West 7th and Cultural District neighborhoods are poised to boom even more, based on new filings with the city.
“If you think about where the area was a decade or so ago, it’s undergoing a big change,” said Todd Burnette, executive managing director for JLL Fort Worth.
The latest indication of new development offers some clues as to what will replace the former site of the Fort Worth Independent School District headquarters at 100 N. University Drive.
The property is set to be razed soon, and new planning documents filed with the city show a 35-acre mixed-use project near the northeast corner of the intersection of University Drive and White Settlement Road. The owners of the site are listed as FW Westside Investors LLC, a partnership between private equity investment firm Keystone Group LP of Fort Worth and Larkspur Capital LP. They are planning to redevelop the 35 acres into a future mixed-use development. Bob Bass is a founder of Keystone Group.
“We look forward to sharing our vision for this dynamic mixed-use district in what has historically been a largely industrial area in the coming months,” said Carl Anderson, president of Larkspur, in a statement. “This development will result in an iconic asset that we hope will serve as the premier destination for area residents and visitors alike. Located adjacent to some of the most iconic neighborhoods in the city, the project’s design will pull from the rich heritage, culture, and deep architectural context that Fort Worth embodies.”
Preliminary plans for the proposed mixed-use development include retail, restaurants, entertainment, office, hospitality, residences, and green spaces, according to FW Westside officials.
Conceptual plans for the project and the rezoning application will be submitted to the city’s
Planning and Zoning Commission in early 2024 for review. Demolition of the vacant structures has started and will continue into the first quarter of 2024, according to RE Westside officials.
The Fort Worth ISD sold the central administration building in 2020 for $4.96 million and relocated to a site farther west, at 7060 Camp Bowie Blvd.
Also in play is property currently owned by car dealer Autobahn. The luxury automobile dealer plans to move into a 25-acre plot of land across from The Shops at Clearfork in the Clearfork development in southwest Fort Worth. That area could become home to not just a luxury automobile showroom, but also retail, office space and multifamily units.
The map shows properties owned by FW Westside shaded in green. The map is from the Tarrant Appraisal District website. (Courtesy image | Tarrant Appraisal District)
The growth on the west side of the city is expected to continue for several years, according to JLL’s Burnette.
“We’re in a very tight vacancy market downtown with about 13% vacancy,” he said. “And there’s not a lot of contiguous space, so if a company wants to relocate to several floors of a building, it’s not easy to find.”
Burnette cited the opened Crescent office project, which was nearly fully leased even before it opened.
“I think everyone was surprised at how fast that project leased up and that was because of the high quality of the project and the fact that office space is kind of limited downtown,” he said. The development planned at University Drive and White Settlement comes just as the West 7th area is seeing renewed interest from developers.
John Goff’s luxury Crescent Hotel project at 3300 Camp Bowie Blvd. recently opened and includes a high-end office component. Goff also owns adjacent land that could be used for more development.
In October, the Fort Worth City Council approved a $30 million economic development agreement to support two projects valued at $400 million on two high-profile sites, one on West Seventh and the other on University Drive.
The agreement with Omaha, Nebraska-based Goldenrod Companies creates 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.
Goldenrod Companies recently filed plans for the project at 1001 University Drive. According to the filing, the company plans to begin construction in March on the residential and retail portion of the project. The 10-story One University plan calls for 240 apartments and 15,000-square-feet of retail space on the first floor. This part of the project will consist of about 300,000 square feet and is expected to cost $73 million. Merriman Anderson Architects is designing the project. A Marriott Autograph hotel and office buildings are also planned for the project. The total value of the One University project is estimated at $255 million, according to city documents.
Goldenrod is also developing the Van Zandt, a 250,000-square-foot mixed-use development at 2816 West Seventh St. The Van Zandt will feature 226 apartments, 95,000 square feet of office space and 10,000 square feet of retail, with a total project value of $145 million.
Those two projects from Goldenrod will likely bring some new companies to town. As part of the city’s $31 million economic development agreement, Goldenrod agreed to create office leasing practices that favor tenants relocating from out of the region.
“Right now, if someone wants to come to the central city with a large relocation, Fort Worth can’t accommodate it because of the tight vacancy rate,” said Burnette.
He expects to see more office projects announced for the West 7th, Cultural District area in 2024.
“It’s where the growth is headed,” he said.
Burnette also said that when companies ask employees to return to the office, they want to have plenty of amenities available.
“West 7th offers that,” he said. “It’s a great place to office with the museums, the restaurants and the retail.”
Farther southwest, the Clearfork development could also attract more relocations.
“It’s a little farther out, but it also has some great amenities that could be attractive to companies looking for space here,” he said.
Editor’s note: This story has been updated to clarify the ownership group.
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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