By Scott Nishimura snishimura@bizpress.net
Fort Worth’s Near Southside continues to fill in, with several new developments winning incentive agreements Tuesday from the Southside tax increment finance district.
Besides the planned demolition and redevelopment of the Westchester Plaza assisted living tower into apartments, retail, medical-office and parking, the four other developments awarded incentives by the TIF board were:
400 SOUTH JENNINGS
Developer Rob McConnell, one of two developers who teamed up recently on The Phoenix multifamily project on the Near Southside, plans a 217-unit, five-story apartment building and attached six-level parking garage at 400 S. Jennings.
The development group will invest $28 million, according to the TIF, which will reimburse $1.475 million in two stages after project completion for streetscape, utility improvements, demolition of two vacant buildings on the site, paving, and environmental remediation.
The project is expected to generate $595,000 in new property tax annually, the TIF estimated.
Construction is expected to start July 1, with completion by June 30, 2017.
The site is on the northwest corner of South Jennings and West Peter Smith Street, and is bounded on the north by West Broadway Avenue and across from Broadway Baptist Church.
The project, along with the Westchester redevelopment, will bring the number of planned apartments in four major developments on the board to more than 1,000. Paul Paine, president of the Fort Worth South economic development nonprofit, estimates the popular Near Southside has demand for as many as 4,000 new apartments, including what’s already planned.
916 BRYAN AVENUE
Developers Dak Hatfield and Andrew Blake plan the adaptive re-use of a 9,400-square-foot building at 916 Bryan for commercial uses. The development, east of South Main Street, will include a new parking lot.
Hatfield and Blake plan to invest $950,000, according to the TIF, which will reimburse $81,000 for street lights, sidewalks, landscaping, and paving, for an 11-1 private-public ratio.
The development is expected to generate $20,000 per year in property tax, the TIF projected.
Construction is expected to start Dec. 31, with completion a year later, the TIF said.
Hatfield and Blake most recently teamed up on the historic Magnolia-May commercial redevelopment on West Magnolia Avenue. Tenants of that project include the Spice and 24 Plates restaurants and Proper, a bar.
923 COLLEGE AVENUE
Physician Dayaker Gagadam plans an 8,300-square-foot, two-story building at 923 College. The building will contain first-floor offices of Gagadam’s Premier Sleep Diagnostics practice and three second-floor loft apartments. Gagadam’s group plans $1.25 million in investment, and the TIF will reimburse $24,000 for grading, drive approach, landscaping, sidewalks, and street lights in the public right of way, the TIF said. The private-public ratio is 52 to 1.
The property is expected to generate $26,000 in property tax annually, the TIF said.
ROSEDALE/LAKE STREET LLC
Rosedale/Lake Street LLC plans a two-story, 8,471-square-foot medical-office buliding at the southwest corner of Rosedale and Lake, with ground-floor medical and four second-floor apartments.
The medical will include the dentistry owned by the developer and two leasable commercial spaces, the TIF said.
Rosedale/Lake plans to invest $995,000, and the TIF will reimburse $21,550, for a 46 to 1 private-public ratio.
The development is expected to generate $21,000 per year in property tax, the TIF estimated.
Construction is expected to start by Dec. 31, and be complete a year later, the TIF said.