$1.3 million brownfields program loan supports redevelopment project

$1.3 million brownfields program loan supports redevelopment project

Published on August 28, 2024

This week, City Council voted unanimously to adopt a resolution awarding $1,340,000 in Brownfields Revolving Loan Fund (RLF) funding to 115 W. 7th LLC, through the City's Brownfield RLF Program.

"It is a passion of mine and 3L's to revitalize properties like this project in downtowns all over the country. We are thrilled to be a part of this city and the downtown neighborhood, and all the exciting developments happening around us," said Joseph Slezak of 3L Real Estate, in partnership with 115 W. 7th LLC.

The new owner plans to use the RLF loan to abate asbestos-containing building materials to advance the project, which will convert the 16-story building into 330 studio, one- and two-bedroom apartments. Originally constructed in 1952, the building initially served as the Fort Worth National Bank building and most recently was occupied by Oncor.

With RLF grant funding from the U.S. EPA, the City of Fort Worth Brownfield RLF Program helps to provide low-interest loan funds to promote redevelopment. Funds can be used to assess or remediate contamination which may be roadblocks for property reuse. Through loan repayment and potential, future EPA funding, the City's Environmental Services Department hopes to continue to grow a sustainable funding source for brownfield properties requiring cleanup and other environmental investigations.

"Supporting reuse and redevelopment is foundational to the Brownfields Program," said Cody Whittenburg, environmental services director for the City of Fort Worth. "Our team is happy to see this project advancing Fort Worth's downtown and our community."

For more information about the City of Fort Worth Brownfields Program, contact Brownfields Program Coordinator Daniel Miracle at 817-713-1703. For more information about the City of Fort Worth Brownfields Program, visit the website.

Photo:The building on West Seventh Street initially was home to Fort Worth National Bank and most recently was occupied by Oncor.

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Tagged as:

• Environment
• District 9