Fort Worth Saddles Up $10M for Panther Island High-Rise

Fort Worth is considering cowboying up $10 million to assist a 12-story apartment high-rise in the unproven Panther Island district.

City economic development manager Michael Hennig spoke at a Fort Worth City Council session on Tuesday, according to the Fort Worth Star-Telegram, saying that the money would help Austin-based Seco Ventures, the developer, cover a financing gap. The budding district’s rents are less than what’s necessary to get the project fully funded. Additionally, jump-starting the building could spur further growth on the island.

If approved, the money would ensure that Austin-based Seco snags a minimum of a 6.5 percent return on their investment. The 12-story apartment building is the first major mixed-use development to hit the island, and city officials hope to use its success as a proof of concept.

The 338-acre Panther Island is man-made and mostly comprises undeveloped acres, surrounded by a 1.5 mile channel that connects the Trinity River. The proposed canal system would serve as a public amenity and flood control mechanism.

The deal is simple: If Seco completes at least 290 apartment units and 9,000 square feet of ground floor retail space by the end of 2030 with an investment of at least $100 million, mostly in construction costs, they would then receive the incentive. The developer would get grants of up to $1 million a year for a decade. If Seco earns more than 6.5 percent profit on the project, the grant is nullified, according to the publication, and the company is only protected up to that percentage. The company is currently the largest landowner on the island; it purchased 25 acres from Houston-based Panther Acquisition Partners in 2024.

The Fort Worth City Council is set to consider the incentive structure at a June 9 meeting next week.

The project has a specific aim for Fort Worth officials: density. The city also rezoned 15.4 acres on the island for 15-story high-rises in 2025, but the main barrier remains the canal and anti-flooding measures. In 2024, the city snagged $443 million in federal funding to help with the flood control venture.

— Hunter Cooke