Fort Worth will need to wait a little longer before seeing one of Lancaster Avenue's newest retail and residential buildings.
The completion deadline for the mixed-use project planned along the Cherry Street off-ramp from Interstate 30 has been extended from Dec. 31, 2018 to Dec. 31, 2019.
Developer Catalyst Urban Development, LLC, requested the deadline extension from the City of Fort Worth's Lancaster tax increment financing (TIF) board, which approved about $4.7 million to help fund the project last year. The extension was needed in order to complete additional research on the area's environment conditions, as well as wait on a land transaction between the city and the state, said Michael Hennig, development coordinator at the City of Fort Worth. The TIF board approved the request Wednesday.
The project consists of 276,844 square feet of residential and retail space covering about two blocks. Catalyst plans 254 multifamily units, about 6,000 square feet of retail space and a 601-space parking garage. Part of Catalyst's deal with the city requires 20 percent of the residential units to be at rental rates affordable to low or moderate income households. The remaining 80 percent will be at market rate.
The estimated total cost of the project's first phase is about $38 million.