Southeast Fort Worth has something to cheer about, even in these harsh economic times.
A massive retail project, which will be called Renaissance Square, will further help Southeast Fort Worth gain momentum in its revitalization project.
Renaissance Square, which will be almost twice the size of University Village in west Forth Worth, will consist of a 500,000 square foot retail and restaurant shopping complex. The total project is estimated to cost $75 million.
The Revitalization of Southeast Fort Worth
The developer, Synergy Properties Group, along with Moriah Real Estate Company and Lockard Development, Inc., will develop the old Masonic Homes of Texas property, which is located along Berry Street, near Highway 287.
Another retail property is also in the works, according to Synergy Properties Group, which will be located on an adjacent price of property. Synergy hopes these developments will further enhance and revitalize this struggling area of Forth Worth.
The city of Fort Worth also has plans to assist the developer with $5.6 million from the East Berry Renaissance Tax Increment Financing District, along with $7 million from a Chapter 380 economic development incentive. The development incentive will be decided upon by City Council members.
Problems Solved for Residents
The Renaissance Square development will help the surrounding area and its property owners, who are in desperate need of basic retail establishments, such as grocery stores and drug stores, near their home. The residents of this area currently must travel to other parts of the city in order to simply purchase groceries.
Renaissance Square will not only bring a great deal of revenue to Southeast Fort Worth, but will also provide the community with much-needed retail offerings.
The current project for Renaissance Square is the water and sewer work, which is expected to be completed by June at a cost of $12.6 million.
The president of Synergy Properties Group, Hap Baggett, expects the Renaissance Square project to be completed by 2012.