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Saturday, April 17, 2021

Trinity River Vision lands multifamily project

The Trinity River Vision project has landed a 200-unit multifamily development, though the formal announcement of project will come in March 2016.

Speaking at the 2016 Tarrant County Commercial Real Estate Forecast at the Fort Worth Convention Center Thursday morning, David Berzina, executive vice president of economic development a the Fort Worth Chamber of Commerce, said the announcement was significant for the project.

“The TRV has had its critics,” he said. “This will demonstrate that people are willing to make a major investment in the project.”

Now known as Panther Island, the $909.9 million Trinity River Vision project is planned to strengthen the city’s tax base by transforming an old 800-acre industrial area just north of downtown into a new residential and commercial development featuring 12 miles of urban waterfront as well strengthen flood control along the Trinity River.

“The vision is becoming reality and is on track for completion in 2023,” Berzina said, speaking of the Panther Island project.

Also under discussion at the meeting sponsored by the Real Estate Council of Greater Fort Worth, were falling oil prices.

The oil price drop has impacted Fort Worth, with energy companies retrenching or pulling operations out of the Central Business District.

“Operators and service companies such as Encana, Regency, Weir SPM, Forestar [Group] and Frac Tech [FTS International] have downsized or closed office locations with expected announcements of more closings to come,” said Todd Burnette, managing director of JLL’s Fort Worth office. – additional reporting by Robert Francis

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