One of Fort Worth’s many transforming neighborhoods, River East, is about two years away from getting 322K SF of development. Criterion Property Co. broke ground on a multifamily mixed-use property named after the neighborhood.
The River East at 2900 Race St. will have 181 units ranging from 600 to 1,300 SF and nine live-work units ranging from 700 SF to 2,500 SF. Mixed-use components include a 2K SF gym that will be open 24 hours, a 4K SF co-working space and 3K SF of retail space.
“River East is contemporary and more urban with pocket parks,” Criterion Director of Development Chad Colley said. “River East is for people who want to feel like they live Downtown, or maybe they want to live above a restaurant or co-working space.”
Residents recently started moving into another Criterion project by Gables Residential, The Scenic at River East. The property, which broke ground in May 2016, has 276 unit across 21 buildings. In contrast to River East, The Scenic emphasizes green space with private yards and has larger unit sizes, Colley said.
Criterion owns about 80 acres within the neighborhood. PlainsCapital Bank financed the project, and the city and state also pitched in $6M for street and infrastructure improvements in the neighborhood. River East will deliver in 2019.
“[We] want to see the area turn and we can’t do it alone,” Colley said. “We’re looking for this to act as a catalyst for other development and bring future growth.”
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