The Crystal Springs mixed-use project received approval for an economic development grant that could amount to $4.3 million over a 15-year period.
With an 8-0 vote, as Councilman Zim Zimmerman was absent, the Fort Worth City Council approved the agreement with LVG Investments, developer of Crystal Springs.
To receive the grant, LVG will need to meet several requirements during the construction of the project. The developer will need to spend at least $41.5 million during the first phase of construction, and $33 million must be spent on hard construction costs. The first phase, which involves the construction of 62,500 square feet of commercial/retail space, 250 apartments and other work, must be completed by Dec. 31, 2020.
During the second phase of construction, the developer will need to spend at least $45 million, with $40 million spent on hard construction costs. The second phase, which involves the construction of additional commercial/retail space and multifamily units, must be completed by Dec. 31, 2023.
In addition to the construction requirements, LVG must spend at least 35 percent of hard construction costs, as well as $50,000 on supplies and services, with Fort Worth companies. At least 25 percent of hard construction costs, along with $25,000 on supplies and services, must be spent with companies owned by women or minorities.
The development will also need to have at least 100 full-time jobs by Dec. 31, 2020. Thirty-five percent of those employees must be Fort Worth residents and 18 percent of those employees must be Fort Worth Central City Residents, who live within Loop 820.
Crystal Springs will be located at 5336 White Settlement Road, west of Roberts Cut Off Road. The development’s location, which was former home of dance hall Crystal Palace, is meant to have a “1930s western music theme,” said Robert Sturns, interim director of economic development.
San Antonio-based Lake Flato Architects will be the architect for the project, which totals about $100 million.