Welcome to Ultraground. We go to council meetings for you.

CC June 25, 2024

District: 2 | Fort Worth Stockyards

In case you missed these:

CC June 11, 2024

District: 9 | Arlington Heights

ZC June 12, 2024

District: 6 | Far Southwest

The Fort Worth City Council has enthusiastically expressed support for the proposed Phase 2 development in the Fort Worth Stockyards from Hickman Companies and Majestic Realty Co. This mixed-use product, situated on approximately 20 non-contiguous acres, is set to transform the area with a 295-unit multifamily product, a minimum of 300,000 SF of new commercial space, a 500-key full-service hotel, and at least 1,300 parking spaces in two or more below-grade garages.

The economic structure of this project is noteworthy. Developer commits to a minimum of $630 million in Total Development Costs, with at least $472.5 million in Hard Construction Costs. In return, the City will purchase the parking garages from the Developer for a combined amount not to exceed $126.15 million and reimburse up to $15 million for improvements supporting the Cowtown Coliseum. The City will also provide annual grants to the Developer, capped at $75 million total, based on incremental property taxes.

To finance the garage purchase and Coliseum improvements, the City intends to issue debt instruments supported by various incremental revenues, including 80% of the City's 1% sales tax from the project and property subject to an existing agreement with the developer, up to 100% of Project Financing Zone revenues, shared net parking profits, and funding from Tax Increment Reinvestment Zone 15.

The City Council adopted an ordinance establishing Project Financing Zone No. 2, recognizing the Cowtown Coliseum as a Qualified Project eligible for PFZ financing. This designation allows the City to pledge certain incremental state and municipal tax revenues to pay for obligations related to the project.

Former Mayors Mike Moncrief and Betsy Price spoke in strong support of the project, praising the public-private partnership and its potential economic impact.

District 2 Council Member Carlos Flores highlighted the balance between old and new, emphasizing:

Mayor Mattie Parker noted the lack of opposition to the project at this meeting, in contrast to previous votes related to the Stockyards development, which had been highly contentious. Council Member Flores’ motion to approve passed unanimously.

In case you missed these:

City Council 6/11/24

Carl Anderson and Larkspur Capital have rezoned 11.45 acres from industrial to high-intensity mixed-use, setting the stage for an $850 million redevelopment that will transform the area near Panther Island. Ownership includes Bass Brothers Inc., a subsidiary of the 13.3B Bass Family known for their influence in Fort Worth. The entire 2 million square foot product will be developed in one phase, as confirmed by Ray Oujesky from Kelly Hart & Hallman LLP.

The project, located at 100 N University Dr., 2808 Tillar St., 2901 Shotts St., 2801-2809 & 2720 Cullen St., aims to replace dilapidated warehouses with a vibrant mixed-use urban village including multifamily, retail, office, and hospitality product types. This aligns with the City's Comprehensive Plan goals of promoting economic growth, meeting the needs of an expanding population, revitalizing the central city, developing multiple growth centers, and celebrating the Trinity River.

Zoning Commission and City Staff approved the deal, noting the project's compatibility with surrounding land uses and consistency with the Comprehensive Plan. The City Council approved it without any discussion. While the mix of uses deviates slightly from the Future Land Use Plan designation of General Commercial & Light Industrial, Larkspur argues that the project's benefits outweigh this minor inconsistency.

Zoning Commission 6/12/24

Walton requested a second 30-day postponement for their 302.2-acre deal with an affordable component in Far Southwest Fort Worth. Zoning Commission Chair Rafael McDonnell, District 5, asked the developer’s rep if they would be ready on July 10th given the holiday. McDonnell said they can give 2 continuances, but not “has not heard” of giving 3. Representative Ben Raef with Westwood said they’ll be ready.

Multiple community members signed up to oppose the deal, but Chair McDonnell advised them to “hold their fire” until the full hearing.

As of May 2024, Rafael McDonnell (District 5) has replaced Willie Rankin (District 2) as the Chair of the Zoning Commission. The seats for Districts 1 and 2 are now vacant, as Jarod Cox (District 1) also left. In January 2024, Matt McCoy joined the Commission, representing District 4.

Thank you for being a part of Ultraground.