Tuesday marked a significant move forward for Fort Worth's historic Stockyards District as the City Council gave the green light to a series of incentives aimed at supporting the second phase of development spearheaded by Fort Worth Heritage LLC, a collaboration involving Majestic Realty Co. and Hickman Companies along with M2G Ventures. The development, as outlined by the City of Fort Worth, will include a sprawling mix of new commercial space, multiple hotels, a residential building, and underground parking garages positioned between East Exchange Avenue, Stockyards Boulevard, and Packers Street.
"This significant investment by Fort Worth Heritage LLC, in collaboration with M2G Ventures, represents the continuation of the successful revitalization of our historic Fort Worth Stockyards," Mayor Mattie Parker expressed, per the City of Fort Worth. The project aims to not only preserve the area's unique character but also seamlessly add to improve its allure as an entertainment destination drastically. Projected to generate over $425 million in net new taxes for the city, this initiative marks a substantial boost to the local tax base. As part of the agreement, the developer has pledged to invest a minimum of $630 million, with $472.5 million designated for hard construction costs.
In a nod to the project's anticipated benefits, the city intends to reciprocate with performance-based grants approximately equaling $71.6 million across 30 years and will reimburse up to $15 million for enhancements supporting the City-owned Cowtown Coliseum and the Fort Worth Herd. The parking garages, once constructed, will be owned by the city but leased back to the developers, who will retain the majority of net parking revenue. After three decades, an option to purchase the garages at market value will be made available to the developers, as noted by the City of Fort Worth.
Reflecting on the earlier successes, the City Council is keen to continue this upward trajectory. "Ten years ago, there were many questions and concerns when Phase I was announced yet today, it’s been a resounding success", District 2 Councilmember Carlos Flores stated, as cited by the City of Fort Worth. In a decisive shift from original plans, which included above-ground parking, the project's updated phase will instead maximize utility by constructing below-ground garages. This allows more room for development that aligns more closely with the aesthetic of the historical district, ultimately providing for the Stockyards' flourishing future.
The totality of the project's financial forecast sets the expected net gain for Fort Worth at about $845 million when taking into account both the parking profits and the prospect of a future sale of the garages. "This project is an outstanding example of the kinds of public-private partnerships that Fort Worth is known for," said Michael Hennig, an Economic Development Manager for the city, as per the City of Fort Worth. As the development progresses, the iconic Western spirit that defines the Historic Stockyards is set to become an even more vibrant draw for locals and tourists alike.
