The historic Fort Worth Stockyards is lined up to get $630 million of new mixed-use real estate in a move expected to nearly double the size of the Texas city's entertainment district with hundreds of hotel rooms, apartments, new commercial space and parking garages.
Majestic Realty and Hickman Cos., the developers behind Fort Worth Heritage Development, plan to begin the second phase of investment for the historic Fort Worth Stockyards, adding at least 300,000 square feet of new commercial space, an at least 500-key, full-service hotel in one or more properties, a minimum of a 295-unit apartment property and below-grade parking garages totaling about 1,300 spaces. The developers also plan to upgrade Cowtown Coliseum, a century-old arena that hosts thousands of rodeo fans.
The Stockyards, covering 15 city blocks, already houses hotels, restaurants, shops, the Texas Cowboy Hall of Fame and Billy Bob's Texas. The development group's addition is expected to add about 20 noncontiguous acres to the neighborhood, generally located in the southwest corner of Stockyards Boulevard and Packers Street to East Exchange Avenue in Fort Worth, including property at the northwest corner of Niles City Boulevard and Northeast 23rd Street in Fort Worth.
The additions are expected to have a certificate of occupancy — or be occupied — by Dec. 31, 2032, as part of the economic incentive agreement recently approved by the city, according to city documents. In turn, the city plans to acquire two or more below-grade parking garages for a total combined amount not to exceed $126.15 million. The city will lease the parking garages to the development group for a 30-year term and is set to retain a minimum of 50% net parking profit from the garages.
The city also plans to reimburse up to $15 million of construction costs for upgrades to Cowtown Coliseum, including a new barn structure for herd operations, new horse stalls, steer pens and employee locker rooms and restrooms, a covered area to warm up horses and other livestock, as well as a dedicated parking area for herd operations vehicles and equipment. The 1908-built venue has a capacity for 3,418 visitors and is used for rodeo shows, concerts and sporting events.
Majestic Realty and Hickman Cos. were not immediately available to discuss plans for the development further with CoStar News beyond what was outlined in city documents.
The city of Fort Worth, also known as Cowtown, served as a 19th century departure point for Texans headed north in search of better prices for millions of cattle. The stockyards were built in 1876 when Fort Worth became a major shipping point for livestock before reaching its peak in 1944. During World War I, the Fort Worth Stockyards became the world's largest mule and horse market, helping solidify Fort Worth as a go-to city for cowboys.
Fort Worth has since been transformed into a modern region that's the 12th largest city in the United States with a population of 978,468 residents. Fort Worth is part of Dallas-Fort Worth, the nation's fourth largest metropolitan area with more than 8.1 million residents.
The city has daily cattle drives through the Fort Worth Stockyards, events aimed at entertaining tourists rather than boosting the Texas economy as they once did. The Fort Worth Stockyards were featured in Taylor Sheridan’s TV series, "1883," the prequel series to "Yellowstone."