Criterion Announces New Urban Residential Community in River East Neighborhood
- By Monica Penn
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- 04 May, 2016
FORT WORTH, Texas, July 6, 2017 – Criterion Property Company, L.P. broke ground today on The River East a 322,019-square-foot mixed-use project at 2900 Race Street. The River East will have a modern design with space available for residential, retail and office use.
FORT WORTH, Texas, May 4, 2016 – Criterion Property Company, L.P. broke ground today on The Scenic, the first new multifamily development in the reemerging River East neighborhood. The Scenic Residences at River East is a 276-unit Class-A multifamily development that is adjacent to Riverside Park in Fort Worth, Texas and will overlook both the Trinity River and downtown.
“It’s exciting to introduce a new generation of residents to the wonderful assets these established neighborhoods just east of downtown have to offer,” said Brandon Hancock, Criterion’s development manager for Texas. “With The Scenic development, these new residents of River East will experience an authentic urban lifestyle with access to local shops, restaurants, markets and parks. And it is only going to get better with the pedestrian and bike friendly improvements coming to nearby Race Street by the time our first residents are moving in. They will be minutes from one of the most walkable commercial cores in the DFW area.”
The Scenic provides a unique urban residential living experience with selected amenities and designer-appointed finishes throughout the studios, one-, and two bedroom residences. The property also offers exclusive two-story townhouse residences and boutique manor houses featuring custom finish packages.
The architectural design of The Scenic is modern, while acknowledging the style of the surrounding neighborhoods. The landscape design embraces the natural setting of bluffs, rock outcroppings and existing trees within the site, creating a walkable urban neighborhood feel that deftly interfaces with the pedestrian realm at public streets. The project also features a linear park that connects Embrey Place to Bird Street.
Residents have access to a large pool with a sundeck featuring preserved heritage trees, cabanas, lounge areas and in-water chaise chairs. There will also be a programmed indoor/outdoor pavilion featuring a lounge area, wet bar, flat screen TVs and games. Additional outdoor amenities include a grilling kitchen, large fenced pet park, fenced yards for most of the first-floor units, community gardening plots, pocket parks dispersed throughout the grounds and a connected trail system through the site. Residents will also have access to a postal center with an automated parcel kiosk system, fitness center, secure bike storage and a third-floor club room with co-working area, social lounge and terrace featuring views of downtown and the Trinity River.
About Criterion
Criterion Property Company (www.criteriondp.com) is a real estate operating company specializing in the development, construction management and asset management of multifamily communities. Dedicated to conducting all business with the utmost honesty and integrity, Criterion’s mission is to enhance and maximize the value of its assets for partners, lenders, investors and employees. With offices in Dallas and Boston, Criterion is actively seeking multifamily investment opportunities in Texas and the Northeast, focusing on the surrounding areas of Dallas, Fort Worth, Austin, San Antonio, Boston, Philadelphia, New York metro area and Washington, D.C. In these areas, Criterion will seek to identify multifamily development opportunities in “smart growth” areas, which are mixed-use areas of residential, retail and office space already served by key infrastructure components such as mass transit systems.
With all eyes regarding development on the Sullivan Square area right now, one project that will impact Charlestown – but is only slightly in the Town – has been approved and will be ready for construction in about 12 months.
Criterion Development, of Waltham and Dallas, permitted with the City of Somerville a major development on Cambridge Street in the Lost Village recently. That development will remake an entire half of a block, including reimagining the Somerville City Club, building out 205 residential units and eventually building a hotel on the Charlestown side of the property.
The L-shaped development tract was a little off the radar in Charlestown due to the fact that most of it lies in Somerville along the Inner Belt Road and across the street from the Somerville Holiday Inn – meaning that permits and processes were run out of Somerville City Hall and not Boston.
Jack Englert, of Criterion’s Waltham office, said they have permitted 205 units of housing and they will be rebuilding the Somerville City Club within the development. It will be reinvented as a pub or some other entertainment hub. The City Club is well known to those in the Town for frequently hosting Charlestown-themed boxing nights, as well as other functions over the years.
Englert said they typically build luxury units, so this development will include a full array of amenity space, with some modifications to that program due to COVID-19 lifestyle changes.
One piece of property that is in Charlestown – and was purchased late last year from Paradigm Properties (which has owned industrial and research/development properties on Roland Street since 2012) – will one day host a full-service hotel. It will be located on the corner of Washington Street/Cambridge Street and Inner Belt.
“That plan is out there when the industry comes back,” he said.
The plan is for one building, five stories tall that would include 400 spaces of parking to be shared between three uses – including an office space for Paradigm, the City Club and the residences.
“We should be delivering our first units in 24 months from now,” Englert said. “It could be a little less time. You’ll start to see some major activity there in about 12 months.”
Read more: https://charlestownbridge.com/2021/03/11/new-development-on-charlestown-line/