City staff has been working closely with a developer to bring a new mixed-use project to the 18.5 acres of property purchased by the City last December, located at 205 N. Industrial Blvd. (More information on the purchase)
Design
The site design is taking shape with the project slated to include townhomes strategically placed around the perimeter of the site, as well as approximately 60,000 square feet of grocery, retail, and restaurant space. The site plan will also incorporate outdoor restaurant seating that overlooks about an acre of open space, meant for gatherings and small events, with paths connecting the businesses to the townhomes. Additionally, a 2.3-acre portion of the site will remain open in case a unique business of resident interest were to choose to build a location there.
In its current form, the project’s estimated $25 million property value and $18 million in sales revenues, will generate over $500,000 in new revenue to the city annually.
The City is currently working with the developer’s engineer to address infrastructure needs associated with the project, which includes constructing roads, relocating a water line on the property, increasing utility line capacity in the area, and managing any required floodplain mitigation along the SH-157 frontage road.
Next Steps
In order to deliver a ready-to-go site to the developer next year, the City is seeking requests for proposals from qualified demolition companies to remove the existing building and parking lot. Demolition is planned for spring 2023. Former tenant Midwest Food Bank has recently relocated to a new space and current tenant 6Stones will be relocating in early 2023.
Tax Increment Reinvestment Zone
The City is proceeding with approvals through Tarrant County and the Tarrant County College District to include this property in its already established Tax Increment Reinvestment Zone (TIRZ) #1. (More information on the TIRZ)
Inclusion of this site within the TIRZ #1 will provide new funding options to help cover the cost of the property’s infrastructure improvements. A portion of the revenues generated by the growth in property value on the site will be placed in a fund specifically set aside to pay for project costs such as public works, public improvements, programs, or other projects benefitting the zone. TIRZ funds may only be spent on public improvements.
Future Tenants
When information about new businesses and housing options in this development become available, they will be shared on all City communication channels. To stay up-to-date with the latest City news, sign-up for “Notify Me” through the City’s website.
Original source can be found here.
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