A Wisconsin developer will invest more money — now totaling $63 million — in the planned Evans and Rosedale urban village under a revised financial package that decreases city costs.
Fort Worth city officials estimate the project — expected to break ground in early 2026 — will bring in more revenue over 15 years than initially expected.
About $20 million of the city’s investment in the village includes tax increment financing for roads and infrastructure as well as grants, tax exemptions and land.
Martha Collins, the city’s economic development manager, briefed Fort Worth City Council members on the financial package revisions at an Oct. 14 meeting. Council members will consider the package at their Oct. 28 meeting. The closing deadline is June 1, with a 60-day extension available.
The revised agreement will “serve both the city and the developer,” Collins said, adding that Fort Worth will save $2.5 million in costs and receive a net benefit of nearly $5 million in revenue.
Milwaukee-based Royal Capital, selected as the project developer last year, plans to increase its investment by $2 million from the initial estimate of $61 million.
That amount includes $45 million for labor and materials. The developer aims to hire 30% of contractors from small businesses in the 76104 ZIP code, a revision from an earlier requirement to hire a set number of employees from the neighborhood.
Project details
Royal Capital plans to build a mix of up to 181 affordable housing units with income restrictions to help the Historic Southside’s older residents.
City officials are working to attract businesses to the project, including a grocer or market to sell healthy food. New commercial live-work units will be along Evans Avenue north of East Rosedale Street.
Improving security and safety is a top priority as officials meet regularly with residents to develop solutions for the large homeless population in the neighborhood, Collins said.
Land ownership
The package includes $4.2 million in tax-exempt land contributions from the Fort Worth Housing Finance Corp., the Fort Worth Local Development Corp. and the city. Those entities own 36 lots north of the intersection of Evans Avenue and East Rosedale Street that will be developed for the village project.
The land was sold to Royal Capital, but was transferred back to the original entities to maintain the tax exemption status, Collins said.
Fort Worth Housing Finance Corp., which owns 30 lots, will be reimbursed about $3.5 million while the Fort Worth Local Development Corp., the owner of five lots, will receive more than $537,000. The city owns one lot and will receive $112,500.
That revenue is expected to be reinvested in the community for additional projects, Collins said.
Council member Chris Nettles, who represents the area, praised city staffers for staying in communication with neighborhood residents.
“I look forward to seeing the completion of this,” he said.
Eric E. Garcia is a senior business reporter at the Fort Worth Report. Contact him at eric.garcia@fortworthreport.org.
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