Fort Worth considers selling land to support Southside apartment, restaurant project
The Fort Worth City Council will vote Tuesday on whether to fund the development of an apartment complex and restaurant space across from the Justin Boot outlet in the Near Southside neighborhood.
If approved, the city would offer $225,000 in city grants to Vickery Village Development LLC to help it build 235 apartments and a 3,500 square foot restaurant space at the northwest corner of West Vickery Boulevard and Hemphill Street.
The grants would be funded by selling a 0.44-acre city-owned lot to the developer, and giving the developer the opportunity to earn this money back provided it meets city specified criteria.
Vickery Village Development LLC will be required to invest $40 million on the project’s development, Fort Worth economic development director Robert Sturns told the city council during an Oct. 18 briefing.
The developer must also spend $6 million of its construction costs on minority and women owned businesses and must complete the project by Dec. 31, 2026 in order to recoup the $225,000 paid to the city.
If the developer doesn’t spend the required $6 million on minority and women owned businesses, it loses 10% or roughly $22,500 in grant funding.
The city has already invested $3.3 million in the project through a special taxing district that covers the Near Southside neighborhood and Medical District.
The council will vote on the project during its 10 a.m. Oct. 25 meeting at city hall.
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