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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Hulen Pointe Shopping Center sold

Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price.

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Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Fort Worth temporarily stops issuing new home permits in TCU area

The moratorium will give a committee and the City Council time to review a proposed overlay that will pare the number of permissible unrelated adults living in the same house.

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Affordable housing complex coming to Alliance Corridor

By Scott Nishimura
snishimura@bizpress.net

Fort Worth’s Housing Finance Corp. and the Integrated Real Estate Group of Southlake are teaming up to build a $38.6 million, 339-unit apartment complex in the Alliance Corridor that will contain more than half affordable housing rents.

The Enclave at Alliance, on 22 acres at Westport Parkway and Alta Vista east of Interstate 35, will have one, two and three-bedroom apartments ranging from 620 square feet to 1,370 square feet.

Fifty five percent of the apartments will be at rents that are affordable to households earning 80 percent or less of area median income, the city staff told Mayor Betsy Price and City Council members Tuesday who were serving as members of the Housing Finance Corp. board.

Construction is scheduled to begin in August, with construction completion expected in July 2016 and lease-up expected in February 2017.

The complex will feature a “resort-style pool,” playground and “tot lot,” and multipurpose outdoor facilities, the city said.

The apartments will be attractive to many people who work in Alliance, but can’t afford to live in the corridor, said Jay Chapa, Fort Worth’s housing and economic development director.

“It creates affordable units up at Alliance, where you have a lot of these warehouse” businesses, Chapa said.

"We saw a need for Class A apartments to the area," Kenneth Fambro, Integrated vice president said, "It's going to be a nice apartment complex."

The Housing Finance Corp. will receive 33.33 percent of the developer fee and 33.33 percent of net cash flow, both annually. The HFC estimated net cash flow will begin paying out at $5.325 million in the fifth year. The HFC’s portion of the developer fee would be $910,432.

Of the apartments, 153 units would be at market rents, 166 would be at rents affordable to people in the 60-80 percent area median income range, and 20 apartments would be at rents affordable to people in the 30-50 percent area median income range.

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