For motorists traveling on Interstate 35W near Northside Drive, the area is a construction nightmare and has been for several years.
But try to imagine that area once the roadwork is all done. Northside Drive features many acres of undeveloped property with a view of downtown Fort Worth as well as the Trinity River.
So perhaps it’s no surprise that a developer has announced plans to build a 300-unit high-end apartment complex in the area.
The View of Fort Worth, as the project is known, is tentatively scheduled to open in late 2018 near the southwest corner of I-35W and Northside Drive.
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Perhaps not coincidentally, the $1 billion-plus makeover of I-35W is also scheduled to be completed in 2018, providing good freeway access to the apartments.
“We believe this is a one-of-a-kind property, with the views of downtown and being on the river,” said John K. McWilliams, founder of Talos Holdings, which develops multifamily housing projects in Texas, Arizona, California and Colorado.
Construction is expected to begin later this month, Talos officials said.
With rents averaging $1,500 a month, the high-end apartments will contrast with many other buildings in the area. Just north of the planned apartments are the Mercado Juarez Cafe and a Country Inn and Suites hotel. To the west is a Steamaway Inc. truck wash and Delta Industrial Supply. To the south is the Trinity River, and to the east is — of course — the traffic mess known as I-35W.
The development will include three stories of living space built over a parking structure. Apartments will range from one to three bedrooms, with nine-foot vaulted ceilings, quartz counter tops, balconies or patios and full-size washers and dryers, according to Cushman & Wakefield, the real estate firm which arranged the financing.
Residents will also have access to an infinity-edged pool with private cabanas and gardens, a Wi-Fi cafe, athletic center, game room, pet park and dog wash.
And a second phase may be added in future years, with as many as 200 more units.
The funds were provided by Endeavor Real Estate Group out of Austin.
“Construction financing is becoming increasingly difficult to come by, but it’s an area in which we specialize,” Justin Shuart, a director at Cushman & Wakefield, said in an email. “We’ve built long-term relationships with lenders and developers that have excellent track records. That, along with having a quality project in a highly desirable location, made the difference.”
The View of Fort Worth was designed by Dallas-based BGO Architects, with interiors by Imagine Design. CBG Building Co. is the general contractor. Lincoln Property Co. will provide management services.
Dallas-Fort Worth is “among the top markets in the country for rent appreciation, and with the population growth the region is experiencing, that should hold true for a while,” said Jason Pumpelly, a managing director at Cushman & Wakefield.