Will speculators turn this historic neighborhood into Fort Worth’s next hot address?
This vacant lot has views that anyone would envy.
Sitting on a hill not far from Vickery Boulevard, TCU’s Amon G. Carter Stadium can be seen clearly in the distance.
A few blocks away, another lot has a bird’s eye look at Neiman-Marcus just across the railroad tracks and the Chisholm Trail Parkway at The Shops at Clearfork shopping center.
Is this the latest high-end Fort Worth neighborhood?
No.
But it’s one of the city’s most historic.
These lots — 66 in all — are for sale in the predominately African-American Lake Como neighborhood on the west side of Fort Worth.
Fort Worth investors Michael Barnard and John Altman of Old Fort Worth Development Ltd. have quietly acquired the real estate over the last decade.
Now, the investors are ready to sell to a developer or a series of developers.
While he won’t develop the land himself, Barnard sees the real estate as a chance to do something different. Many of the lots are vacant and in the southern end of Como.
“Is there a vision for the neighborhood?” Barnard said. “Should we try to have something other than starter homes? I think there’s an opportunity to have a conversation about doing something more.”
Como has already seen some impacts from Fort Worth’s booming real estate market.
Commercial development has occurred on the northern edge of Como and the neighborhood has had some success with affordable single family housing being built. Several house are under construction in the neighborhood.
Yet the fear of gentrification is real, said Ella Burton, president of the Lake Como Neighborhood Advisory Council.
“We’re not idiots,” Burton said. “We see what’s happening. We know we can’t stop anybody from buying what they want. But we’re continuing to try to attract affordable housing and economic development — things that will promote education and businesses to protect our historic Como heritage.”
For brothers Don Byrd and Anthony Byrd, who grew up in Como, the concern is about prices uprooting those on fixed incomes.
If property values rise, some residents on fixed incomes could be forced out, said Anthony Byrd, whose property is adjacent to several of Barnard’s lots.
His brother believes the threat is even greater.
“It’s inevitable we’re going to lose Como,” Don Byrd said. “They’re going to raise our taxes up or force us to sell. I don’t think we can stop it.”
Fort Worth City Councilman Brian Byrd said he plans to reach out to Barnard and suggest he meet with community leaders.
“I always encourage owners and developers to work very closely with the Lake Como leadership team,” Byrd said. “I always refer developers to them. Why should I assume I know better than they do?”
Como covers 1.32 miles and 738 acres. In 2016, the total appraised value was $181,895,686, according to the city’s strategic plan for the neighborhood. At that time, there were 1,254 households with a median income of $18,725.
The Como and Sunset Heights neighborhoods are part of a neighborhood empowerment zone that Burton says the leadership hopes will help revitalize the neighborhood.
There are discussions about making improvements to Horne Street to attract more businesses and retail.
They’re trying to improve a neighborhood where history goes back more than a century.
The neighborhood’s name comes from Lake Como, the small body of water created on its eastern edge in the late 1800s by Denver-based real estate developer Humphrey B. Chamberlin.
The area became a popular recreation destination with a pavilion, casino and amusement rides.
The resort closed in 1919. Lots began to be sold at a low cost with most being purchased by African-Americans west of the lake.
The tight-knit neighborhood’s July Fourth parade and its Como Community Center are some of the pillars that bring the community together.
It also has three schools — Como Elementary, Como Montessori and the private Rivertree Academy. And there’s the JPS Health Network Viola Pitts/Como Health Center that serves as another community anchor.
Como was featured in the 2010 documentary series One Square Mile.
Some of the issues raised in that documentary are still prevalent today and Estrus Tucker is trying to address some of them by forming a non-profit to promote community preservation and community development.
Tucker is blunt. Como needs more help from the city.
“The city has really failed as it is related to affordable housing and that’s not just in Como,” Tucker said. “There’s some interest now in changing that.”
It will be difficult to get the charity off the ground without some outside help, Tucker said.
“I’m not willing to say it’s impossible but it would be exceptionally difficult without the city and some of the developers partnering,” Tucker said.
As for the gentrification threat, Tucker said it’s real.
He’s seen investors coming into Como — some from out-of-state — buying up properties. Some homes are being lost because of a lack of a will for the estate when someone dies; others are sold off because of a failure to pay taxes.
He has watched real estate speculation intensify over the last three years.
“I get probably 20 or 30 letters or cards a week of people wanting to buy my home, my grandmother’s home or my mother’s home,” Tucker said. “So I see it every day.”
This story was originally published August 31, 2018 at 6:00 AM with the headline "Will speculators turn this historic neighborhood into Fort Worth’s next hot address?."