CHICAGO, June 28, 2019 – Steel City Management is launching the first of several single-asset Opportunity Zone funds aimed at bringing new multifamily and hospitality offerings to Fort Worth's Stockyards District. The funds will benefit from the Opportunity Zone legislation signed into law as part of the Tax Cuts and Jobs Act in 2018, in addition to local tax incentive programs aimed at spurring investment in key areas.
Steel City Management plans to ride the momentum of another multifamily project that is currently underway in Fort Worth’s Historic South Side as part of a nationwide partnership with Watermark Equity Group. With that development just a few miles away, Steel City Management’s partners became very attracted to the growth potential and historical significance of the Stockyards District.
“We strongly believe in the sustained economic growth story in Fort Worth, Texas, and specifically in the potential of its Stockyards District. We're excited to be expanding upon the current housing availability in this unique neighborhood by developing modern, yet affordable apartments that hardly exist here,” commented Managing Partner Brett P. Holmes. “The scheduled institutional public and private investment are well documented and it's extremely exciting for the area. We're seeking to complement those efforts and our investors are very interested in the long-term nature of our plans.”
The Stockyards has new retail, office and hospitality developments set to open in 2020, yet very little multifamily is currently in the pipeline. According to Managing Partner Andrew Dealy, Steel City Management’s team is finalizing plans in order to raise capital this summer with the intention of breaking ground by the end of the year.
“We will incorporate concepts from our shipping container apartments on the south side of Fort Worth while adjusting our design and architecture to be consistent with the Stockyards' traditional, western heritage. We believe that a more diverse housing mix is overdue in this particular Opportunity Zone and we're excited to be a part of the investment in this neighborhood,” added Managing Partner Andrew Dealy.
About Steel City Management
Steel City Management is a boutique real estate investment company that specializes in value-add and new construction multifamily. The team manages real estate investments in Chicago, Minneapolis, Fort Worth and Nashville.
In addition to traditional multifamily, SCM is focused on investing in innovative living concepts such as single-family rental communities and urban co-living. SCM places its own capital and manages real estate investments on behalf of a network of investors.
Source: Steel City Management
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