City Of Fort Worth: New Multifamily Community To Honor Juneteenth Advocate Opal Lee

Press release from City of Fort Worth:

June 07, 2021

Fort Worth Housing Solutions (FWHS) and development partner AMTEX have finalized a deal to build a 339-unit, luxury, mixed-income community off Westport Parkway and what will become far North Beach Street.

The 19-acre development is the sister property to The Holston, a resort-style community of 265 units that opened in December and is currently 75% leased. The Holston is named for Barbara Holston, the longtime chief executive of the Fort Worth Housing Authority, the predecessor of FWHS.

The Opal will be named for Fort Worth’s Opal Lee, a 94-year-old retired educator and community leader who leads a national awareness campaign to make Juneteenth a federal holiday.

The Opal will be the sixth property developed by Fort Worth Housing Solutions and AMTEX, a company that ranks No. 6 in affordable housing production nationally, through a relationship that began eight years ago with development of the mixed-income Avondale Apartments in northwest Fort Worth.

“We are thrilled to be able to recognize a woman who has become a national icon in the Juneteenth movement by naming a beautiful new community in honor of Opal Lee,” FWHS President Mary-Margaret Lemons said. “Ms. Opal has always advocated for opportunity, and residents who choose to make The Opal their home will love the access this community has to job centers, great schools and the thriving Alliance Airport area.”

AMTEX founder and Chief Executive Officer Percy Vaz said that the tremendous demand for units at The Holston encouraged partners to fast-track development of The Opal. Construction is scheduled to begin by Nov. 1, with construction to take about 24 months and leasing to begin in 2023.

“I’m humbled by the naming of this property for me,” Lee said. “I’ve lived in some really bad housing in my lifetime, and I am thankful that others are reaping the benefit of excellent housing developed today.”

Similar to The Holston, The Opal will offer one-, two- and three-bedroom units to individuals and families who live and work in the thriving Alliance Corridor. The properties are near major employers, including McKesson Corp., UPS, Nestlé and the Facebook Data Center.

Half of the units will be offered at market rate; the other half will be available to households earning 80% or less of the area median income. The Opal will reserve 5% of the units for households earning 50% or less of area median income. In 2021, an individual earning $45,300 or less a year meets the 80% threshold; an annual income of $28,300 or less is 50% of area median income.

Photo: Community advocate Opal Lee

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This press release was produced by City of Fort Worth. The views expressed here are the author’s own.