The long-stalled vision to revive Fort Worth’s Historic Southside is officially back on track. The Fort Worth Housing Finance Corporation, or HFC, on Tuesday approved a package of five resolutions that clear the runway for a major mixed-use redevelopment in the Evans and Rosedale corridor — a $63 million project led by Milwaukee-based Royal Capital Group LLC.
After years of delays and a developer shake-up, the vote locks in Fort Worth’s latest push to transform a key stretch of Evans Avenue and Rosedale Street into a hub of housing, retail and neighborhood amenities, including a long-promised grocery store. The HFC comprises members of the Fort Worth City Council; the council also voted Oct. 28 at its regular meeting to approve the resolutions.
Five resolutions, one vision
HFC’s action sets the stage for the next phase of work between the city, its housing arm and Royal Capital. The approved resolutions include:
- Legal firepower: Attorney Scott Marks of Duane Morris LLP was hired to negotiate and advise on the formation of a new special-purpose entity that will manage the project.
- Deal approval: HFC formally approved a development agreement with Royal Capital (or an affiliate) and ratified the creation of Evans and Rosedale Texas LLC, as the entity to own, develop and operate the project. The LLC will be composed of HFC, Royal Capital and an investor partner that hasn’t yet been named.
- Land grab for progress: The corporation authorized the acquisition of “multiple parcels” of land across the development site and approved a long-term ground lease with the newly created Evans and Rosedale LLC.
- Financing green light: Making the HFC the managing member of the entity that will manage the project, ensuring HFC retains an active ownership role and oversight.
- Building power: The corporation or one of its affiliates can now serve as a general contractor or joint venture partner for construction in the project.
The deal breakdown
The city’s public investment totals roughly $19.8 million, built from tax increment financing reimbursements, HFC or city funds, and land contributions. A payment in lieu of taxes agreement will replace traditional abatements, funneling city tax revenue back into community projects.
Under the proposed structure, Fort Worth HFC owns the land, while Evans and Rosedale Texas LLC will drive development. The arrangement splits financial returns between HFC and Royal Capital, keeping the city at the table as both partner and landlord.
What’s coming
When complete, the Evans and Rosedale urban village will feature about 181 housing units, commercial space for restaurants and shops and, perhaps, a long-sought grocery store to serve nearby residents. City officials have said the design aims to balance modern investment with preservation of the district’s cultural identity, a recurring theme during years of community engagement.
Next steps
Chad LaRoque, a city Neighborhood Development specialist, told the HFC board Oct. 28 that with City Council and HFC approvals now finalized, development agreements are expected by year’s end. Real estate closing is slated for June 1, 2026, with a potential 60-day extension to Aug. 1…