The government’s pay-to-play practice involves offering incentive packages to attract companies and developers to build major projects in a specific location. For Goldenrod Cos., Fort Worth has become the ideal destination.
Fort Worth is considering an incentive program for two of Goldenrod Cos.’ projects, totaling $400 million in mixed-use development. 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 its budget towards minority-owned, disadvantaged, and women-owned businesses.
Goldenrod’s plans include two developments spanning a total of 195,000 square feet. The first project named Van Zandt will be located on the 2800 block of West Seventh Street and feature office space (95k sq ft), retail space (10k sq ft), as well as multifamily units (226). The second project called One University will be situated on Morton Street with offerings such as office space (100k sq ft), retail space (10k sq ft), multifamily units(240) along with a luxurious Autograph Hotel boasting 175 rooms.
This article was originally published by Connect CRE.
