Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has been awarded tax credits from the Texas Department of Housing and Community Affairs to develop a new 90-unit, $22 million mixed-income apartment community in the heart of Fort Worth, Texas. Located at 1209 Jacksboro Highway, with elevated views over the Trinity River and Rockwood Park, Park Tower will offer 78 income-restricted apartments for households earning less than 30, 50, and 60 percent of the area median income (AMI), and 12 unrestricted, market-rate apartments. Monthly rents at Park Tower will range from $400 to $2,000.
Construction is slated to begin by February 2022, pending closing of financing, with completion expected by late 2023. The development will create approximately 145 local jobs (41 permanent), provide recurring local business revenues and generate approximately $2 million in local tax revenue during the construction phase.
“The need for affordable housing in Fort Worth has never been more urgent,” said Matthew A. Rieger, President and CEO of HTG. “We’re delighted to make our entry into the Fort Worth market with Park Tower, which will provide safe and affordable housing to Fort Worth residents who are otherwise priced out of this growing community.”
Park Tower will deliver one-, two- and three-bedroom residences in one four-story, elevator-serviced mid-rise building. Individual apartments will include balconies, window coverings, contemporary-style wood flooring with carpeting, central heating and air conditioning, ceiling fans, walk-in closets and washer and dryer connections. The kitchen will be well apportioned and include spacious quartz countertops, and Energy Star rated appliances. Community amenities will include a clubhouse/community room, business center/computer lab, state-of-the-art fitness center, central laundry, courtyard, on-site management and WiFi in all common areas. The property will offer 44 surface parking spaces and 101 garage parking spaces.
Park Tower is conveniently located west of downtown Fort Worth with close proximity to transit corridors, shopping, dining and employment centers.
The design team is headed by Overland Partners Architecture and Urban Design. Founded in 1987 in San Antonio, Overland has been recognized by Architect magazine as one of the top 50 design firms in the United States in 2015 and one of the top 50 sustainable design firms in 2016. Sensitive to the environmental and aesthetic contexts of projects, the firm thoughtfully integrates technology, art, and craft to uncover world-class, innovative sustainable solutions for highly complex projects.