WHO would buy that much land? Michael Mallick. 110 drilling sites, thousands of acres, millions of dollars. Apple REIT Nine. Coming soon to a neighborhood near you.
We looked for some Mallick info, not surprisingly, the Fort Worth Weekly had some.
Project developer Michael Mallick is Anglo, with offices on the west side of town. Those opposing Hicks and Mallick on the project are a few black business leaders, led by controversial real estate developer Leonard Briscoe, Sr., who went to prison in the 90s for illegal kickbacks. He contends that black developers like him are being aced out of projects in favor of white, politically connected developers like Mallick.
She points to the two Mallick Group developments on the map. The Sierra Vista development will provide about 230 new single-family homes on the site of the old Riverside Village apartment complex, plus retail sites nearby. About a mile to the east. the Masonic Home property will be transformed into about 500 homes plus 63 acres of commercial development. There will also be 16 acres set aside for natural gas drilling. Hicks helped broker a deal earlier this year that created a tax increment financing district to include both Mallick Group properties. As tax income to the city increases because of the development, the extra dollars will pay for infrastructure improvements — perhaps one of the few instances when Fort Worth has used the TIF device in the kind of blighted area it was intended for. The East Berry TIF could produce as much as $10 million for things like streets and sewers in what will be known as Masonic Heights, bounded by Wichita and East Berry streets and Mitchell Boulevard. Homes likely will sell for $140,000 to $200,000.
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