The Race Is Back On To Find A Developer For Historic Southside Revitalization Project In Fort Worth
The city of Fort Worth has resumed its search for a master developer to take over the Evans and Rosedale project two months after it canceled its $70M contract with Hoque Global.
Located in Historic Southside, the city has been working to redevelop 36 parcels east of Interstate 35 and north of East Rosedale Street for more than 20 years. Potential developers have been tasked with submitting letters of interest by 5 p.m. on April 22, according to a city news release.
“This is an opportunity for an experienced mixed-use developer to work on a multi-block, six-acre greenfield site, located five minutes from Downtown Fort Worth — the urban core of one of the fastest-growing large cities in the U.S.,” the city said in the release.
More than $30M in public funds have been invested in the historically Black area over the years. A 2005 master plan for the urban village envisioned a walkable area that includes housing, commercial, retail and community space. About $17M has been allocated by the city, state and federal governments for the development of a National Juneteenth Museum.
The project has hit numerous snags over the years. After the city’s redevelopment plans were derailed during the Global Financial Crisis, the project was awarded to Hoque Global in 2019. But that was rescinded in December 2023 after the company failed to meet various fundraising deadlines embedded in its economic development agreement, according to Fort Worth Report.
Hoque Global completed construction plans in January 2023. Executives said they had been waiting on approvals from the city and the Texas Commission on Environmental Quality.
In a city release issued last month, Fort Worth Economic Development Director Robert Sturns stressed the need for a project that does justice to the neighborhood's legacy and its goals. At that time, he said phones were ringing, with “14 or 15 developers” expressing interest in taking up the baton.
“Over the years, we could have done any number of things at this site, but it is important to get the fit right,” Sturns said in the release. “We understand the history of this area and its long legacy of Black-owned business development, and we want to make sure anything we bring out here is a complement to that history and a complement to the community.”
Fort Worth City Council voted in 2021 to set aside $4.2M in American Rescue Plan Act money to help pay for the project. Funding must be allocated by the end of this year, an economic development spokesperson told Bisnow, which means those dollars may no longer be in play.
The outcome of the developer selection process, as well as the construction timeline beyond that point, will ultimately determine whether other funding sources will need to be used to fill any financial gaps, according to the department.
City officials will review the applications before conducting interviews with finalists in May. A new master developer is expected to be selected soon after.
