On Tuesday evening, Fort Worth City Councilmembers authorized the sale of 36 lots of land to Royal Capital, the master developer behind the Evans & Rosedale project, alongside several other project incentives — successfully overcoming the final hurdle to funding the long-awaited mixed-use development in the Historic Southside.
The vote also marked the conclusion of a whirlwind year for the project.
Following a national Request for Expression of Interest (RFEI) process beginning in March 2024, Royal Capital was announced as the project’s master developer in August.
The Milwaukee-based team hit the ground running, meeting with the Historic Southside Neighborhood Association and other local stakeholders while also collaborating with the City on a series of community meetings — including a fireside chat in September and a block party visioning event in October — to collect neighborhood feedback and prioritize ideas for the long-vacant site.
More than 100 resident responses shaped Royal Capital’s preliminary plans for the development, which were shared with the community as part of a special event in December 2024.
Since then, both Royal Capital and the City have been engaged in research, nailing down project specifics and conducting final negotiations.
“We’re thrilled to see this project come so far in so short a time, but we’re not finished yet,” said Royal Capital CEO Kevin Newell.
“We’re going to keep meeting with neighborhood stakeholders, host focus groups on key topics of interest and stay focused on moving this forward. And we couldn’t be more pleased to see the City, the leadership and the community of Fort Worth making this commitment to progress in the Historic Southside — they have been outstanding partners.”
“This development symbolizes a brighter future for Historic Southside, District 8 and Fort Worth,” said Councilmember Chris Nettles. “It would not have been possible without the strong partnership of the City, Royal Capital and the community’s support.
“Evans & Rosedale will be a valuable addition to the rich legacy of Historic Southside, providing quality affordable housing and retail options just five minutes from downtown Fort Worth — the urban heart of one of the fastest-growing large cities in the United States.”
About the development
The mixed-use development at Evans & Rosedale is set to include:
- A minimum of 170 affordable residential units, including senior units, family units, stacked flats and live-work units.
- 15,700 square feet of commercial space, to potentially include restaurants, a fitness center, a business center, a coffee shop and more.
- Of this commercial space, a minimum of 3,000 square feet would be focused on attracting a grocery or food hall concept for at least a year.
- In addition, 7,200 square feet of commercial space will be set aside for local commercial tenants.
- A mix of surface, garage and street parking, for a maximum of 283 parking spaces to accommodate traffic.
- Parks and common area green spaces.
“The final scope of the Evans & Rosedale project is something that both the City and the community can be proud of,” said Assistant City Manager Jesica McEachern. “It reflects many of the priorities that we’ve heard are deeply important to the neighborhood, including affordable housing and retail options along Evans Avenue. The project will also preserve attributes of the Historic Southside’s history and use that as the foundation to build upon.”
Incentive overview
Altogether, Royal Capital is committing to $61 million in total investments, including $48 million in hard construction costs. They are also committed to utilizing business equity firms for a minimum of 15% of construction costs and will make a good-faith effort to hire local individuals within the neighborhood.
The developer also plans to continue ongoing community engagement efforts, hire 30 full-time employees during the construction process, will create a security plan for the site and will work to incorporate the Historic Southside’s heritage and culture throughout the project.
In exchange, the City of Fort Worth would provide $2.5 million in City grants, as well as annual performance-based Chapter 380 grants for 20 years, beginning once construction on the project is complete. This yearly grant would be based on 80% of maintenance and property (M&O) taxes for the area and would be capped at $6 million.
“The Evans & Rosedale project will not only be a catalyst for the neighborhood, but it will also spark an emerging market for this type of development in southeast Fort Worth,” said Ori Fernandez, assistant director of economic development for the City.
Additionally, up to $7 million in reimbursements for public infrastructure costs will be paid through the Southside tax increment finance district (TIF 4), alongside expedited project facilitation and fee waivers from the City.
Lastly, the City of Fort Worth will be selling the 36 lots assembled for the project — which are currently owned by the City or by one of its component units — to the developer for $1 each.
The 30 lots owned by the Fort Worth Housing and Finance Corporation are currently valued at $3,595,977; the five lots owned by the Fort Worth Local Development Corporation are currently valued at $537,076; and the final lot already owned by the City of Fort Worth is currently valued at $112,500 — bringing the City’s land contribution for the project to $4,245,553.
In total, the City’s incentive package for the Evans & Rosedale project will be $19,745,553.
What happens now?
With Tuesday’s council approval, final development agreements can be drafted and pre-development on the project can begin. Royal Capital and the City of Fort Worth anticipate breaking ground on this project before the end of 2026.
“It’s exciting to deliver a project that resonates with the needs and desires of the Historic Southside community after so many years of work,” said Martha Collins, economic development manager for the City.
A former hub of Black commerce, the Historic Southside has been home to many of Fort Worth’s — and even the nation’s — first black entrepreneurs and is an extremely important part of the City’s history.
The City of Fort Worth has invested over $30 million into the area’s infrastructure, redevelopment and planning efforts since the late 1990s, and the Evans & Rosedale project is a continuation of that long-term effort to bring more investment, jobs and economic prosperity to the neighborhood.
