By DeeinAustin™
I have not been paying attention to Fort Worth real estate, but all signs point to rapid appreciation in downtown Fort Worth real estate within the next 2-5 years.
A builder told me yesterday that the Fort Worth real estate market is currently where East Central Austin was about 5 years ago. Most homes are in disrepair and the area is crime-ridden, but the location was wonderful.
The areas undergoing revitalization in Fort Worth are similar to areas that grew rapidly in Austin. Here's the revitalization playbook:
The first revitalization efforts are typically focused downtown. Areas central and near bodies of water are next. Then, Fort Worth should expect to start building out old warehouses and converting delapitated apartment buildings. The final swing comes when institutional investors buy large tracts of land to build mixed-use "urban villages" to provide density.
In East Austin, the urban village was built at old airport, Mueller Austin. Villa Muse in far east Austin is up next. Read about Villa Muse and Mueller Austin.
JUST A FEW FORT WORTH PROJECTS THAT ARE COMPLETED OR UNDERWAY
- Forth Worth city council has put the needed funds and attention into downtown redevelopment. In fact, they're winning awards for their revitalization efforts. An example is Sundance Square.
- Forth Worth real estate is seeing more mixed-use developments and Smart Growth Initiatives. Transportation leaders are currently planning their commuter rail line.
- Large townhouse developments are planned in Southeast Fort Worth in an area that has recently seen increased revitalization efforts. This is similar to large developments in East Austin that are currently underway.
- Money is being pooled to invest in low income neighborhoods around Six Points area, such as Riverside.
The upside to revitalization is often very apparent. Homes appreciate, crime lessens, schools get more funding, and neighborhoods become more alive and vibrant. On the other hand, social issues such as gentrification and housing affordability come riding on the back of this new wave of interest.
There are no easy answers to what Fort Worth is about to face, but I do hope that they look to Austin and San Antonio city officials for guidance in navigating the fine line between growth, environment, affordability and sustainability to create a truly livable city.
Photo of Astoria warehouse is from PortlandUnderground.com
Read our previous article, Fort Worth revitalizing it's downtown. Read more about the Six Points area revitalization.
You may also be interested in East Austin is Like an Awkward Teenager.
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