Fort Worth considers up to $10 million for Panther Island apartment tower
The city of Fort Worth is considering spending up to $10 million to help build a 12-story apartment tower on Panther Island.
The money would help Austin-based Seco Ventures cover a financing gap at a time when market rents are making financing a challenge, said city economic development manager Michael Hennig speaking at a City Council work session Tuesday.
The money is needed because Panther Island is an unproven district and the area’s rents are less than would be necessary to get the project funded, Hennig said.
The city also hopes the project will spur further growth on the island by serving as a proof of concept to other developers, Hennig said.
The average rent for an apartment in the Panther Island ZIP code of 76164 is $1,410, according to Zillow.
The city’s incentive would ensure the project earns Seco at least a 6.5% return on its investment, and would demonstrate public support for development on the island, Hennig said.
The roughly 338-acre man-made island just north of downtown will be created by a 1.5 mile channel connecting two sections of the Trinity River.
The Tarrant Regional Water District is also working on a canal system that will serve as a public amenity and a flood control mechanism. Seco’s proposed apartment tower — on the northeast corner of North Main Street and Northeast Fourth Street — would be built next to the canal network.
Seco would commit to building at least 12 stories with 290 apartment units and 9,000 square feet of ground-floor retail space, according to the presentation.
The project must be completed by the end of 2030 to receive the incentive, according to the presentation.
In exchange, the city would offer Seco up to $1 million in grants every year for 10 years to guarantee the developer gets at least a 6.5% return on its investment, according to the presentation.
The money will go only to cover the difference between what the company earns and that 6.5% benchmark, according to the presentation.
If Seco earns more than that 6.5%, it doesn’t get the money.
In addition, city policy requires 5% of any property tax generated by the project to be allocated to the city’s housing finance corporation, which helps finance and develop affordable housing in the city.
The project is anticipated to generate $310,655 in grant funding for the housing finance corporation, Hennig said.
City Council Member Carlos Flores, whose district includes Panther Island, praised city staff and Seco for their work to support development on the island.
“This is a catalyst project in an area we’re trying to ignite,” Flores said.
Seco became the largest landowner on Panther Island in 2024 when it purchased 25 acres from Houston-based Panther Acquisition Partners.
The Fort Worth City Council will consider the incentive at its 6 p.m. meeting on June 9 at City Hall.
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