Call it a groundbreaking. Or more like, a building-smashing.
Either way, construction has begun on The River East -- a 322,019-square-foot mixed-use project at 2900 Race St. -- marked by the ceremonial smash of a wrecking ball against a vacant building that will be torn down to make way for the development. According to developer Criterion Property Co., the project will have a modern design with space for residential, retail and office.
Tarrant County Commissioner Roy Charles Brooks, who attended the event Thursday, said the project is part of "the rebirth of [Race Street]."
"Real estate is too valuable," he said. "We can't afford to just throw it away. With an eye toward maintaining the legacy of the past, we must continue to rebuild, to reuse adaptively, to create new spaces that fit the way new people want to live, work and play. That's what we have in this project."
The residential portion of the project will include 181 units between 600 and 1,331 square feet, with studio, one-bedroom and two-bedroom floor plan options. Each unit will be outfitted with amenities like stainless steel appliances and cabinets with quartz countertops, and many first-floor units will have 10-foot high ceilings and fenced yards. Outside, residents will have access to amenities like a pool, lounge areas, a grilling kitchen and fenced pet park.
About 13,500 square feet of the project will be dedicated as live/work space for small businesses and artists, and about 4,400 square feet will used as coworking space. Additionally, about 3,000 square feet will be used for retail.
While Criterion would not disclose the cost of the project, the company is required to invest a minimum of $20 million as part of its tax abatement agreement with the City of Fort Worth.
Criterion is also working with the city to improve the streetscape of Race Street to make it more walkable, with plans to widen sidewalks, create reverse-angle parking, and add public art among other improvements. Another plan is to create a public paseo between Race Street and Plumwood Street, as well as bring more development to Belknap Street.
Not far from The River East is Criterion's residential project, The Scenic at River East -- a 276-unit luxury multifamily located at 999 Scenic Hill Drive.