The government’s pay-to-play strategy involves offering incentive packages to companies or developers in order to encourage them to build major projects within a specific locality. One such company, Goldenrod Cos., has set its sights on Fort Worth.
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 would amount to $30 million over a 15-year period. 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 developments spanning 195,000 square feet. The first project is Van Zandt located on West 7th Street with features including office space (95k sq ft), retail (10k sq ft) and multifamily units (226). The second project is One University situated on Morton Street with amenities such as 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.
