HomeDiagramsDatabaseMapsForumSkyscraper Posters
     

Go Back   SkyscraperPage Forum > Discussion Forums > City Discussions

Reply

 
Thread Tools Display Modes
     
     
  #1  
Old Posted May 23, 2012, 4:55 PM
M II A II R II K's Avatar
M II A II R II K M II A II R II K is offline
Registered User
 
Join Date: Aug 2002
Location: Toronto
Posts: 42,827
Fort Worth - Downtown Tax Increment Financing

Sundance’s Stomping Grounds Get TIF’d


05/22/2012

By Bridget Moriarity



Read More: http://americancity.org/daily/entry/...ounds-get-tifd

Additional: http://www.dfwi.org/what-we-do/tif-overview

Quote:
Sundance Square is a roughly 35-block collection of shops, restaurants and entertainment venues layered with office space and residences in the core of downtown Fort Worth, Texas. All of it is housed in revamped historic properties and new spaces of a similar scale and palette — think tall-windowed multi-story buildings in muted earth tones. The development is the latest iteration of a city center that has morphed from a saloon-filled magnet for 19th-century outlaws (like its namesake, the Sundance Kid), to a sea of surface parking lots and abandoned buildings in the 1970s, to today’s vibrant, walkable streetscape.

And it’s only getting busier. Earlier this month, Sundance Square broke ground on several new projects that will significantly increase the density of the development, owned by oil industry billionaire Edward Bass and his brothers. Slated for completion in 2013, the additions include an over 55,000-square-foot plaza. Flanking it will be two six-story office buildings designed in granite, limestone and brick, each with ground-floor retail. A third building will feature retail at the street level topped by offices and a floor of one- and two-bedroom penthouse apartments, set to rent between $3.25 and $4 per square foot. A call to a local realtor placed nearby rents anywhere from $1.54 to $2.54 per square foot, with the average hovering around $1.76.

The venture is the most recent reveal in a downtown renewal pioneered by Bass, who released a 150-block master plan in 1988, three years before he began developing Sundance West, the first rental housing to be built in the city since World War II. “You have to give credit to Mr. Bass and the folks at Sundance,” said Gregory Hoss, a principal at Washington, D.C.-based David M. Schwarz Architects (DMSAS). “Instead of haphazardly raising a building here and there, they spent a good deal of time studying the city — here’s where there are unused blocks, here’s where pedestrian access works and doesn’t.” DMSAS would design nearly a dozen more buildings after Sundance West, contributing over 2,000 residential units to the area, along with everything from a Five Guys Burgers and Fries to the critically acclaimed Nancy Lee and Perry R. Bass Performance Hall.

Sundance Square sits within the Downtown Tax Increment Financing District (TIF), which was established in 1996 to pay for public improvements by pairing private dollars with government funds. Take the current effort, projected to cost a little over $100 million: About $11 million worth of TIF revenue will help cover development costs within the district, including the restoration of a historic mural. Another $2.5 million more from sales tax income generated from the site’s planned retail will go back to the site, thanks to an agreement with the city. In exchange, Forth Worth expects to receive an additional $10.6 million in property taxes and $280,350 in sales taxes over the next 15 years. “Fort Worth is a case study in public-private partnerships,” said Johnny Campbell, president and CEO of Sundance Square. “Over the years, there have been various forms of tax abatements and tax-increment-financed projects to help make all of the downtown projects happen.”

.....



__________________
ASDFGHJK
Reply With Quote
     
     
  #2  
Old Posted May 24, 2012, 12:50 PM
WilliamTheArtist's Avatar
WilliamTheArtist WilliamTheArtist is offline
Registered User
 
Join Date: Apr 2007
Location: Tulsa Oklahoma
Posts: 800
Have been thinking about going to Fort Worth to check this area out. I am curious though, what do they do about parking and or transit in this area? Are there sidewalks/pedestrian friendly areas that are bustling most of the time?

It frustrates me that here every new building that goes up seems to need parking right next door. The city will spend millions on new parking garages but not entertain the notion of transit, even just a downtown circulator route, to get people to and from the more than ample parking that exists all around downtown.
__________________
Tulsa
Reply With Quote
     
     
  #3  
Old Posted May 24, 2012, 2:02 PM
urbanactivist's Avatar
urbanactivist urbanactivist is offline
Registered User
 
Join Date: Feb 2008
Location: Houston
Posts: 3,268
Some very exciting news for Downtown Fort Worth!! It's already one of most historic urban cores in Texas (second to only San Antonio), and has a decently vibrant streetlife. Will have to check it out again once these improvements are done.
__________________
Photo Threads for Memphis, Dallas, Ft. Worth, Galveston (before Ike), Kansas City,Houston, more Houston
Little Rock, and New Orleans, cont'd.

For politics, check out my blog Texas Leftist
Reply With Quote
     
     
  #4  
Old Posted May 24, 2012, 3:12 PM
M II A II R II K's Avatar
M II A II R II K M II A II R II K is offline
Registered User
 
Join Date: Aug 2002
Location: Toronto
Posts: 42,827
Sounds like an example of a downtown revival done properly.
__________________
ASDFGHJK
Reply With Quote
     
     
  #5  
Old Posted May 24, 2012, 4:08 PM
mhays mhays is offline
Registered User
 
Join Date: Jul 2001
Posts: 15,940
Quote:
Originally Posted by WilliamTheArtist View Post
Have been thinking about going to Fort Worth to check this area out. I am curious though, what do they do about parking and or transit in this area? Are there sidewalks/pedestrian friendly areas that are bustling most of the time?

It frustrates me that here every new building that goes up seems to need parking right next door. The city will spend millions on new parking garages but not entertain the notion of transit, even just a downtown circulator route, to get people to and from the more than ample parking that exists all around downtown.
I haven't been there. From google maps it looks like a decent core if they can fill some holes, including a lot of historic buildings mostly in the area referenced. But they also have some "campus" type development on the downtown fringes that would be wasteful even by the suburban standards...giant lawns even beyond the massive surface parking lots (the Cheasapeake Energy HQ is a shock...).

The project sounds great. Fort Worth seems to have bones that can be built upon.
Reply With Quote
     
     
End
 
 
Reply

Go Back   SkyscraperPage Forum > Discussion Forums > City Discussions
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 8:59 AM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.