City of Fort Worth
The City Council voted on Tuesday to carry out the sale of a tract of land to Fort Worth’s Trademark Property Co. at the 700-800 block of Vickery Boulevard and Hemphill Street as part of Vickery Village, a planned mixed-used development.
The piece of property, a 0.44-acre tract, will be sold for $225,000. According to the city, the proceeds of the sale will be returned to the developer in the form of a grant after certain criteria have been met through an economic development agreement.
As part of the agreement, the developer must spend at least $40 million on the project and complete it by Dec. 31, 2026. The development must also include at least 235 multifamily units and 3,500 square feet of retail and restaurant
The developer must also spend at least $6 million in either hard or soft construction costs with business equity firms.
Tuesday's council action took place during a regularly scheduled meeting.
The site, according to city documents, is “currently challenged” by several constraints, including the location of storm water infrastructure, the impact of the adjacent Interstate 30 overpass, and concrete left over from a previous demolition.
The property sits within a Tax Increment Reinforcement Zone. In August, the TIF 4 Board agreed to commit $3.3 million toward street, streetscape and public improvements at the site.