From 12:00-2:00 on Wednesday, June 14, 2023, Fort Worth's Evans & Rosedale Redevelopment Project will be hosting a meet and greet for contractors interested in the development. Hoque Global, the chief developer on the project, is partnering with the City of Fort Worth, the Fort Worth Metropolitan Black Chamber, Collaborative Culture LLC, and Cadence McShane Construction to put on the event at the Devoyd Jennings Business Assistance Center. The mixed use project calls for more than $70mm of investment by both Hoque Global and the City.
The event hopes to draw in minority and woman contractors specifically (NAICS codes are listed on the event site). This is due to the Historic Southside's significance in the history of Fort Worth's black community. The project's location will be in the vicinity of the National Juneteenth Museum and the James E. Guinn Entrepreneurial Campus, which was one of the first black schools in Fort Worth. The historical background of the area has remained a key part of the plan:
- Both [Hoque Global and the City of Fort Worth] have carried on a robust dialogue with community residents and stakeholders throughout the project’s development, working to align the goals of the neighborhood with the project’s design
- The area was once considered Fort Worth's "Black Wall Street"
- It was the site of the first middle-class Black neighborhoods in Fort Worth, home to notable community figures like Hazel Harvey Peace and the first Black millionaire in Texas, William McDonald
Robert Sturns, Fort Worth director of economic development, spoke to the progress and goals of the project:
The Evans & Rosedale Development has been in the works for a long time, and we really want to make sure the final product is something that the community can be proud of, that showcases its history while also reflecting its future.
The plans call for a mixed use area, the now-classic ~eat, play, work~ philosophy. Hoque Global's original proposal includes these parameters:
- New development will reflect both the design and architectural features of the area's historic buildings, in order to help preserve the area's unique cultural heritage
- Traditional urban public spaces will be interspersed with more modern commercial development, with an emphasis on attracting minority-owned businesses
- Commercial development will include ground-floor retail and office spaces, among other amenities. Residential elements will be integrated above these spaces, or in stand-alone residential buildings
- The area will need to be walkable for residents, and should re-align and re-incorporate blighted lots into the overall neighborhood
In all, the $70mm+ project aims to bring 295+ multifamily units, live-work units, townhomes, and retail. "Live-work units" sound a lot like FoxConn's iPhone factories that have dorms for workers, but it is probably safe to assume they are talking about something more similar to coworking spaces as a multifamily amenity.
While this week's event is geared toward contractors, all investors should be conscious of the positive externalities offered by such a development. This type of economic development can offer great opportunity to the surrounding area. Plus, government dollars can create opportunities in areas that previously seemed infeasible.