$82M development proposed for S. University in Fort Worth, including 7-story apartments
A developer is proposing an $81.6 million mixed-use development on South University Drive along the Trinity River that includes retail and new amenities users of Trinity Trails.
The seven-story complex would expand the first phase of the Westbend development that was completed in 2015.
The proposed second phase would add 300 units of multi-family housing and more than double the existing retail space. About 5,500 square feet of commercial space would face South University Drive near the river bridge.
The developer would also add a new trailhead linking the complex with the adjacent Trinity Trail system. The site would get sidewalk improvements, a bike repair station, public art, landscaping and outdoor seating.
The project could add $65.7 million of taxable value to what is now empty land. As it did with the first phase, the developer is seeking incentives from the city of Fort Worth for 10 annual grants worth a total of over $3 million, based on minimum investment and the value of the development, according to the city’s economic development office.
The project would have to be completed by July 31, 2028, and 15% of costs would need to go toward business equity firms.
Located at 1701 River Run off South University Avenue, the $53 million first phase of Westbend is home to stores, restaurants, multi-family housing and office space.
The City Council is expected will vote on the project’s economic development incentives package on Aug. 27.
This story was originally published August 20, 2024 at 4:50 PM.
