The government’s pay-to-play practice involves offering incentive packages to companies or developers in order to encourage major project development within a specific locale. Goldenrod Cos. has chosen Fort Worth as their playing field.
Fort Worth city officials are considering an incentive program for two of Goldenrod Cos.’ projects, totaling $400 million in mixed-use development. According to the Dallas Business Journal, the incentives amount to $30 million over 15 years. In exchange, Goldenrod will commit at least $300 million towards hard construction costs and allocate 15% of its construction budget towards minority-owned, disadvantaged and women-owned businesses.
Goldenrod’s plans include two projects 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), as well as One University on Morton Street featuring office space (100k sq ft), retail (10k sq ft) multifamily units(240) and an Autograph Hotel with 175 rooms.
This post highlights Ft.Worth’s efforts in providing incentives for these two mixed-use developments.
