Big changes are coming to a historic building in downtown Fort Worth, thanks to a substantial loan intended to spur redevelopment. According to Fort Worth officials, the City Council has awarded a whopping $1.3 million Brownfields Revolving Loan Fund (RLF) to 115 W. 7th LLC, partnered with 3L Real Estate, for the repurposing of an iconic downtown fixture.
The building in question, originally the Fort Worth National Bank and later housing Oncor, will undergo significant transformation. A statement from Joseph Slezak of 3L Real Estate, as per the City of Fort Worth, expresses their excitement over the project, "It is a passion of mine and 3L’s to revitalize properties like this project in downtowns all over the country. We are thrilled to be a part of this city and the downtown neighborhood, and all the exciting developments happening around us”. The project envisions the conversion of the 16-story structure into a residential hub, offering 330 studio, one-, and two-bedroom apartments.
Fort Worth’s approach to revitalizing underused or contaminated properties comes through partnerships and funding like the Brownfields Program. The aim is to remove environmental barriers blocking potential redevelopment. The U.S. EPA backs the city program, which offers low-interest loans for projects that handle environmental assessments and remediation of such properties.
"Supporting reuse and redevelopment is foundational to the Brownfields Program," proclaimed Cody Whittenburg, environmental services director for the City of Fort Worth, according to the City of Fort Worth. The environmental team is reportedly delighted to witness the project contribute to downtown Fort Worth’s resurgence. By reflowing the loan repayments back into the fund, alongside potential future EPA grants, Fort Worth aims to generate a self-sustaining mechanism for addressing similar properties with environmental concerns.
