Current market conditions are inhibiting development activity in Fort Worth.
Between residential and commercial projects, developers have secured nearly 4,600 building permits so far this year.Down 19% compared to first four months of 2022, Dallas Business Journal Reportciting data from the City of Fort Worth Development Activity Report.
The biggest drop was in the multifamily housing sector, where permits issued fell 82% since last year. Building permits for single-family housing projects fell 41% in the first four months of this year compared to the same period in 2022, the outlet reported.
New commercial building permits fell 33% from March to April, compared with a 49% decline year-over-year.
Fort Worth development worth $2 billion pipeline As of September.But rate hikes, banks fail and soar property tax assessment Cause the developer to hit the pause button.
New multifamily developments in Fort Worth have tapered off since 2019, when 6,000 units were under construction. Developers started construction on about 5,100 new units in 2020, 4,000 in 2021 and 4,800 last year, the outlet said.
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A lack of available land is also a problem. Southern Land CEO Tim Downey, took 12 years Finding a site for the company’s luxury condominium project called Deco 969. The scarcity of land has resulted in few residential projects in urban areas, he said.
Meanwhile, Westport No. 25, a $52 million commercial project at 14800 Blue Mound Road, and Public Market Senior Living, a 199-unit senior living complex at 1400 Henderson Street, recently received permits.
— Quinn Donoghue
