Affordable Senior Housing Community Debuts in Fort Worth
Cowan Place Senior Living kicks off a plan to add affordable housing and amenities in this historic neighborhood.
Local real estate developers, community partners and residents attended the grand opening of Cowan Place Senior Living. Image courtesy of Federal Home Loan Bank of Dallas
Fort Worth Housing Solutions has opened Cowan Place Senior Living, a 174-unit fully affordable and age-restricted community in Fort Worth, Texas. The senior housing community caters to seniors over the age of 62.
Development partner McCormack Baron Salazar worked alongside the main architect, Bennett Benner Partners. Cowan Place Senior Living represents Phase I of the Stop Six Choice Neighborhood Initiative, a transformation plan designed to improve the Stop Six neighborhood in Fort Worth with affordable housing and neighborhood amenities.
The development was built with the assistance of a $750,000 Affordable Housing Program subsidy provided by the Federal Home Loan Bank of Dallas through Texas Capital Bank. According to Yardi Matrix data, the financing for the project included a $20 million loan originated by Trinity River Public Facility Corp. through BOKF Bank, a $15.7 million HUD loan from Mason Joseph Co. and a $9 million self-financed construction loan originated by Forth Worth Housing Solutions.
The four-story building incorporates one- and two-bedroom floorplans ranging between 596 and 900 square feet. Common-area amenities include a fitness center, a community room, a courtyard, a library, a salon, a recreation room, a theater, four laundry facilities and controlled access. The community also features spaces for private meetings with health-care professionals.
Located at the intersection of East Rosedale St. and Andrew Ave., Cowan Place Senior Living is within the Stop Six neighborhood. The community is near the intersection of Interstate 820 and Intestate 30, which provide easy access across the Fort Worth metropolitan area.
The Stop Six Choice Neighborhood Initiative
The Stop Six Choice Neighborhood Initiative plan will replace the former Cavile Place public housing community with new, mixed-income rental residences in six phases of development. Cowan Place marks the first of the planned phases of affordable housing for this southeast Fort Worth community.
McCormack Baron Salazar serves as the Housing lead partner for the initiative, while Urban Strategies Inc. is leading the People portion of the revitalization plan and the City of Fort Worth is leading the Neighborhood piece. The improvements will include a neighborhood hub for recreation, educational, health and safety services, commercial districts and space for other support services.
