On Fort Worth Ave., Another Proposal: The Collective, Which Needs $7.5 Mil in TIF Funds

TheCollectiveRenderings.JPG
Speaking of this morning's meeting of the council's Economic Development Committee ...

When he's done talking about sinking $750,000 in city funds into growing small business, Office of Economic Development honcho Karl Zavitkovsky will ask the council for $7.5 million in TIF money for The Collective, a proposed $48.3-million mixed-use development ("320 residential units and 40,000 square feet of retail, commercial and/or live-work space") on Fort Worth Avenue between Hampton and the site of the Home Depot that used to be the Bronco Bowl. The money would come from the Fort Worth Avenue TIF District -- which was once expected to jump-start Dick Seib's La Reunion Town Center planned for the site where the circa-World War II Colorado Place Apartments stood till their demolition on November 21, 2009. That project never happened; this one, say city officials, will.

As with Sylvan Thirty, which will also receive Fort Worth Ave. TIF money if and when it's up and running, CityDesign Studio got involved with the design of the The Collective. Says the briefing prepped for this morning's meeting, the City Hall-based designers made the developers add more buildings "to improve pedestrian feel of private street," reconfigured the parking lot "to create a plaza feel" and "increased number of ground-floor doors that access the street directly." And, says the briefing, the public money wouldn't be used solely for building buildings:
TIF funding will be used for infrastructure improvement in the right of way, including bike lanes on Fort Worth Avenue and Colorado Boulevard and including an extension of the Coombs Creek Trail. TIF grant funding (to be reimbursed as TIF funds are collected and only after the project is fully completed) will be used to improve the pedestrian experience on the internal streets; to leverage affordable housing; to create community garden, central green space, and a dog park; and to make the project financially viable.
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16 comments
bankalchemist
bankalchemist

someone must watch out for the SEIBS aka DICK SLICK & THE SLICKEROOS. They provide full FLEECING.

bankalchemist
bankalchemist

someone must watch out for the SEIBS aka DICK SLICK & THE SLICKEROOS. They provide full FLEECING.

bankalchemist
bankalchemist

someone must watch out for the SIEBS aka DICK SLICK & THE SLICKEROOS. They provide full FLEECING.

GusMitchem
GusMitchem

Financially Viable - if you take a few hundred grand out of the cost it makes a big difference on the return %. These deals are backed into based on what the apt mkt analysis will bear.

The "value" of the project is a multiplier of the projected rents.   

Dallas Diner
Dallas Diner

Wow, could they have come up with a building that looked more generic if they had tried harder?

Oak Cliff Clavin
Oak Cliff Clavin

I would have thought Sylvan Thirty would have broken ground by now. What's the hold-up?

Guest
Guest

Great development!!!  Please, more of this in south Dallas! it deserves it!

lorlee
lorlee

"to make the project financially viable."

If it isn't viable -- maybe we just shouldn't do it.  The entire country is overbuilt on retail and in the Dallas area -- even more so.  They keep requiring first floor retail on these apartment deals and most of them are just plain empty.  Check the apts in West End,

Downtown_worker
Downtown_worker

Glad this is getting built (as well as Sylvan Thirty and Alta West Davis), but has anyone stopped to check demand? How is the heavily subsidized Zang Triangle project doing after opening last year? 

Oak Cliff Townie
Oak Cliff Townie

Wal Mart is the Anchor Tenet why not use some of their Billions ?

GusMitchem
GusMitchem

Since when have apartments broken new architectural design, generic and dated you know the life cycle is only about 25 years anyway, New for awhile then that out dated look, straight into run-down, followed by that scary period 

GusMitchem
GusMitchem

Apt occupancy is at record high levels, in case you didnt know most common working folk cant qualify for a mortgage anymore and they still have to pee and poo somewhere

Cliff Dweller
Cliff Dweller

I thought Walmart had cancelled their plans for this site. 

William Addington
William Addington

Hmm last I checked Walmart was not coming to the this intersection that was only a rumor. After all look at the numbers the apartments are going to take up 17 of the available 22 acres. If you look at the layout in the doc the left over acres do not leave enough room for a traditional super center layout. Course they could sneak in somewhere else or build one of their smaller store concepts but I believe Walmart decided against a location here early on. The left over acres will probably be sold to another developer to build additional urban residential. 

Oak Cliff Townie
Oak Cliff Townie

WOW ! Sorry .I do try to keep up with things .I guess they didn't make to the flag room at city hall to announce that..

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