The city of Fort Worth is considering spending up to $10 million to help build a 12-story apartment tower on Panther Island.<\/p>\n
The money would help Austin-based Seco Ventures<\/a> cover a financing gap at a time when market rents are making financing a challenge, said city economic development manager Michael Hennig speaking at a City Council work session Tuesday.<\/p>\n The money is needed because Panther Island is an unproven district and the area\u2019s rents are less than would be necessary to get the project funded, Hennig said.<\/p>\n The city also hopes the project will spur further growth on the island by serving as a proof of concept to other developers, Hennig said.<\/p>\n The average rent for an apartment in the Panther Island ZIP code of 76164 is $1,410, according to Zillow.<\/a><\/p>\n The city\u2019s incentive would ensure the project earns Seco at least a 6.5% return on its investment, and would demonstrate public support for development on the island, Hennig said.<\/p>\n The roughly 338-acre man-made island just north of downtown will be created by a 1.5 mile channel connecting two sections of the Trinity River.<\/p>\n