On Tuesday, Fort Worth city councilmembers approved the sale of 36 lots of land for the Evans and Rosedale development project. Royal Capital — the project’s master developer — has committed $61 million for the project + intends to hire locals within the Historic Southside. The lots were sold for $1 each.
Groundbreaking for the project likely won’t occur until the end of next year. Once it begins, Royal Capital will have 24 months to complete the project, as agreed upon with the city of Fort Worth.
The 36 lots that were sold near East Rosedale Street and Evans Avenue were valued at ~$4.2 million, but sold for $36.
Photos courtesy of Royal Capital
What the development includes
- 170 affordable rental units, including senior units and family units
- 15,700 sqft of commercial space for restaurants, a fitness center, a coffee shop + a grocery store, which was nearby residents’ top desire
- Maximum of 283 parking spaces
- Parks and common area green spaces
Incentive details
- $2.5 million in city grants
- Annual, performance-based Chapter 380 grants for 20 years, based on 80% of maintenance and property taxes for the area
- Up to $7 million in reimbursements through the Tax Incremental Financing District No. 4
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