FORT WORTH—Last year, Criterion Property Company LP developed 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.
Fast forward to today as Criterion recently broke ground on The River East, a 322,019-square-foot mixed-use project at 2900 Race St. The River East will have space available for residential, retail and office use.
“We have chosen to call this development The River East to embrace its connection to the Trinity River as well to highlight the excitement of the continuing emergence of the east side of Fort Worth,” Chad Colley, director of development for Criterion, tells GlobeSt.com. “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.”
Criterion, which specializes in multifamily projects, 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, reverse-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.
“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.”
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 televisions 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-used project will further enhance this rapidly growing urban environment,” said David Lee, director of investments for Civitas.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
