Two commercial buildings in Downtown Fort Worth are set to be transformed into residential buildings. Infrastructure reimbursements of around $7.4 million have been approved in total for the redevelopment process of both buildings. Affordable housing is also taken care of amid this transformation in the town.
Highlights
- Two buildings on Seventh Street in Downtown Fort Worth will be redeveloped into residential units.
- One of them will be converted into a 330-unit apartment building, while another will be converted into a 100-unit senior housing development.
- A total of 430 residential units will add to the affordable housing and better building usage in Fort Worth.
430 Apartments Planned for Downtown Fort Worth
Downtown Fort Worth is underway for major redevelopment of properties to promote more housing stock and affordable housing. The officials of the board of Tax Increment Finance (TIF) approved a reimbursement of approximately $7.4 million for infrastructure development by 3L Real Estate and O-SDA Industries.
The two real estate companies aim to transform two existing commercial buildings in the downtown into housing units with better amenities and affordable units. This will lead to the utilization of the old property for creating a contemporary landscape in Fort Worth.
3L Real Estate Will Convert Commercial Building to 330 New Apartments
Currently, 115 W. Seventh Street in Downtown Fort Worth is a place for a commercial building where Oncor and Fort Worth National Bank used to operate earlier. 3L real estate aims to convert it to a residential building with 330 family housing units.
It is a 16-story building that was built in 1952. Now, with an investment of $58 million, this 300,000-square-foot building will have one and two-bedroom apartments, studios, and other essential amenities. The TIF board has approved a reimbursement of around $4.7 million for this project and asked it to reserve 20% of the apartments for below-market rents for 10 years to promote affordable housing.
O-SDA Industries to Bring 100-Unit Development For Seniors
O-SDA Industries LLC is an Austin-based real estate developer. The company acquired the 82K SF Binyon-O’Keefe Building, which was built in 1917, and plans to convert it to a 100-unit senior housing development.
This building was used as a storage facility at 210 E. Seventh Street, Downtown Fort Worth. It was formerly owned by XTO Energy. Now, the current owner will spend $26 million to convert it into a housing unit. The TIF will reimburse around $2.6 million for this task, and the building will be renamed as Georgian Oaks. By the end of next year, O-SDA Industries is trying to provide great amenities at this facility.
These two developments will add 430 new housing units to Fort Worth. Apart from this, more real estate developments are in the pipeline in downtown. Including the Panther Island, a total development of $2 billion will be added to Fort Worth. Fort Worth Convention Center’s expansion with the Law and Education Building and the Research and Innovation Building will change the face of Fort Worth’s landscape.
