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Southside developments receive tax increment financing funds

🕐 4 min read

Several new projects are coming to Fort Worth’s Southside, including enhancements to Plaza Medical Center.

The Southside Tax Increment Funding (TIF) board met Wednesday to change TIF agreements for three developments and grant TIF funding to four other developments in the area. The board also plans to provide up to $50,000 in funding for a traffic study of Eighth Avenue and Hemphill Street.

Along with Plaza Medical Center, other development plans include a two-story restaurant building on Magnolia Avenue and a mixed-use development on South Main Street.

The board plans to allocate about $29 million to the area. However, the developers in the projects listed below aren’t asking for all the allocated money, so the TIF will have funding left over.

Check out the projects approved for TIF funding below:

Medical office and apartments

Construction is underway for a medical office and apartment project on the southwest corner of West Rosedale Street and South Lake Street. The 8,471 square-foot building will be two stories with commercial space and a medical office on the first floor and four apartments on the second floor. Developer Rosedale/Lake Street LLC, plans to spend $995,000 on the project and has been approved for $21,550 in TIF funding. The project was originally scheduled to finish in December 2015, but the developer requested to extend the completion deadline to June 2017. The TIF board granted this request.

Mixed-use project

A two-story, 4,500 square-foot mixed-use development located at the southwest corner of Eighth Avenue and Worth Street is finishing construction. A Jimmy Johns sandwich shop is already operational in part of the building. Paul Paine, president of economic development organization Near Southside Inc., said FunkyTown Donuts plans to lease the south end of the building’s first floor, but no certificate of occupancy has been issued yet. The second floor, which will be used for office space, doesn’t have a tenant. Developer Silver Bullet Tower Properties LLC, plans to spend $750,000 on the project and has been approved for $35,735 in TIF funding. The project was originally scheduled to finish in June 2015, but the developer requested to extend the completion deadline to December 2016. The TIF board granted this request.

Funding increase for commercial building

The TIF board approved a funding increase for two projects being developed by Dak Hatfield. Hatfield had originally received $120,000 in TIF funding to redevelop two buildings at 1001 Bryan Avenue and 1007 South Main Street. The Bryan Avenue development is finished and now operates as the Pouring Glory restaurant. Hakfield changed his plans for the South Main Street development, though – rather than renovating the building, Hakfield plans to demolish the building and replace it with a two-story commercial building. He requested to increase his TIF funding from $120,000 to $198,510 and extend the project’s completion date from December 2016 to December 2017. The TIF board granted both requests.

Apartments

Developer Oleander Investments LLC, plans to construct a five-story, 322-unit apartment complex with a 420-space parking garage. The building will be located on the block surrounded by West Rosedale Street, West Oleander Street, Hurley Avenue and Fairmount Avenue. The TIF board approved about $1.2 million in funding, with developer spending about $40.9 million on the project. Construction is expected to begin in April and finish in December 2018.

Apartments and commercial space

An apartment and mixed-use project on St. Louis Avenue received approval for $408,000 in TIF funding, with developer 117 St. Louis, LLC, spending about $5.7 million on the project. The developer plans to renovate the three existing buildings at 120 St. Louis Ave. to become a three-story condominium with retail and office space attached. The 10,000 square-foot parking lot between the condominium and retail/office space will be turned into a small park. Construction is expected to begin in July and finish in December 2017.

Plaza Medical Center

The TIF board approved $322,500 in TIF funding for the construction of a two-story building at Plaza Medical Center, with developer Columbia Plaza Medical Center of Fort Worth Subsidiary LP, spending about $35.9 million on the project. The first floor will be used as an emergency room, while the second floor will be used as an intensive care unit. The hospital may add up to four additional floors in the future. Construction is expected to begin in December and finish in December 2020.

Restaurant and mixed-use project

The TIF board approved $95,600 in TIF funding for the construction of two buildings on West Magnolia Avenue, with developer 1455 Magnolia LLC, planning to invest $3.1 million on the project. The developer plans to construct a two-story restaurant and three-story mixed use building. Construction is expected to begin in July and finish in December 2017.

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