Fort Worth taps Royal Capital for South Side redev once led by Hoque

A transformative development in Fort Worth’s Historic Southside neighborhood has taken a major step forward.

The City of Fort Worth selected Royal Capital to spearhead the Evans and Rosedale Urban Village, slated for hundreds of apartments and 27,000 square feet of commercial space, the Dallas Business Journal reported. 

The 7.5-acre city-owned development site is in a historically Black neighborhood along West Rosedale Avenue, east of Interstate 35 West. 

The city first approved the project in 2019 with $20 million in financial incentives for the developer.

The project was previously awarded to Dallas-based developer Hoque Global. However, repeated delays forced the city to part ways with the developer in December and reopen applications. 

Royal Capital was selected by city officials and members of the Historic Southside Neighborhood Association from a pool of 10 applicants. They cited the developer’s innovative approach to financing and project design, and its strong track record in community engagement and business equity as reasons for their selection.

The developer must finance and develop a mixed-used project with a value of at least $50 million and meet community participation and business equity goals, according to the city’s application. 

The Milwaukee-based developer, led by CEO and founder Kevin Newell, brings extensive experience to the project. The company’s real estate portfolio features several high-profile developments, including a residential building in Milwaukee’s $1 billion entertainment district and a $100 million health and equity campus in partnership with the Medical College of Wisconsin. 

Royal Capital’s approach will be collaborative, Newell said. 

“Collaboration is the new innovation,” he said. “We are excited to work with the City of Fort Worth and the Historic Southside community to create a vibrant destination that will thrive for years to come.”

Details of the redevelopment will be presented to Fort Worth’s Local Development Corporation next month, with a community feedback session to follow.

— Andrew Terrell

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