Who will be able to afford to live on Fort Worth’s future Panther Island? What we know.
We’re still a ways off from the specifics of what will be built on Panther Island, but its effect on home affordability is already a top concern for some residents.
There are fears the island will exacerbate rising home values and displace long term residents, according to a recently released consultant report. Neighborhoods surrounding the island have had some of Fort Worth’s highest property value increases, according to the city of Fort Worth’s affordable housing strategy.
Neighborhoods like north side and Diamond Hill are already at risk for displacement.
Will condos or apartments on the future Panther Island be a haven for the city’s wealthiest? Or will the development be within reach of the average Fort Worth resident. The short answer is: We don’t know yet.
But there are some clues, including the latest recommendations from consultants.
The only housing option on Panther Island is the Encore Panther Island Apartments. The building offers 300 one and two bedroom units.
More Panther Island stories:
→ What is Panther Island? Facts to know.
→ A new vision for Panther Island as of 2024
→ Will anyone be able to afford to live on Panther Island?
🚨Get free alerts when news breaks.
The least expensive option at Encore Panther Island is a one-bedroom apartment that costs around $1,200 per month, however that can go up to as much as $2,600 per month for a nine-month lease. A two-bedroom apartment can go for as much as $3,800 per month for a nine-month lease.
Most housing in Fort Worth is unaffordable for families earning the city’s median household income of $72,276, with the exception of the north side neighborhood and those east of Interstate 35W and south of Interstate 30, according to the city’ affordable housing report.
That report recommended a series of strategies to boost Fort Worth’s affordable housing stock, which the Panther Island consultant report referenced repeatedly when making recommendations about how to prevent displacement in neighborhoods surrounding the island.
A family earning the city’s median household income can afford $1,818 a month on rent or a mortgage, according to the federal government’s definition of affordable housing. Anything above that figure could make it harder to afford other items like food, gas or the ability to save for retirement.
The city is beginning to change zoning rules on the island. The current zoning calls for dense residential development with some commercial uses on the periphery.
The consultant report from HR&A Advisors of Dallas recommended the city allow for more flexibility to attract a variety of development. Suggestions include lowering some of the height minimums to allow for more single story buildings like libraries, shops and townhomes. The report does not mention including single family neighborhoods.
The report also recommended increasing existing city programs meant to help residents in nearby neighborhoods stay in their homes like the priority repair program, which helps low income residents fix things like leaky roofs, air conditioning and water heater replacement.
The city also has a home buyer assistance program in which residents can get up to $25,000 to put toward a down payment, however, it does cap the sales price for new homes at $305,000. The median price for a home in Fort Worth was $315,000 in January, according to a report from the Greater Fort Worth Association of Realtors.
Fort Worth can’t mandate developers build affordable housing, but it can create incentives to nudge them in that direction. The city has several so-called neighborhood empowerment zones where apartment developers can get city tax breaks and fee waivers for setting aside 10% of their units for affordable housing.
Any future development needs to be equitable, so that existing businesses and residents can benefit, the consulting report said.
About Panther Island
Panther Island will be created when the Army Corps of Engineers builds a 1.5-mile bypass channel connecting two sections of the Trinity River north of downtown. The plan is to provide flood control and update the aging levee system. The resulting island will create 338 acres of prime real estate.
