First downtown Fort Worth residential high-rise in 30 years en routeFirst downtown Fort Worth residential high-rise in 30 years en routehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=229992019-08-29T05:00:00Z2019-08-29T15:00:00Z

​​FORT WORTH – The city council has approved an economic agreement with MWG Enterprises for the construction of a high-rise residential tower.

The 17-story, 300-unit development at 1000 Weatherford St. will have room for an additional commercial component. 

The project is the first high-rise residential​ development coming to downtown in nearly three decades.

According to the agreement, MWG must:

  • invest at least $75 million by June 30, 2022, $65 million of which will be hard construction costs;

  • prepare and submit plans by Dec. 31, 2020, for the additional commercial component;

  • ensure at least 15 percent of development costs go to Certified Minority/Women Business Enterprise firms; 

  • ensure at least 15 percent of units qualify as affordable; and 

  • hire at least six full-time employees for the project beginning June 30, 2023.

The ten-year projection for new taxes to the city are about $1.5 million.

TexasRead more Dallas multifamily news on the Real Estate Center's website.​​​

Source: Fort Worth Business Press

Fort Worth Business Press
Dallas-Fort Worth-Arlington
Read more at {Source}

 Search NewsTalk Texas