Welcome to Ultraground. We combine development opposition with financial data.
March 13, 2024
District: 5
88-Unit TDHCA Multifamily | 5008 Collett Little Rd | Postponed
278-Unit Multifamily | 1401 Etta Street | Approved
District: 8
100-Unit Multifamily | 2757 Moresby St | Approved
District: 10
265-Unit Mixed-use | 12800 & 12860 Timberland Blvd | Denied
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DISTRICT: 10
Timberland PD 12800 & 12860 Timberland Blvd, 12541 N Caylor Rd
Far North | 12.2 Acres | 265 Units | Denied
Cover2 Capital, represented by Reginald Young and Brian Wozik, recently proposed rezoning a property at 12800-12860 Timberland Boulevard and 12541 North Calerode from A-21 to PDD (Planned Development District). The plan includes 265 multifamily housing units with 16,000 SF of restaurant and retail space.
The developers pointed to the project's potential benefits, such as preserving trees, enhancing walkability, and contributing approximately $400,000 in annual property tax revenue to the city and $700,000 to Keller ISD. They also highlighted the luxury nature of the apartments, targeting renters with a median income of $84,000, and the residential character of the architectural design.
‟The tax revenue generated is no laughing matter, but I do want to let everybody know with Keller ISD being subject to recapture in the State of Texas $700,000 is not $700,000.
Despite these points, the Zoning Commission ultimately voted 10-0 to recommend denial of the rezoning request. Commissioner Wurman, while appreciating the developer's willingness to expand the roadway to alleviate traffic concerns, stated:
‟The need for that in this area doesn't appear to be as great as it is on the outside, where you're much closer to the freeways and the transportation system.
Residents from surrounding neighborhoods, including Steadman Farms, McPherson Ranch, and Sunset Circle, fiercely opposed the rezoning. Concerns ranged from increased traffic and safety issues to the incompatibility of the proposed development with the existing single-family residential character. Brian Cooper, a resident of Steadman Farms, noted:
‟3-story apartment buildings would be able to look right into my backyard as well as all my neighbors’.
In response to the Commission's feedback, Mark Culwell of Cover2 Capital cited studies suggesting that apartment residents generate fewer daily car trips than single-family homes and that proximity to multifamily housing does not necessarily decrease property values or increase crime rates.
‟Studies around the country all determined that the proximity of apartments to single-family homes does not negatively impact home values. A recent study in Irving Texas by the police department found that there's no link between crime and housing density.
Despite these counterarguments, the Commission remained unconvinced. The developers' timeline, which included three meetings with local HOAs to gather input and make adjustments to their plan, ultimately failed to sway the decision in their favor.
Developer: Cover2 Capital, Bryan Welty Phone: (214) 505-5080 Email: [email protected]
Neighbors in Opposition: Sunset Circle, McPherson Ranch, Steadman Farms
Staff Report: ZC-24-014
Project Plans: ZC-24-014 Plan
DISTRICT: 5
Lofts at Redwood 5008 Collett Little Rd
Southeast | 2.44 Acres | 88 Units | Postponed by Developer
This 88-unit product was continued to the next ZC meeting to allow the applicant to provide more details or explore other multifamily zoning options. The deal applied for 9% tax credits in 2023 but the application was terminated. Here are some financial details of note:
Low-Income Housing Tax Credit (LIHTC) Equity: The project has received a significant equity investment of $18,698,130 from Regions Bank through the sale of LIHTC credits.
Construction and Permanent Lending: Legacy Bank & Trust is providing both the construction loan ($17,500,000) and the permanent loan ($3,473,000).
Figure | Lofts at Redwood 2023 TDHCA 9% |
|---|---|
Development Costs | $22,285,633 |
Project Budget | $2,000,000 |
Land Acquisition | $2,745,364 |
Soft Costs | $2,532,000 |
Developer Fee | $114,003 |
Deferred Developer Fee | $11,922,626 |
Hard Construction Costs | $2,771,275 |
Financing Fees | $314,368 |
Reserves | $18,698,130 |
Developer (Zoning): Jervon Harris, Phone: (713) 503-4477 Email: [email protected]
Developer (TDHCA):Brompton Community Housing Corporation (TDHCA): Ellie Fanning Phone: (713) 205-4024 Email: [email protected]
Owner: Jeremiah Nix (Owner) Phone: (817) 733-9027 Email: [email protected]
Capital Partners (TDHCA): Regions (Equity Investor): Rachel Thomas-Phillips, Phone: 512-466-6742 Email: [email protected], Legacy Bank & Trust (construction and permanent lender) Eric Leonard phone: (417) 753-4343
Staff Report: ZC-24-008
2023 TDHCA 9% App: Lofts at Redwood App
DISTRICT: 5
Hughes House Phase II 1401 Etta Street
Southeast | 14.35 Acres | 278 Units | Approved
This case, approved with no discussion, is to increase maximum setback along Avenue G from 20' to 35' to allow for a linear park.
Developer: Fort Worth Housing Solutions, Brian Dennison Phone: (817) 333-3400 Email: [email protected]
Staff Report: ZC-24-020
Plans: ZC-24-020 Plan
DISTRICT: 8
Renaissance Heights Phase 3 2757 Moresby St
Southeast | 5.67 Acres | 100 Units | Approved
Columbia Residential, the developer of Renaissance Heights, is seeking to rezone the property for Phase 3 from PD 915B to PD 916. This rezoning will consolidate the zoning for the entire Renaissance Heights development, ensuring consistency across all phases. As part of Phase 3, Columbia will add 100 affordable apartment units to the product.
Developer: Columbia Residential Shikha Jerath Phone: (706) 951-2510, Email: [email protected]
Owner: Amtex Energy, Inc. Phone: (817) 235-6826
Staff Report: ZC-24-016
Plans: ZC-24-016 Plan
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