Fort Worth moves forward with redevelopment of inner-city projects
05/06/2014 5:45 PM
05/06/2014 5:47 PM
The city’s efforts to revitalize both West Lancaster Avenue and the Evans and East Rosedale area took major steps forward Tuesday, with the Fort Worth City Council approving two different economic development deals in those areas.
The Evans and East Rosedale area — which celebrated the opening of a 7-Eleven and a Jack in the Box in 2012 — could welcome a new Nova Medical Center, an occupational health provider operating in Texas, Georgia and Tennessee, off Dashwood Street, said Jay Chapa, the director of of the housing and economic development department.
The council, acting as the Fort Worth Housing Finance Corp., authorized the sale of the land for the project for $13 per square foot. The corporation would receive $8.15 per square foot, or $355,014, and then would receive 20 percent of the remaining $4.85 per square foot after expenses, such as moving utility lines and broker fees, are paid, Chapa said.
Cypress Equities, which formerly had the option to buy the land, but that expired, will serve as the development consultant and receive the other 80 percent of the remaining sale money for bringing the development to fruition.
For the West Lancaster project, the council, acting as the Fort Worth Local Development Corporation, also voted to accept a $16.5 million loan from Pinnacle Bank, which has agreed to act as the anchor for the mixed-use development by purchasing a portion of the ground floor of the development for retail and back-office operations, said Chapa.
Pinnacle Bank Place is the new proposed name for the building in the 200 block of West Lancaster Avenue.
The loan will have a fixed 3.75 percent interest rate during construction, or the first 18 months, and then pay 4.10 percent from years 2.5 to 5, and in years 6 through 10 the interest rate will be 5.25 percent.
The project will include a parking garage on the back of the project and apartments on the upper floor. Pinnacle will pre-pay a 50-year lease on the first floor of the parking garage to create a drive-through facility.
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