Revitalizing Fort Worth: Multifamily Leadership Commemorates Milestone Completion of Cowan Place Senior Living Project
The Multifamily Leadership team celebrates the inspirational triumph that unfolded recently in Fort Worth, Texas. Local real estate developers, community partners, and residents alike gathered to rejoice over the milestone completion of Cowan Place Senior Living juxtaposed in the heart of the historic Stop Six neighborhood of Fort Worth.
Accomplishing this grand feat wasn’t a task of ease nor minimal resilience. The funding for this project, a sizeable $750,000, was generously provided by the Federal Home Loan Bank of Dallas on behalf of one well-respected member, Texas Capital Bank, as an Affordable Housing Program (AHP) subsidy. It clearly embodies an impressive collective effort and shows how collaboration can bring substantial change to a community.
Taking a birds-eye view of the sizeable effort, Cowan Place isn’t a standalone attempt but a pivotal part of a far-reaching transformation plan architected for the revitalization of the Stop Six neighborhood. Beyond providing affordable housing, the narrative encompasses a vision of a neighborhood adequately equipped with modernamenities. The currently under-progress plan suggests a promising and vibrant future for the neighborhood by replacing Cavile Place public housing with new, mixed-income rental living spaces over a suite of six development phases.
But what really distinguishes this transformative plan is the inculcation of a robust neighborhood serving a variety of amenities. Beyond the bricks and mortar, it introduces a neighborhood hub offering a wide array of recreational, educational, health, and safety services. Commercial sectors will be developed and commercial spaces will be designed to serve multifaceted purposes. With rooms for libraries and theaters, fitness studios, spaces for healthcare professionals, and areas for private meetings with health-care professionals.
“Economic support, services, or educational facilities, the upcoming neighborhood has something or the other to cater to everyone’s needs.”, says Mary-Margaret Lemons, president of Fort Worth Housing Solutions. These AHP funds have been integral to filling the funding gaps and providing the much-needed momentum to keep the project going. The relentless pandemic certainly added to our challenges, yet securing the full funding has been instrumental in keeping our spirits high.
Seeing the broader impact, the AHP’s operating mandates are benefactions that embody Amps’ objective: help financial members finance house purchases, construction or rehabilitation, and other pillars of community development while also fulfilling their CRA ambitions. Worley Barker, director of Community Development Lending and Investments for Texas Capital Bank, elaborates that “Missions like these align with our values and goals, since we aim is to make a better living situation for individuals, businesses, and communities in Fort Worth.”
Affordable housing development doesn’t come easily, as most of us in the field know. Grassroots teams consistently face battles of budgeting and limited resources. However, the success of Cowan Place Senior Living has undeniably set an example for future endeavors in this area. It showcases that, with reliable funding, thought-out community planning and unbeatable perseverance, anything can be achieved. We at Multifamily Leadership brand proudly recognize and commemorate such accomplishments that redefine housing scenarios changes the skyline of a city as vibrant as Fort Worth, Texas.