A Fort Worth project 20 years in the making is back on track with the city naming Milwaukee, Wisconsin-based Royal Capital Group the new master developer of the Evans and Rosedale community in the Historic Southside.
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The city canceled a $70M contract with Hoque Global in December after Hoque failed to meet fundraising deadlines embedded in its economic development agreement, according to Fort Worth Report. Three months later, it put out a request for expressions of interest, which generated 11 proposals.
City officials said Royal Capital stood out for its “outside-the-box thinking” on financing and project design, its record of engaging communities and upholding strong business equity practices, and its history of completing multiple redevelopment projects in historic neighborhoods.
Historic Southside is a former hub of Black commerce that has been home to renowned entrepreneurs and notable figures, including William Madison McDonald, the first Black millionaire in Texas, and Opal Lee, known as the grandmother of Juneteenth.
“The Historic Southside community has a deep history in Fort Worth, so it's exciting for us to bring in a team like Royal Capital — who understands and wants to preserve the legacy of the Evans & Rosedale area, while also building a foundation for future growth,” Fort Worth Director of Economic Development Robert Sturns told Bisnow in an email.
“Our hope is that this project will not only become a point of pride for the neighborhood, but will also serve as an economic catalyst that drives additional development and investment for years to come."
The city has been working to redevelop 36 parcels east of Interstate 35 and north of East Rosedale Street for more than 20 years and has invested more than $30M in public funds over that time.
A 2005 master plan for the urban village envisioned a walkable area that included housing, commercial, retail and community space. About $17M has been allocated by the city, state and federal governments for the development of a National Juneteenth Museum.
But the project has struggled with momentum. Redevelopment plans were derailed during the Global Financial Crisis and resurrected in 2019 when Hoque was brought on to oversee the development of 292 apartments, 20 townhomes, retail shops and office space.
In a 2023 notice canceling the contract with Hoque, the city said inflation, interest rate increases and cooling commercial development had “led to unacceptable delays.”
The Fort Worth Local Development Corp. will be briefed on the reworked project on Sept. 24, and a community feedback session for neighborhood residents and businesses will be scheduled for shortly thereafter, city officials said in a release.
"We believe our core principles of candid-thoughtful-agile will lead to a vibrant place-based community investment that will become a leading destination for live-work-play for many years to come,” Royal Capital founder and CEO Kevin Newell said in the release.
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