A mixed-use project planned for Race Street is getting a tax break.
The Fort Worth City Council voted unanimously on Aug. 2 to approve a 10-year tax abatement for a 151,000 square-foot development between Race Street and Plumwood Street. The municipal property tax abatement will be on the increased value of improvements, estimated to be about $1.7 million over the 10-year period, although the amount may be different once the Tarrant Appraisal District appraises the property value.
Developer 2925 Race Street, LLC, plans to invest about $20 million on the first phase of the project, which will include at least 152 residential units, as well as office and commercial space.
The project is part of a larger development that includes an additional 212,000 square feet of residential, office and commercial space between Plumwood Street and Belknap Street. The project totals $49 million, according to a presentation to the city council on June 28.