A city committee Thursday gave approval to concepts for two developments that could bring another 450 apartments to downtown Fort Worth.
The Downtown Design Review Committee also approved waivers on their site plans that will allow the buildings to better fit on the properties. Both sites have grade changes that make it difficult to meet some rules regarding parking garages and sidewalk widths.
Dallas-based Catalyst Urban Development plans about 250 units on a parcel of land it will lease from the city. The property is bounded by Lancaster Avenue on the south, Texas Street on the north, Cherry Street on the west and Lamar Street on the east. The city selected Catalyst more than a year ago to be the master developer on the property.
Catalyst is teaming with national home builder Lennar on the project called Burnett Lofts. Paris Rutherford, principal of Catalyst, said construction could begin by the end of the year. The project will have about 10,000 square feet of space for shops and restaurants.
Toll Brothers, another national home builder, in a joint venture with multifamily division of Henry S. Miller, is under contract to buy a tract bounded by West Seventh, 10th and Penn streets and Summit Avenue for a project with about 200 apartments.
The land is being sold by Origin Bank, which will have a branch in the development at the southwest corner of Seventh and Summit.
Origin, formerly known as Community Trust Bank, based in Louisiana, bought the property in 2011. Initial plans were for a 40,000-square-foot office building. The bank had planned to take up a portion of the building and operate a four-lane motor bank.
The land deal is expected to close in the second quarter.
Both projects will need to return to the Downtown Design Review Board for further approvals.