The Fort Worth City Council’s passage of a transformative economic development agreement was one of several significant moves forward in the civic realm across North Texas last week.
Fort Worth city council’s latest move impacts the community’s emblematic Stockyards destination, catalyzing the development of 300,000 square feet of commercial space, 500 rooms at one or more hotels, a 295-unit multifamily property, and 1,300 below-grade parking spaces across parking garages to support Cowtown Coliseum.
The agreement is with Fort Worth Heritage Development, led by Majestic Realty and Hickman Cos., along with M2G Ventures.
Total development costs are projected at $630 million, with the project’s completion expected by the end of 2032.
The City Council authorized the purchase of the newly constructed parking garages for about $126 million, reimbursement of up to $15 million for improvements to Cowtown Coliseum and up to $75 million in economic development grants.
There are some other deals that recently made news:
- Back east, the Dallas City Council broke ground on the expansion of the Kay Bailey Hutchison Convention Center. The $3.7 billion project is expected to better position the convention center as an economic engine, with proposals to surround it with an entertainment district and to better connect it with infrastructure.
- Dallas’ city council gave a thumbs up to the conversion of an office complex along Lyndon B. Johnson to a multifamily project, signaling favor for the addition of dwellings in the corridor and the adaptive reuse of space.
- Early plans from Dallas-based Trammell Crow Company call for transforming an existing 10-story office building into apartments and demolishing two six-story buildings to construct two five-story apartment properties in their places.
- The council members also approved a three-tower development in the Knox District along U.S. 75 and McKinney Avenue at Armstrong Avenue. The project, called Knox Promenade, from Dallas-based Stockdale Investment Group and Houston-based Hines will transform three acres currently containing retail buildings and parking lot space with a multifamily building, an office building and a senior living and memory care building.
