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By the numbers: $1 billion Stockyards expansion

The city of Fort Worth is considering a $1 billion Stockyards expansion with new hotels, commercial space, multifamily housing, and underground parking.

FTW-stockyards-sunset-cars

Finding a convenient parking spot in the Stockyards is not for the faint of heart.

Photo by FTWtoday

If the Stockyards already takes a full day to explore, eight years from now, you’ll want to plan an entire weekend. A new $1 billion expansion could double the size of Fort Worth’s biggest landmark.

Located primarily on the surface parking lots and livestock pens behind Cowtown Coliseum and Billy Bob’s Texas, the multi-year development would be the second phase of contemporary Stockyards expansions following the construction of Mule Alley from 2014 to 2021.

The plan — developed by Fort Worth Heritage LLC, M2G Ventures, Majestic Realty Co, and Hickman Companies — was presented to City Council earlier this week.

FTW-stockyards-expansion-rendering

The Stockyards expansion would add new commercial space on the northeast side of the district.

Rendering courtesy of the City of Fort Worth

What’s included?

In addition to expanded livestock buildings for the Fort Worth Herd and improvements to Cowtown Coliseum, the development will add:

  • 300,000 sqft of commercial space
  • 295 units of multifamily housing
  • 500 hotel rooms across three hotels
  • 1,300 new parking spaces in two underground garages

How much does it cost?

The project, totaling $1 billion, will be a combination of private funding and $382 million public investment with:

  • $630 million minimum investment from private developers
  • $71.6 million in annual city incentives over 30 years
  • $15 million city reimbursement for the Cowtown Coliseum and Fort Worth Herd improvements

How much will it bring in?

After the city purchases the two underground parking garages, leases them back to the Stockyards, and collects the parking fees, the project is estimated to generate ~$845 million in net value to the city over 30 years, including:

  • ~$12.88 million annually in new parking revenue
  • ~$425 million in gross new tax revenue

When will it happen?

City Council will vote on the incentive packages on Tuesday, June 25. If that is approved, the proposal will go to the Tax Increment Finance District Board in August. Completion is slated for the end of 2032.

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