The government’s pay-to-play practice involves offering incentive packages to companies or developers in order to encourage major projects in a particular area. Goldenrod Cos. has chosen Fort Worth as their destination for such development.
Fort Worth is considering an incentive program for two of Goldenrod Cos.’ projects, totaling $400 million in mixed-use development within the city limits. According to the Dallas Business Journal, these incentives amount to $30 million over 15 years. In exchange, Goldenrod will commit at least $300 million towards construction costs and allocate 15% of those costs towards minority-owned, disadvantaged, and women-owned businesses.
Goldenrod’s plans include two developments spanning a total of 195,000 square feet: The Van Zandt on West 7th Street with office space (95k sq ft), retail (10k sq ft), and multifamily units (226); One University on Morton Street with office space (100k sq ft), retail (10k sq ft), multifamily units(240) ,and an Autograph Hotel featuring 175 rooms.
This article was originally published by Connect CRE.
