Fort Worth City Council to vote on $13.2 million for urban village development
The Fort Worth City Council will vote on two resolutions Tuesday allocating a combined $13.2 million to support the construction the Evans & Rosedale Urban Village.
The first resolution would authorize $9 million in grants for Dallas-based developer Hoque Global provided it meets certain conditions. Those conditions include setting aside a minimum of 20% of the planned 292 apartment units and 20 town homes for affordable housing.
Ten percent of the apartments and town homes will be set aside for households that make 80% or below the Fort Worth-Arlington area’s median income. A four-person household would have to make around $64,650 or less to qualify according to a Sept. 16 presentation by Fort Worth Economic Development Director Robert Sturns.
The other 10% will be for residents making 60% or below the area median income, or $48,480 for a four-person household.
Hoque is also required to invest $70 million in both phases of the project and 15% of contractors need to be minority- or women-owned businesses.
The the other $4.2 million would be used to defray the cost of selling the land to Hoque Global. The project site is made up of 36 properties, which the city will sell to the developer for $1 each. The city plans to pay for this incentive with funds from the $173 million the city received from the American Rescue Plan Act.
The first phase of the project, being built along Missouri Avenue north of the intersection at East Dashwood Street, will have a 292-unit apartment building, 28 live-work spaces and 27,000 square feet of retail space, of which 15,000 square feet will be set aside for a grocery store.
In the second phase, 20 town homes will be built along the east side of Evans Avenue south of East Terrell Avenue.
A 2019 study from UT Southwestern found that the 76104 zip code, where the development would be built, had the lowest life expectancy in the state.
District 8 council member Chris Nettles has also attributed that low life expectancy to lack of access to amenities. He made bringing a grocery store to the area a centerpiece of his city council campaign.
Nettles kicked off his Sept. 22 “State of the District” address talking about the need for economic development in areas like the Historic Southside. He said projects like the Evans & Rosedale Urban Village will give the area the needed economic boost.
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