by Adolfo Pesquera
Fort Worth (Tarrant Co.) – Encore Enterprises, playing the long game, has decided to be the first private real estate developer to gamble on Panther Island, otherwise known as Central City. That brings us to the question: too soon?
It has been one year since Virtual Builders Exchange took a look at the $909 million Trinity River Vision project, and for readers outside of Tarrant County, here’s the quick read:
The U.S. Army Corps of Engineers in 2008 completed its Environmental Impact Statement on the Upper Trinity River Central City. This is no relation (that we know of) to DC Comics’ Central City, the fictional home of the Silver Age version of The Flash, but Panther Island should probably adopt the superhero as their official mascot; maybe that will speed things up on a project that still has plenty of doubters.
The Army Corps is committed to a massive flood control project that calls for the realignment of this fork of the river. When completed, it will create two islands totaling 800 acres that have the capacity to double the size of downtown Fort Worth.
In the fall of 2015, the Texas Department of Transportation began the construction of three bridges that would span the new river. This has led to the day-to-day oddity of commuters watching the progress of three huge bridges that are crossing dry, flat land and apparently lead nowhere, because the Army Corps has not secured funds from Congress to pay for dredging of the new channel.
But let’s keep on dreaming. The Trinity River Vision Authority is the lead agency for implementation of a master plan that would redevelopment an old and mostly abandoned industrial district. That is potentially 3 million square feet of commercial, retail and educational space. That is also 10,000 residents that will be attracted to a district that will have 12 miles of urban waterfront, more than exists on San Antonio’s downtown Riverwalk.
For decades, the most notable landmark on Panther Island/Central City has been the abandoned Texas Electric Company plant, which very obviously faces the West Fork Trinity and borders the Main Street Bridge. That will soon change.
Last week, a division of Encore Enterprises (Encore Multi-Family LLC) announced the acquisition of about 2.5 acres. The purchased land was surplus that belonged to the Tarrant Regional Water District. It’s a rectangular tract in the southwest corner of North Main Street and NW 4th Street and entirely landlocked.
The 300-unit, 233,198-square-foot apartment community to be known as Encore Panther Island is scheduled to begin construction the summer of 2017 and being leasing the summer of 2018, which is about the same time those three bridges to nowhere will reach completion. GFF is the project architect.
Clearly, Encore sees a market for high-end apartments in this no-man’s land, probably because the site is so close to downtown. Amenities in this $55 million project include an infinity pool with cascading waterfalls and a top floor lounge with downtown views.
But the company is more interested in touting a riverfront scene that is years from being a reality. The development will have “waterfront balconies” along a canal that can handle water taxis, kayaks and other small water craft. A canal to the river presumes an easement through a neighboring property.
Meanwhile, there has been some progress on the Army Corps project. In August, U.S. Congresswoman for the district (and former Fort Worth mayor) Kay Granger suggested the $520-million federal appropriation has become part of the Water Resources Development Act. If the act does not pass before year’s end, it will have to be restarted next year.
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adolfo@virtualbx.com
