Development in Near Southside - Fort Worth’s emerging mixed-use district
Near Southside is an emerging 1,400-acre mixed-use district home to some of the Fort Worth’s newest retail, office, and multi-housing projects.
September 03, 2019
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- Near Southside is an emerging 1,400-acre mixed-use district home to some of the Fort Worth’s newest retail, office, and multi-housing projects. First developed in the early 1900s, the district is located south of Downtown Fort Worth and north of the historic Fairmont residential neighborhood. With 30,000 employees working in Near Southside, the area is the largest employment center in Tarrant County outside of Downtown Fort Worth. In 1995, the nonprofit, member-funded organization Near Southside Inc. was formed to help advocate and oversee development. It also manages Tax Increment Financing (TIF) District #4, created to promote the revitalization efforts. When TIF #4 was created in 1997, the taxable value of the district was $229.7 million and as of the 2017 fiscal year, the City of Fort Worth’s annual TIF report shows a taxable value to $729.3 million. The district is projected to have increased from the base value by 350.2%, to over $1 billion, when TIF #4 is scheduled to expire by FY 2024.
- Infrastructure investments include the retrofit of the 6-lane West Rosedale Street thoroughfare to a 4-lane street with bike lanes, on-street parking, landscaping, and pedestrian improvements in 2014, a $8.5 million reconstruction and renovation of South Main Street in 2018, and the Hemphill-Lamar Connector, a $53 million tunnel under Interstate 30 and rail lines to providing an additional route into downtown, is scheduled to open in 2020.
- Nearly 2,000 multi-family units have been built since 2000, with three buildings totaling 715 units currently under construction. Another 300 units are proposed, including a 10-story mixed-use project with access to the T&P Station serving the Trinity Railway Express (TRE) and TEXRail commuter rail lines. A proposed 2.1-mile extension of TEXRail southwest past West Rosedale Street would include a new station to serve the area’s five major hospitals.
- According to a 2014 study by the University of North Texas, the district’s healthcare facilities have an annual economic impact of $4.2 billion in the City of Fort Worth, and $5.5 billion throughout Tarrant County. The city is working to designated the area as a Medical Innovation District, with the purpose of clustering and connecting existing medical institutions/organizations with startups and business incubators/accelerators to attract thousands of more healthcare and technology jobs to the area.
Source: JLL Research