City of Fort Worth
High-rise residential building
The proposal for a high-rise residential building at 1000 W. Weatherford St. was presented to the Fort Worth City Council in a work session Aug. 20.
By Maddie Woodhouse
Whether there’s demand for a high-rise residential building in downtown Fort Worth has city officials scratching their heads.
The proposal for a high-rise residential building at 1000 W. Weatherford St. was presented to the Fort Worth City Council in a work session Aug. 20. The downtown high-rise would have a minimum of 17 stories, 310 residential units, and an expected completion date of 2020, according to the presentation.
Michael Henning, Fort Worth’s business development coordinator, says this would be the first residential high-rise built downtown in nearly 30 years, which could encourage more commercial and residential development.
Henning said although the high-rise project has potential for commercial additions, a main concern for investors is the untested residential market and lack of competition.
“There’s a perception that downtown Fort Worth is an unproven market for this type of residential product, and as such, that carries with it a perception of risk,” Henning said.
Henning described concerns about the economic benefits as a chicken-and-egg dilemma: Does a high-end commercial building bring more residents, or does a high-end residential building bring commercial buildings?
Henning said the risks involved caused developers to create an alternative project — a five-story, mid-rise building with 240 residential units at a cost of nearly half of the original investment.
The cost? Nearly $5 million from the city of Fort Worth, and a minimum private investment of $75 million from a partnership between MWG Enterprises and Transwestern Development Company.
Councilman Cary Moon said these projects are only expected to create low-skilled jobs, and based on a recent study on Fort Worth’s economy, the future is in commercial buildings, not residential.
“I think this is the second worst project that we’ve put together,” Moon said.
Councilwoman Ann Zadeh disagreed. She supports further progress on the project, adding that it is not necessary for every development to create jobs.
Both of the proposed projects have been approved by the Downtown Design Review Board. Fort Worth council members, however, still need to give the green light. The next Fort Worth City Council meeting will be 7 p.m. Aug. 27 at city hall, 200 Texas St.
