This week, the Fort Worth City Council unanimously approved a resolution to award $1,340,000 in Brownfields Revolving Loan Fund (RLF) funding to 115 W. 7th LLC through the City's Brownfield RLF Program.
Joseph Slezak of 3L Real Estate, in partnership with 115 W. 7th LLC, stated, “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.”
The loan will be used to abate asbestos-containing building materials in the 16-story building, which will be converted into 330 studio, one- and two-bedroom apartments. The building, originally constructed in 1952, served as the Fort Worth National Bank building and was most recently occupied by Oncor.
The RLF grant funding, provided by the U.S. EPA, supports the City of Fort Worth Brownfield RLF Program in offering low-interest loans for property redevelopment. These funds help assess or remediate contamination issues that may impede property reuse. The City’s Environmental Services Department aims to continue expanding this sustainable funding source through loan repayments and potential future EPA funding.
“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.”
