Criterion Breaks Ground on New 322,019-Square-Foot Mixed-Use Project in Reemerging River East Neighborhood
- By Monica Penn
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- 06 Jul, 2017
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, 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.
“We have been working closely with adjoining property owners, Fort Worth and Tarrant County officials and involved citizens to make this development happen,” said Pretlow Riddick, Criterion president. “We're excited to build upon the momentum that is currently underway by developing this exciting project within the heart of the commercial core of what we are calling the River East neighborhood. Our target market for the commercial uses will be the unique regional retailers, restaurants and businesses that make a neighborhood special.”
Criterion has worked closely with the city on the upcoming streetscape improvements to Race Street with the goal of making it more pedestrian-friendly with wider sidewalks, reversed-angled parking, pedestrian lighting, bike lanes, landscaping, decorative pavement, street furniture and public art. A public paseo will link Race Street to a redesigned Plumwood Street with a plan for future development on Belknap Street.
The River East mixed-use project is focused on building upon the economic vitality of the neighborhood and joins a line-up of recently opened retail, event venues and businesses including Gypsy Scoops Ice Cream, Tributary Café, The Good Food Company, The Post event space and Top Golf.
The residential component of the mixed-used project has been designed with an urban feel featuring open floor plans, designer interior schemes and amenities intended to bring people together. With 181 units ranging in size from 600 to 1,331 square feet, floor plan options will include studios, one bedrooms and two bedrooms. Each unit will feature designer finishes, stainless steel appliances and modern cabinets with quartz countertops. Additionally, most of the first-floor units will have fenced yards and 10-foot ceilings.
Outdoor amenities include a large pool with a sundeck featuring cabanas, lounge areas and in-water chaise chairs; an indoor/outdoor pavilion featuring a lounge area, wet bar, flat screen TVs and games; an outdoor grilling kitchen and a large fenced pet park. Residents of The River East will also have access to a postal center with an automated parcel kiosk system, fitness center, leasing office, secure bike storage and a fourth-floor club room with social lounge and terrace with views of downtown and the Trinity River.
The River East project will also provide 13,500 square feet of live/work spaces for small businesses or artists, ranging in size from 700 to 2,500 square feet. Larger spaces could be created by combining spaces and custom designed for early partners seeking truly unique spaces. Currently, a 2,200-square foot fitness space is available and provides the flexibility to accommodate an open yoga, Pilates or CrossFit studio. The space can also accommodate more traditional cardio equipment and weight machines.
In addition to the fitness center, The River East will also feature a 4,400-square-foot co-working space for entrepreneurs, startups, freelancers and independent workers. There will be another 3,000 square feet of retail space.
Civitas Capital Group is the investor and Dallas-based PlainsCapital Bank is providing the senior financing for the project.
“The River East neighborhood has recently benefited from the influx of businesses. We are dedicated to working with Criterion and the city to spur economic development in the area and are confident this mixed-use project will further enhance this rapidly growing urban environment,” said David Lee, Director of Investments for Civitas.
"PlainsCapital is excited to be part of Fort Worth's growing River East landscape," said Cass Robinson, senior vice president and senior relationship manager for PlainsCapital Bank. "We're committed to supporting efforts to help create vibrant communities here in North Texas and throughout the state."
Last year, Criterion broke ground on a 276-unit Class-A multifamily community in the River East neighborhood called The Scenic at River East. The luxury property, which opened this year, is located at 999 Scenic Hill Drive and features apartments, townhomes and manor homes.
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.
About Civitas Capital Group
The Civitas Capital Group family of companies provides a range of products and services for institutional investors, family offices and qualified individuals. Through its affiliates, the firm offers investment strategies to clients seeking exposure to the U.S. lodging and real estate market through its Alternative Investments and EB-5 Capital divisions. For more information about Civitas, please visit http://www.civitascapital.com or follow the company on Twitter at https://twitter.com/CivitasCG.
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/