Neighborhood: The Clearfork developments, situated southwest of Downtown Fort Worth, are rapidly transforming into one of the area’s most active retail and entertainment destinations. The district is positioned on the banks of the Trinity River and stretches from the Parks District on its northeast boundary and follows the Trinity River to its southwest border at Interstate Highway 820. Clearfork runs alongside the western boundary of the TCU submarket and shares a renter base with the apartment properties surrounding the university, which has proven to have a profoundly positive influence on Clearfork’s multifamily market. In the last 12 months, net absorption has increased by more than 300% and developers have delivered nearly 200 more units than the five-year average.
Development Overview: The project is a 270-acre master-planned, mixed-use development that will ultimately encompass two million square feet of office space, 1.2 million square feet of retail, and 2,500 multifamily units. The developer, Cassco Development, aims to create an upscale, luxury live-work-play environment that appeals to residents with an active lifestyle, and the location has been especially attractive to cyclists due to the proximity to the Trinity Trails. Currently, three of the seven planned developments are complete, including The Kelton, a 400-unit luxury apartment building, and a 180,000-square-foot office property. The major retail component, The Shops at Clearfork, is scheduled for a 2017 opening. The entire development is expected to generate approximately $300 million in revenue and more than 2,000 jobs.