The city of Fort Worth agreed to a $125 million incentive package, including $80 million in grants to a project that will deliver office space, housing, and retail.
FORT WORTH, Texas — The City of Fort Worth agreed to a $125 million incentive package for a $1.7 billion project that will bring office space, housing and retail to an underutilized area of Fort Worth’s central city.
The 37-acre development will be located near the West Fork of the Trinity River, near the former site of the Fort Worth ISD administration building. The project is being led by Larkspur Capital and Robert Bass’ Keystone, a Fort Worth-based private investment firm.
The developer will aim to bring 880,000 square feet of new Class AA office space, 238,000 square feet of new retail space, a full-service hotel and about 1,785 multifamily units to the area. The project will be located between University Drive, White Settlement Road, Foch Street and the West Fork of the Trinity River west of downtown Fort Worth.
The area is currently the site of several Autobahn dealerships, which plan to move to a new site near the Clearfork development in southwest Fort Worth.
The site will be built out over the next decade, according to the release. Fort Worth’s financial incentives will be doled out in phases as the developer meets investment requirements, the city said.
The developers must invest:
- A minimum of $410 million in investment by December 2030
- A minimum of $370 million in investment by December 2032
- A minimum of $380 million in investment by December 2033
- A minimum of $530 million in investment by December 2035
The city will also seek to establish a near westside Tax Increment Financing District, which would capture a portion of the property tax revenue in a given area, up to $45 million, to be reinvested into eligible infrastructure costs, the city said.
The project is also the largest delivery of new office inventory by a single project in 43 years, according to a release from the city. Plans for the development include a mass timber office project, which uses wood as the primary building material, creating a more environmentally friendly, energy-efficient structure.
“The Westside project is a bold and visionary investment to transform an underutilized area of our central business district,” said District 9 Councilmember Elizabeth Beck. “Beyond creating new retail and office space, it represents a strong public-private partnership with the City to address long-standing flooding challenges and improve quality of life for nearby residents.”
The development, designed by Austin-based Michael Hsu Office of Architecture, will also connect to the nearby west fork trail system, the city said.
“Our collaboration with the City underscores a shared vision for long-term growth, community connection and sustainable, next-generation urban design,” Carl Anderson, president of Larkspur Capital, said in a release. “This project will not only redefine this part of Fort Worth but also reinforce the city’s reputation for charm, culture and commerce.”
The first phase will include two mixed-use buildings over a shared parking structure, offering office space, above-ground-floor retail, residences, and live-work units, the release states.
Construction is set to begin later this year.