A proposed $30 million economic development agreement could lead to the development of two projects valued at $400 million on two high-profile sites, one on West Seventh and the other on University Drive.
The proposal would see the city work with the Goldenrod Companies to create about 195,000 square feet of new Class A office space, 20,000 square feet of retail space, 466 new multifamily units, a 175-room hotel and 1,300 spaces in two parking garages.
As part of the agreement, the city of Fort Worth would provide grants of about $31 million toward the projects. The city estimates that the taxes from the hotel, property and sales would deliver $39.7 million to the city.
As part of the project, Goldenrod would give the parking garages to the city following construction. Goldenrod said it would create office leasing practices that favor tenants relocating from out of the region. The company also agrees to not lease any retail space to a freestanding bar or nightclub for the term of the agreement, according to a presentation made by Michael Hennig, economic development manager at the Fort Worth Economic Development Department. Goldenrod also agrees to a 15% commitment to minority businesses during the construction process.
The first project would be the Van Zandt, named after the family whose historic ranchland makes up much of the area. The Van Zandt, located at 2800 block of West Seventh Street, would need to be completed by the end of 2026 to receive the city’s grants. The second project would be One University, at the 3000 block of Morton Street across from the Modern Art Museum of Fort Worth and would need to be completed by the end of 2027 to receive the grants.
Fort Worth City Council member Elizabeth Beck, who represents District 9, where the project is located, said she “wholeheartedly supports the project.”
Hennig said that Goldenrod has already done some initial work on the West Seventh site on the project, but said that it “would not go vertical” without the economic development agreement being approved.
Hennig compared the economic development agreement to that of the nearby Crescent Hotel and office development. Goldenrod’s investment in the West Seventh corridor would be the most since Cypress Equities began redevelopment of the area in 2007, he said.
The Fort Worth City Council will vote on the project at its Oct. 17 meeting.
The Van Zandt ($145 million)
2800 block W Seventh St.
95,000 square feet of new Class A office space
10,000 square feet of new retail space
226 new multifamily units
500 space parking garage
One University ($255 million)
3000 Morton St.
100,000 square feet of new Class A office space
10,000 square feet of new retail space
240 new multifamily units
175 key hotel (Autograph Hotel)
800 space parking garage
Source: City of Fort Worth
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
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