How Fort Worth is enabling dense development at Panther Island
July 29,2024
See full The Real Deal article by TRD Staff here.
Fort Worth is on the brink of a transformative leap with Panther Island, an underdeveloped 500-acre site near downtown, and high-rise developments could be on the way.
With $443 million federal funding for flood control and a consultant guiding the way, the city is overcoming the site’s past hurdles, the Dallas Business Journal reported.
The once-remote vision for Panther Island is rapidly taking shape. The city recently secured the Trinity River flood-control funds as part of the Central City Flood Control Project, which is critical for unlocking the island’s full potential.
Consultant HR&A Advisors’ 234-page report outlines recommendations for the island’s development, which includes raising building height limits and revising land-use codes.
The consultant suggested that while some areas of Panther Island are not yet ready for development due to lack of infrastructure, others, particularly along North Main Street, are poised for development.
Developers are eager, and work could be underway sometime in 2026, said Sarah LanCarte, founder of real estate firm LanCarte Commercial and co-founding partner at Tillar Partners.
“Panther Island is super complicated. People are really rallying together to try to figure it out for the city,” she said.
Ownership is among the complications. Panther Island is owned by a mix of public entities, including the Tarrant Regional Water District and Tarrant County College District (383 acres), and private owners (74 acres), the consultant found.
The report identified areas that can be developed, notably parts of the north island’s interior, before flood control improvements are in place.
The consultant divided Panther Island into zones to prioritize development. The first phase could focus on 12 acres along North Main Street, designated as a high-impact area for early development, and recent zoning changes have included increasing height limits to 20 stories and removing restrictions on building floor plate sizes.
The city aims to attract higher-density, transit-oriented growth to Panther Island. The area’s most recent development activity was six years ago, with the 300-unit Encore apartments.
Projects in the works include Tillar Partners’ planned $120 million mixed-use project on 12 acres at 529 North Throckmorton Street. Austin-based Seco Ventures recently bought 25 acres on Panther Island.
The city is working to attract diverse types of development that ensure the vision for Panther Island aligns with both market demands and public interests, said Robert Sturns, Fort Worth’s economic development director.
“We definitely want to make sure that the residents that have raised families in that neighborhood and grown up in those areas have an opportunity as they see some of this development happen — that they’re able to take advantage of it and enjoy the fruits of all the labor that we’re trying to bring forward with it,” he said.
More zoning changes are forthcoming — the city is planning to hire a zoning consultant — to encourage potential uses such as entertainment, office and hotels.
Location Mentioned: Panther Island Pavilion