{"id":307202,"date":"2025-10-16T04:59:20","date_gmt":"2025-10-16T04:59:20","guid":{"rendered":"https:\/\/www.europesays.com\/us\/307202\/"},"modified":"2025-10-16T04:59:20","modified_gmt":"2025-10-16T04:59:20","slug":"63m-for-evans-rosedale-urban-village-to-boost-city-revenue","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/307202\/","title":{"rendered":"$63M for Evans, Rosedale urban village to boost city revenue"},"content":{"rendered":"

A Wisconsin developer will invest more money \u2014 now totaling $63 million \u2014 in the planned Evans and Rosedale urban village<\/a> under a revised financial package that decreases city costs.<\/p>\n

Fort Worth city officials estimate the project \u2014 expected to break ground in early 2026 \u2014 will bring in more revenue over 15 years than initially expected.\u00a0<\/p>\n

About $20 million of the city\u2019s investment in the village includes tax increment financing for roads and infrastructure as well as grants, tax exemptions and land.\u00a0<\/p>\n

Martha Collins, the city\u2019s 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.<\/p>\n

The revised agreement will \u201cserve both the city and the developer,\u201d Collins said, adding that Fort Worth will save $2.5 million in costs and receive a net benefit of nearly $5 million in revenue.<\/p>\n

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.\u00a0<\/p>\n

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.<\/p>\n

Project details<\/p>\n

Royal Capital plans to build a mix of up to 181 affordable housing units with income restrictions to help the Historic Southside\u2019s older residents.<\/p>\n

City officials are working to attract businesses to the project, including a grocer or market to sell healthy food<\/a>. New commercial live-work units will be along Evans Avenue north of East Rosedale Street.<\/p>\n

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.<\/p>\n

Land ownership<\/p>\n

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.\u00a0<\/p>\n

The land was sold to Royal Capital, but was transferred back to the original entities to maintain the tax exemption status, Collins said.<\/p>\n

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.<\/p>\n

That revenue is expected to be reinvested in the community for additional projects, Collins said.<\/p>\n

Council member Chris Nettles, who represents the area, praised city staffers for staying in communication with neighborhood residents.<\/p>\n

\u201cI look forward to seeing the completion of this,\u201d he said.<\/p>\n

Eric E. Garcia is a senior business reporter at the Fort Worth Report. Contact him at eric.garcia@fortworthreport.org<\/a>.\u00a0<\/p>\n

News decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here<\/a>.<\/p>\n

\n\tRelated\n<\/p>\n

Fort Worth Report is certified by the Journalism Trust Initiative<\/a> for adhering to standards for ethical journalism.<\/p>\n

Republish This Story<\/p>\n

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