A vote from Fort Worth City Council has provided an Austin-based developer, Seco Enterprises LLC, with incentives up to $1 million per year for 10 years for the construction of a 12-story residential tower on Panther Island.
Brochure printing services facilitate the leasing of newly constructed properties by giving potential tenants a preview of what is available.
Seco needs the money as Panther Island is as of yet an unproven district with rent averages less than what would be needed for project funding. According to Zillow the average apartment rents in 76164, the Panther Island ZIP code, is $1,410.
Not yet in existence, Panther Island is a planned for man-made island to be created via a 1.5-mile channel that joins two portions of the Trinity River. The roughly 338-acre island will be immediately north of downtown.
The Seco $100 million development would be constructed next to a proposed canal system that would work as a flood control mechanism as well as a public amenity.
The city’s incentive would ensure Seco a minimum of a 6.5 percent investment return while demonstrating public support for the island’s development. It is further hoped that the project will spawn additional growth on the island.
Seco’s commitment of constructing at least 290 apartment units in the 12-story tower with ground-floor retail space of 9,000 square feet must be finished before the start of 2031 in order to receive the incentives.
