Fort Worth City Council members are considering approving incentives for a billion-dollar project in the Stockyards.
The project, part of a larger redevelopment plan, is a new Phase II, a mixed-use development that would include 300,000 square feet of commercial space, a hotel, a multifamily property, and at least two underground parking garages.
The development would be on land behind the Coliseum and Billy Bob’s Texas and is estimated to be completed by December 2032.
According to the City of Forth Worth’s Economic Development Department (EDD), the developer, Fort Worth Heritage LLC, has committed to investing at least $630 million and is asking the city to fill in the financial gap by approving incentives totaling around $383 million.
Those incentives include grants, the city’s purchase of two underground parking garages, and reimbursing the developer up to $15 million for improvements to the Cowtown Coliseum and Fort Worth Herd.
The EDD said much of the city’s $383 million investment would be paid for by parking garage profits, bringing the total to $145,669,450, “which will be funded from new incremental taxes resulting from the project itself.”
The EDD also added that the project is expected to bring in about $845 million to the city, between new taxes, parking profits, and the eventual sale of the parking garages.
They added the project would also reap hotel occupancy taxes for the city.
“It’s a renaissance, as I call it, in the Stockyards. With a redevelopment, what is happening now? New opportunities are being made. New jobs are being brought in. New tax revenues are being brought into the city,” said Carlos Flores, the city council member who oversees the Stockyards as part of his district.
Gladys Guevara with the Northside Neighborhood Association wants to ensure that those improvements benefit not only the increasing number of tourists in the area but also the neighbors themselves.
“I’m not against development for the community itself. It’s just about how can we integrate that it’s not going to negatively impact the community, the residents or businesses?” she said.
That means making sure there are resources for the people who live there.
“Public transportation, equitable housing opportunities– not just a surplus of hotels in this area,” Guevara said.
Flores said he’s been working with Trinity Metro for months on public transportation options to the Stockyards, as well as within the area.
He also said that based on a public-private traffic study, the city’s Transportation and Public Works Department is also working on some traffic improvements.
“We’ve considered, you know, temporary closures of streets to afford a more pedestrian-friendly park,” he said.
He said he’s also been meeting with stakeholders and neighbors to help keep them informed and able to stay in their homes.
“We’re trying to, you know, keep every avenue available for them to have that choice to stay, right?” Flores said.
He said the development is needed to keep up with the growth they are seeing, which now tops nine million visitors a year.
This new Phase II project is an expanded plan of the original, which city council originally incentivized back in 2014.
If passed, this new proposal would override the previous one.
In their presentation to the council on Tuesday, the EDD said the new plan costs $124 million more than the original one, plus increased construction costs. However, they said the additional development would create more income.
That’s why they’re asking for the public-private partnership and for the council to approve incentives.
Phase I of the Stockyards development included the area around Mule Alley and Hotel Drover. The EDD said that the project increased the area’s land value to $225 million and brought “significant new sales tax to the city.”
City council members are set to vote on the Phase II proposal on June 25.
Many already expressed their support after the June 11 presentation, with Gyna Bivens voicing one concern.
“I’m not real happy right now, but that’s not directed at you,” she said on Tuesday. “I’m going to be voting for this. Make no secret about that. What I find challenging is, it is difficult to get this type of hocus pocus money magic when it comes to East Fort Worth.”
Bivens talked about the need for grocery stores and affordable housing.
