What’s Developing: Apartment Community Could Serve Fort Worth’s Medical District
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Dallas-based builder Palladium USA is behind a $55.8 million apartment community southeast of downtown Fort Worth and not far from the city’s medical district.
The Palladium East Berry Street apartments will have 240 units on 17.2 acres. The site is southeast of East Berry Street between U.S. 287 and South Riverside Drive near Cobb Park.
“Palladium East Berry Street will bring much-needed luxury housing that’s attainable for essential workers and families, especially those living in southeast Fort Worth, given its affordable housing rates and access to the Medical District,” Fort Worth District 8 council member Chris Nettles told The Dallas Morning News.
The Fort Worth Medical District is best known for the Historic Fairmount District. The medical district is northwest of the project and on the west side of Interstate 35W. The district is south of West Magnolia Avenue, east of Forest Park Boulevard, and north of West Rosedale Street.
The Fort Worth Zoo and the TCU campus are within a few miles of the development.
Construction has started and the clubhouse and first units are expected to be delivered in November of 2023, Tom Huth, president and CEO of Palladium USA, said in a statement.
The community will include a swimming pool, a fitness center, a conference center, a dog park, a computer lounge, a kids’ playroom, and a clubroom.
A portion of the three-story apartment community will be listed at 30 percent of the average median income, making them accessible to residents with diverse needs and income levels, Nettles said.
The median household income for the Fort Worth community from 2016 to 2020 was $64,567, according to the Census Bureau.
To fund the development, Palladium USA secured $26.1 million in tax-exempt bonds from the Texas Department of Housing and Community Affairs and $23 million in equity from PNC Bank.
This is Palladium’s third development in Fort Worth. Palladium Fort Worth in west Fort Worth and Palladium Fain Street in northeast Fort Worth are open.
