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New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

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Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

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Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

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Fort Worth firm 'simplifies' advertising

Reaching customers requires more than price slashing and flashy ads. In today’s competitive marketplace, machines – not men and women – are essential to tapping new markets and

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Trinity Valley School leader to leave in May 2015

Gary Krahn, head of school for the past eight years at Trinity Valley School in Fort Worth, will leave his position in May 2015 when he and his wife Paula will move

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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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