000-square-foot retail center in front of Grapevine Mills.

    Today, CHC estimates its portfolio breaks down into 42% industrial, 26% medical office, 19% office, 5% mixed use, and 5% retail. The company has been successful in the high-interest-rate environment, with lenders now more willing to provide term sheets for projects that meet certain criteria.

    CHC's approach involves bringing a lot of cash to each project, often taking on 40-45% equity. They've recently purchased industrial properties, including the Blue Mound Business Park and Benbrook Commerce Center business park. The company is also converting an existing building on Riverglen Drive into a two-story medical office building.

    The Maguires' success has been built on their conservative approach to deals and relationships with partners and lenders. They're optimistic about the future of CHC Development, which has come a long way since its early days as a small real estate company.