Housing Trust Group Makes Texas Debut with $22 Million Mixed-Income Apartment Community in The Heart of Fort Worth
MIAMI, FL – The Housing Trust Group (HTG), one of the largest affordable housing developers in the United States, has received tax credits from the Texas Department of Housing and Local Affairs for the development of a new 90-unit, $ 22 million and mixed apartment community Income received in the heart of Fort Worth, Texas. Located on Jacksboro Highway 1209 with elevated views of the Trinity River and Rockwood Park, the Park Tower offers 78 restricted-income apartments for households earning less than 30, 50, and 60 percent of the Area Median Income (AMI), and 12 unrestricted-market apartments Apartments. Monthly rents in the Park Tower range from $ 400 to $ 2,000.
Construction is scheduled to start in February 2022 until the financing has been completed. Completion is expected for the end of 2023. The development will create approximately 145 local jobs (41 permanent jobs), generate recurring local business revenue, and generate approximately $ 2 million in local tax revenue over the course of 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 are thrilled to enter the Fort Worth market with the Park Tower, which will provide safe and affordable housing for Fort Worth residents who are otherwise priced out of this growing community.”
The Park Tower will provide one, two, and three bedroom residences in a four-story, mid-size, elevator-equipped building. The individual apartments have balconies, window coverings, wooden floors in a modern style with carpeting, central heating and air conditioning, ceiling fans, walk-in closets and connections for washer and dryer. The kitchen is well laid out with spacious quartz countertops and Energy Star rated appliances. Communal facilities include a clubhouse / common room, business center / computer lab, state-of-the-art fitness center, central laundry, courtyard, on-site administration and WiFi in all public areas. The property will offer 44 parking spaces and 101 garage spaces.
The Park Tower is conveniently located west of downtown Fort Worth and in close proximity to transit corridors, shopping, dining, and employment centers.
The design team is led by Overland Partners Architecture and Urban Design. Founded in 1987 in San Antonio, Overland was 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 Companies in 2016. The company carefully integrates technology, arts and crafts to find innovative, sustainable world-class solutions for highly complex projects.