DOWNTOWN FORT WORTH INITIATIVES, INC. & FORT WORTH HOUSING AUTHORITY FORM “NEW 172 HILLSIDE PARTNERS LLC” TO ACQUIRE HIL
June 9,2015
FORT WORTH, Texas- The Fort Worth Housing Authority (FWHA) and Downtown Fort Worth Initiatives, Inc. (DFWII) have created a new corporation, called New 172 Hillside Partners LLC, for the purpose of acquiring and operating the Hillside Apartment community on the eastern side of downtown Fort Worth. The sale closed on May 22, 2015.
The 172 unit, 12 acre site is a mixed income development of duplex and triplex apartments built in 1995 by a local corporation created for the purpose of bringing affordable housing to Downtown Fort Worth. McCormack Baron Salazar of St. Louis, Mo., developed the property.
The original local participating companies and organizations include:
Downtown Fort Worth Initiatives, Inc.
Tandy Corporation
City of Fort Worth
Justin Industries
Sid Richardson Foundation
Bank of America
Amon G. Carter Foundation
Overton Bank & Trust
Burnett-Tandy Foundation
Chase Texas
Burlington Northern Foundation
Wells Fargo Bank
Davidson Family Charitable Foundation
Gainsco
Ben E. Keith Foundation
Pier 1 Imports
Scott Foundation
Tarrant County
Robert Bass was a founding and significant project participant.
The FWHA-DFWI joint venture, New 172 Hillside Partners LLC, will keep the project in local hands and maintain the affordability ratios that exist today. Sixty percent of the apartment units are reserved for low-moderate income households. Net cash flow from the Hillside operations will be used to help develop more affordable housing in the downtown area. The project maintains a healthy 98% occupancy rate.
“The Fort Worth Housing Authority (FWHA) and Downtown Fort Worth, Inc. (DFWI), have worked tirelessly to ensure the fruition of this project,” said FWHA President Naomi W. Byrne. “New 172 Hillside Partners LLC is yet another great example of a public/private partnership with DWFI, and a model for other communities that exemplifies the stalwart commitment to local community stabilization and the preservation of affordable housing in one of the most desirable locations in Fort Worth.”
“We are proud to continue our relationship with the Housing Authority,” said Downtown Fort Worth Initiatives, Inc. Chairman, Jack Clark. “Hillside joins the Knights of Pythius and Hunter Plaza projects that we have worked on together in recent years. The Housing Authority is a strategic partner in our effort to add more workforce housing to downtown.”
About Downtown Fort Worth Inc.
Downtown Fort Worth, Inc. is a non-profit organization whose mission is to be a catalyst for making Downtown Fort Worth a vibrant and attractive center in which to work, live and visit. www.dfwi.org
About Fort Worth Housing Authority (FWHA)
FWHA develops, owns and operates quality affordable and accessible housing that provides assistance to citizens of Fort Worth utilizing various federal, state and local programs. Currently, FWHA owns 1,002 public housing units, 2,998 affordable housing units, 525 market-rate units; administers more than 6,000 housing vouchers. For more information, visit www.ftwha.org
Press release here.