The Fort Worth City Council approved an incentive on Tuesday for Fort Worth Heritage LLC, a joint venture between Majestic Realty Co. and Hickman Companies, to develop Phase II of the Fort Worth Stockyards, in partnership with M2G Ventures.
The development, situated between East Exchange Avenue, Stockyards Boulevard, and Packers Street, will feature 300,000 square feet of new commercial space, full-service hotels with 500 rooms, a 295-unit multifamily property, and two or more below-ground parking garages to support Cowtown Coliseum, the Fort Worth Herd, and other area improvements.
“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, emphasizing our shared dedication to our community's economic growth and preservation of our rich heritage," said Mayor Mattie Parker.
The first phase of the project, which focused on Mule Alley and Hotel Drover, increased the area’s property value to $225 million and boosted tourism from 3 million to 9 million visitors annually over the past decade.
The updated scope for Phase II, which includes underground parking garages, aims to maximize the site's value and preserve the historic look and feel of the Stockyards.
Craig Cavileer, managing partner of Stockyards Heritage Development Co., expressed pride in the successful partnerships established ten years ago with the City of Fort Worth and Tarrant County, emphasizing the collective goal of keeping the Stockyards vibrant, authentic, accessible, and sustainable.
The developer has committed to a minimum of $630 million in overall investment, including $472.5 million in hard construction costs, with 15% allocated to business equity firms. The City will provide annual performance-based grants totaling approximately $71.6 million over 30 years and will reimburse up to $15 million for improvements supporting the Cowtown Coliseum and the Fort Worth Herd.
District 2 Councilmember Carlos Flores highlighted the success of Phase I and welcomed the public-private partnership for Phase II.
The project is expected to bring $425,301,534 in net new taxes to the city, ultimately generating $844,997,159 in total net value to Fort Worth’s commercial tax base while improving parking capacity in one of the city’s most popular entertainment districts.
“This project is an outstanding example of the kinds of public-private partnerships that Fort Worth is known for,” said Michael Hennig, economic development manager at the City of Fort Worth.
