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Business Crystal Springs development seeking economic development grant

Crystal Springs development seeking economic development grant

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The Crystal Springs mixed-use development may receive a $4.3 million economic development grant over a 15-year period, if the Fort Worth City Council approves the deal on Dec. 8.

The total cost of the Crystal Springs development is $86.5 million, excluding land. Crystal Springs will be located at the northwest corner of White Settlement Road and Roberts Cutoff. Plans for the development include about 90,000 square feet of retail and about 600 apartments.

Crystal Springs is meant to have a “1930s western music theme,” said Robert Sturns, interim director of economic development at the City of Fort Worth. The location used to be home to Crystal Palace, a dance hall where acts like Bob Wills and His Texas Playboys used to perform.

If City Council approves the incentive, Crystal Springs will be required to create at least 100 full-time jobs by the end of 2020. Thirty-five percent of those employees must be Fort Worth residents, and 18 percent must be Fort Worth central city residents. Additionally, developer LVG Investments LLC of Dallas must spend at least $50,000 with Fort Worth companies and $25,000 with companies owned by women or minorities.

Serving as architect for the project is San Antonio-based Lake Flato Architects Inc. A general contractor has not been named for a project expected to cost $100 million, or $50 million for each of the two phases. Funding sources were not specified, but multiple phases hinge on whether the initial phase is successful, according to a presentation LVG officials made in August.

www.fortworthbusiness.com/news/crystal-springs-development-planned-for-west-fort-worth/article_b1aa7cba-3c26-11e5-b26e-4ff652f0b6fd.html

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