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FORT WORTH-The Urban Development Fund, a subsidiary ofChicago-based Aries Capital Inc., has made its first investment inTexas, deploying $15.6 million from a $57.5-million special pool toredevelop La Gran Plaza de Fort Worth. Upgrades to the 900,000-sfregional mall and 85,000-sf office building in South Fort Worthwill be done by year's end.

The Urban Development Fund is fueled by New Market Tax Credits,with the Aries subsidiary marking its second allocation round froma federal program aimed at commercial development in low-incomeareas. "We really look for job creation," says Michael Qualizza,the fund's CFO. "When we can be a part of this many jobs beingcreated that appeals to us." La Gran Plaza at 4200 South Freeway,the old Fort Worth Town Center, is expected to add 2,950 jobs whenthe $42.5-million redevelopment and lease-up are done, according todeveloper and lender calculations.