Development of a multifamily component of a mixed-use community in Fort Worth is set to get underway in January.
The nearly $56 million project, “Serenity at Trinity Lakes,” includes the construction of four apartment buildings, a pool and cabana, and a parking deck, according to a Texas Department of Licensing and Regulation filing. It has a delivery date of July 2024.
Zoned for Hurst-Euless-Bedford ISD, the 1,600-acre master-planned community includes 1,400 single-family homes near Dallas/Fort Worth International Airport, the Trinity River Trail System, and the Trinity Rail Express Line.
Atlanta-based Integral Group is one of the developers on the project, which includes an urban waterfront “that will serve patrons with an outdoor dining and entertainment experience unmatched in the Metroplex.” Phillips Partnership of Atlanta is listed as the design firm on the filing.
While Fort Worth has become a major hotspot for all kinds of real estate development, Dallas has seen its share of construction activity decelerate over the years, likely in part due to the City’s building permit process under City Manager T.C. Broadnax.
Trinity Lakes is using tax increment financing to “help facilitate enhancements to the existing infrastructure, connect existing city-wide trail systems, and allow Trinity Lakes to become the first destination station outside of downtown Fort Worth along the [Trinity Rail Express Line],” according to Integral.
Under state law, local governments may use the financing vehicle to pay for improvements that will encourage private investments. That method redirects a portion of property taxes in a geographic area — a tax increment reinvestment zone — to fund the improvements.
Future tax revenue from each participating taxing unit that levies property taxes is used to pay for the cost of improvements in the tax increment reinvestment zone, and each taxing unit may dedicate all, some, or none of the tax revenue attributable to increased property values via improvements in the reinvestment zone, according to the state comptroller.