The Fort Worth City Council will vote Tuesday on incentives for a proposed 12-story mixed-use development on Panther Island.
FORT WORTH, Texas — A 12-story apartment tower could be coming to Fort Worth’s Panther Island, a mostly vacant piece of land that is envisioned to become a waterfront development. But first, Fort Worth must decide whether to provide the developers with more than $12 million in incentives.
On Tuesday, Fort Worth’s City Council will vote on a development agreement with Austin-based Seco Enterprises LLC, which plans to build a $100 million development in the heart of Panther Island. The tower would be built between North Main Street, North Commerce Street, and Northeast 4th Street.
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According to the agreement, the City of Fort Worth would agree to waive Transportation Impact Fees in an amount not to exceed $2 million and provide 10 annual grants not to exceed $10 million in total, according to the Fort Worth City Council agenda. The incentives are meant to facilitate the project, which in turn will benefit the local economy, officials said.
The developer is promising a minimum 12-story building containing 290 multifamily units, 9,000 square feet of retail, and various public improvements, according to the city. Officials hope the development will be a catalyst for additional development in the area as federal officials work to turn hundreds of acres of land into waterfront property, the Dallas Business Journal reported.
The flood control project, called the Central City Flood Control Project, will redirect the Trinity River and create the appearance of an 800-acre natural island in a space that formerly housed industrial warehouses and dump sites. Panther Island spans about 500 acres north of downtown and is the site of a major redevelopment effort that coincides with the flood control project.
Tuesday’s council meeting is scheduled to begin at 6 p.m.