Chadwick Farms development moving forward in north Fort Worth, Northlake
Chadwick Apartments Phase I Ltd. announced June 2 it has secured financing for the construction of its 264- unit Chadwick Place Apartments in the 800-acre Chadwick Farms mixed-use development in the cities of Fort Worth and Northlake and will start construction immediately.
Chadwick Apartments Phase I is an affiliated development entity of Chadwick Farms Ltd., the master developer for the Chadwick Farms Master Planned Community located along and south of Highway 114 and east of Interstate 35 in both north Fort Worth and Northlake.
Chadwick Farms recently completed $2 million in water and sewer utilities as well as the new Chadwick Parkway, which serves as the roadway for the apartment complex and connects Highway 114 to Cleveland Gibbs Road, the major north-south arterial.
“We expect strong demand from all forms of retail pad users and large box tenants in the coming years with the residential build up and tremendous traffic volumes on Highway 114,” said Marc Footlik, managing partner and development manager, in a press release.
The 264-unit luxury Chadwick Place Apartments, which was designed by B&A Architects of San Antonio and Goodwin & Marshall Engineers of Grapevine, will be constructed by Irving-based Texas BBL LP. The project is expected to be complete in 14 months. Financing for the complex was provided by Dougherty Mortgage and initial leasing and occupancy will be in early 2010.
“In spite of the economic recession the market in north Fort Worth is still growing with major employment drivers like the Alliance Airport and Barnett Shale development and a desire for affordable rental housing,” Footlik said.
About 180 acres were initially sold to Kimball Hill Homes, which along with Weekly Homes and Drees Homes, built the 735-lot Chadwick Farms residential community located between Elizabeth and Henrietta Creeks and just west of the Byron Nelson Ranch Homestead. Chadwick Farms Ltd. retained the remaining land zoned for retail/commercial and multi-family development.
In addition to the apartments, Footlik said his company also is under contract on eight acres for a new church and is completing market studies for the co-development of the first Stoney Brook Assisted Living Center in the area.
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