What is happening in Fort Worth, Texas’s most luxurious and fastest-growing tract?
Tract 1139.46 has the second fastest-growing population density in Fort Worth, Texas. Out of the top five in this category, it has the highest median income of $123K. The race distribution is relatively homogeneous, with the white population making up almost 90% and Hispanics and Asians the remaining 10%.
Is any vacant land left in Fort Worth, Texas’s tract 1139.46?
There is a considerable land constraint with approximately 1,222 properties in tract 1139.46, and only 19 are vacant. The inventory is relatively new, with more than 90% built after 2000. The remaining 10% was all constructed between 1998 and 1999. There were no structures built before 1998.
Are any development opportunities available in Fort Worth’s tract 1139.46?
I modeled three of the 19 vacant sites, two multifamily and one industrial. The first multifamily is small, with three buildings hosting 138 two-bedroom units costing $33M to build. The second multifamily is more extensive, with ten buildings and 373 units, costing $99.5M.
I modeled 300,000 SF of industrial space in the third site to service the surrounding communities. In a mile radius of this industrial site, there are approximately 30,000 people. This project would cost $45M to build.
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