City officials have been working closely with a developer to construct a new mixed-use project on the 18.5-acre lot the city purchased last December at 205 N. Industrial Blvd. (More information on purchasing)
Site design is taking shape, with the project planned to include townhouses strategically placed around the perimeter of the site and approximately 60,000 square feet of food, retail and restaurant space. The site plan will also include outdoor restaurant seating that overlooks about an acre of open space intended for gatherings and small events, with pathways connecting the shops to the townhouses. In addition, a 2.3 hectare portion of the site will remain open should a unique local interest company elect to establish a location there.
In its current form, the project’s estimated $25 million land value and $18 million in sales revenue will bring the city over $500,000 in new revenue annually.
The city is currently working with the developer’s engineer to complete the infrastructure requirements associated with the project, including constructing roads, laying an aqueduct on the property, increasing the capacity of utility lines in the area, and managing all necessary activities to mitigate flooding along the SH-157 front road.
In order to provide the developer with a move-in-ready lot next year, the city is asking for quotes from qualified demolition contractors to remove the existing building and parking lot. Demolition is scheduled for spring 2023. Former tenant Midwest Food Bank recently moved to new premises and current tenant 6Stones will move in early 2023.
Reinvestment zone for tax increases
The City is progressing with permits from Tarrant County and the Tarrant County College District to include this property in its already established Tax Increment Reinvestment Zone (TIRZ) #1. (Further information on TIRZ)
The inclusion of this site in TIRZ #1 will provide new financing options to cover the cost of infrastructure improvements to the property. A portion of the revenue generated by the growth in property value on the site is placed in a fund specifically earmarked to fund project costs such as public works, public improvements, programs or other projects that benefit the zone. TIRZ funds may only be spent on public improvements.
As information about new businesses and housing opportunities in this development becomes available, it will be shared across all of the city’s communication channels. To keep up with the latest city news, sign up for Notify Me through the city’s website.