Fort Worth Could Spend $1B to Overhaul Historic Stockyards

Fort Worth officials are considering a nearly $1 billion expansion of the historic Stockyards, which would be the largest investment in the district since the Swift and Armour meatpacking companies set up operations over a century ago.

The plan would incentivize Majestic Realty Company, Hickman Companies and M2G Ventures to develop commercial and residential space, underground parking garages and enhanced livestock facilities, the Fort Worth Star-Telegram reported. The private-public partnership would also include significant upgrades to the Cowtown Coliseum

The project, considered a second phase following the successful Mule Alley development, targets land primarily used for surface parking and livestock pens behind the coliseum and Billy Bob’s Texas. The proposal outlines the construction of at least 300,000 square feet of commercial space, 295 multifamily units, three hotels with at least 500 keys and two underground parking garages with 1,300 spaces.

The incentives package includes an estimated $71.6 million in annual grants over 30 years for the developers and allows the city to purchase the parking garages for just over $126 million, despite a construction cost of $175 million. Public investment is pegged at $382 million, but parking garage revenue could reduce the net public cost to about $145 million.

Scheduled for completion by December 2032, the development is expected to generate an estimated $425 million in tax revenue without raising property taxes. Combined with parking revenue, the project’s value to the city could exceed $844 million. The council will vote on the incentives package on June 25, with a subsequent review by the Tax Increment Finance District board in August.

The plan also calls for $15 million in improvements for the Cowtown Coliseum and the Fort Worth Herd, enhancing facilities for livestock and staff while adding exhibition spaces. Developers would also build a barn, horse stalls, steer pens and a covered warm-up area for livestock, parts of which could be conveyed to the city for maintenance.

The first phase, which lasted from 2014 to 2021, added the luxury Hotel Drover, retail, restaurants and live music venues to the south end of Exchange Avenue.

—Quinn Donoghue