FORT WORTH REPORT | August 27, 2024 | Written by: Bob Francis
The Fort Worth City Council approved an economic development agreement update for the second phase of the WestBend project set to bring 4,500 square feet of new commercial space and 300 apartments to University Drive.
The agreement provides $3 million in grants over 10 years to help fund the $82 million project. The grants are based on up to 50% of incremental added tax value and the city’s 1% sales tax. The city has a previous agreement with the developer, Trademark Property, for the adjacent Phase I of the project, also located along the Trinity River near TCU.
For Phase II of the project, the developer commits to building a seven-story mixed-use building with an estimated value of $65.3 million, with 300 multifamily units plus 4,500 square feet of commercial space valued at $1.6 million. Trademark Property will install public amenities along the Trinity Trails system, build a street between Collingsworth Street and River Run, and spend a minimum of 15% of hard costs with minority- and women-owned businesses.
Trademark Property said it would make a good faith effort to provide a retail/neighborhood market in its first phase of the development. Previous grocery and market sites have closed in that space.
The first phase of development brought several high-profile retailers and restaurants to the area, including high-end restaurant Quince and Market by Macy’s, a boutique concept from the longtime retailer.
Phase II follows the 2015 completion of WestBend Phase I, which is a $53 million mixed-use development with 265,000 square feet of multifamily residential space and 4,500 square feet of retail located at 1701 River Run, a mile south of TCU.
The council also approved $1.3 million from the Brownfields Revolving Loan Fund for environmental cleanup, repairs and improvements at the former Oncor Building, also known as the Fort Worth National Bank Building.
The 300,000-square-foot building at 115 W. Seventh St. in downtown Fort Worth is now owned by Chicago-based 3L Real Estate, which is doing a $30 million office-to-residential conversion. Work on the project began earlier this month and is expected to be complete in a little over a year.