The City of Fort Worth selected Royal Capital Group LLC to helm a mixed-use and affordable housing development called the Evans and Rosedale Urban Village. Royal was chosen out of eleven proposals that were reviewed by a selection committee composed of city staff and representatives from the Historic Southside Neighborhood Association.
The Dallas Business Journal reports the development entails 184 residential units such as townhomes and senior housing. The master plan also calls for commercial space that could be used for restaurants, a market, a fitness center, a coffee shop and a business center, along with a minimum of 283 parking spaces across garages and surface lots.
Under the new agreement, the Fort Worth Housing Finance Corp. will own the land instead of Royal Capital. Royal Capital would receive a PRO Housing Grant of $2.5 million as well as $7 million from the city’s tax increment financing district covering the Medical District and Southside over two phases of the project.
The City of Fort Worth has invested over $30 million into the area’s infrastructure, redevelopment, and planning efforts since the late 1990s.
The post FW, Developer Joining Forces on Southside Mixed-Use Project appeared first on Connect CRE.
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