Fort Worth City Council members are currently deliberating on approving incentives for a major billion-dollar project in the Stockyards area. This proposed Phase II development, part of a broader revitalization initiative, aims to include 300,000 square feet of commercial space, a hotel, multifamily housing, and two underground parking facilities. The anticipated completion date for the project, located behind the Coliseum and Billy Bob’s Texas, is projected to be December 2032.
Fort Worth Heritage LLC, the developer behind the initiative, plans to invest at least $630 million in the project. They are seeking approximately $383 million in financial incentives from the city to bridge the funding gap. These incentives would encompass grants, the city’s acquisition of the two underground parking structures, and reimbursement of up to $15 million for enhancements to the Cowtown Coliseum and Fort Worth Herd.
The Economic Development Department (EDD) of the City of Fort Worth stated that a significant portion of the city’s $383 million investment would be offset by profits generated from the parking garages, totaling approximately $145,669,450. These funds are expected to be sourced from new incremental taxes generated by the project itself. Additionally, the EDD estimates that the development could bring in around $845 million to the city through various revenue streams including new taxes, parking revenues, and eventual parking garage sales.
Councilmember Carlos Flores, who oversees the Stockyards area, described the project as a renaissance for the region, emphasizing the creation of new jobs, increased tax revenues, and enhanced opportunities for local economic growth. However, Gladys Guevara from the Northside Neighborhood Association highlighted the importance of ensuring that the benefits of the development extend to both tourists and local residents without adversely impacting the community.
Flores noted ongoing efforts with Trinity Metro to enhance public transportation to and within the Stockyards. He also mentioned collaborative efforts with the city’s Transportation and Public Works Department to address traffic improvements based on a public-private traffic study.
The Phase II proposal builds upon the success of Phase I, which began with the development around Mule Alley and Hotel Drover. The EDD reported that Phase I significantly boosted the area’s property value and contributed substantial new sales tax revenues to the city.
The City Council is scheduled to vote on the Phase II proposal on June 25, following positive initial feedback from council members after a presentation on June 11. Despite some concerns raised, including those regarding equitable development in other parts of the city, many council members expressed their support for the project, underscoring its potential economic benefits for Fort Worth.
