Keller - Roanoke - Northeast Fort Worth - May 2022

DEVELOPMENT City incentive agreement to bring restaurants to Keller Center Stage

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BY BAILEY LEWIS

that promote economic development projects, according to the Texas comptroller’s website. The $848,089 incentive is based on the project creating a projected property value of more than $11 million, a projected business personal property value of nearly $1.84 million and projected taxable sales from the restaurants of $14.75 million, according to a presentation by Keller Economic Development Director Mary Meier Culver. As part of the agreement, KCS must hit at least 50% of each of those projections. The city expects the return on the investment to be nearly $2.4 million over 10 years, Culver said. The restaurants include Osteria Toscana Pizzeria, which will serve a variety of Italian food and pizza. It will be joined by Los Caminos, a “modern style of Tex-Mex,” and BaseCamp, which will oer “mixed

Keller City Council approved a $848,089 economic incentive contract to build three restaurants in Center Stage in Keller. At its May 3 meeting, City Council voted 6-1 in favor of the Chapter 380 economic development agreement with KCS Hospitality Group LTD to add three restaurants to the 38-acre mixed-use development at 1280 N. Main St. Council member Chris Whatley was the lone vote against the agreement. KCS will be the owner of the restaurants, while Realty Capital Management—one of the Center Stage developers—will purchase the land and build the restaurants, Jimmy Archie of Realty Capital Management said at the meeting. The agreement follows Chapter 380 of the Texas Local Government Code, which allows cities to oer incentives

The 38-acre Center Stage Keller mixed-use development will get three new restaurants as part of a deal with the city. (Rendering courtesy city of Keller)

American food,” according to the presentation. In July 2021, Realty Capital Management and developer Greystar broke ground on the rst phase of Center Stage in Keller. At build-out, the Center Stage development’s appraised value is estimated at over $129.7 million, which will make it the city’s largest taxpayer, according to the city’s website. The rst phase includes Greystar’s 24,000-square-foot commercial

space, a community lawn and 475 multifamily residences called The Lyric at Keller Center Stage, according to AJ Glass, development partner at Realty Capital Management. The restaurants will be part of a future phase of construction. The developer plans to break ground by the end of this year with the restau- rants expected to open in fall 2023, according to city ocials. “I think this is a win for us,” Mayor Armin Mizani said at the meeting.

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KELLER ROANOKE NORTHEAST FORT WORTH EDITION • MAY 2022