‘An incredible jump’: Fort Worth approves agreement for $1 billion Stockyards expansion
It took a great leap of faith when the Fort Worth embarked on the first phase of the Stockyards redevelopment in 2014, former Mayor Betsy Price told the City Council on Tuesday.
“It’s now your turn,” Price told the council before it voted unanimously to approve a package of tax incentives meant to double the size of Fort Worth’s most iconic landmark.
The package includes funding to help build a 1,300 space underground garage, which will open up land just east Billy Bob’s Texas and north of East Exchange Street.
Development partner Majestic Realty would also build roughly 300,000 square feet of commercial space, at least 295 units of multifamily housing, and three hotels with at least 500 rooms, according to the agreement.
The first phase of the redevelopment had a significant impact on the local economy, and this second phase will likely do the same, restaurateur Tim Love said at Tuesday’s council meeting.
Love noted he employs 600 people in his restaurants, and expects to double that number thanks to this latest phase of the redevelopment.
The redevelopment has also brought new attention and excitement to Fort Worth, Love said.
“Everyone talks about how cool Austin is, but we know we’re cool now, and that’s because of the development we have in the Stockyards,” Love said.
While the majority of speakers Tuesday were in support of the project, several noted the concerns of residents in 2014 that redevelopment’s first phase would have a detrimental impact on the Stockyards’ historic character.
Melissa Wade Hunter, a member of the North Fort Worth Historical Society, echoed those sentiments Tuesday raising concerns about the preservation of the historic pens, scale house, turnstiles and catwalks.
“These historic buildings are the working parts of the history that made Fort Worth,” Hunter said.
Council member Carlos Flores, whose district includes the Stockyards, said the city and its partners are committed to preserving the area’s historic integrity.
“Without that history, what do we have in the Stockyards?” Flores asked rhetorically.
Mayor Pro Tem Gyna Bivens, who represents east Fort Worth, said the redevelopment of the Stockyards is personal for her.
She referenced her father who came to Fort Worth with 73 cents in his pocket and was able to pay for her education thanks to a job at the Armour Packing house.
“That land is who Fort Worth is,” Bivens said.
This next next phase of redevelopment will be an incredible jump for the Stockyards, Price said. It will bring jobs, increase the number of visitors, and make the Stockyards a destination for everyone.
“You won’t see demolition by neglect. You see major success,” Price said.
