The developer of the $1 billion Stockyards expansion spoke with a local newspaper about its plans for the project.
This will be the biggest development the Stockyards has seen in over 100 years, reported KIAH.
As previously reported by The Dallas Express, the Fort Worth City Council unanimously approved the second phase of the billion-dollar expansion plan on June 25. Investors will contribute $630 million to begin the expansion, and the project is expected to be completed by 2032.
The property’s owner, Majestic Realty Co., was humbled by the city’s confidence in the company, reported the Fort Worth Star-Telegram.
“It’s been loaned to us for a time to do something special with, and we don’t want to screw it up,” Craig Cavileer, executive vice president of Majestic, said, according to the Star-Telegram. “So, while there’s a lot of pressure to perform, we also accepted the invitation and here we are.”
The project is expected to add 300,000 square feet of commercial and residential space, and 1,300 underground parking spaces — roughly doubling the size of the Stockyards. Cavileer told the Star-Telegram that his company has been working with the city on the second phase of the project, which, among other things, will add 500 hotel rooms to the Stockyards.
Although the project has received unanimous support from local leaders, there has been some concern from the public regarding “over-commercialization” at the expense of the Stockyards’ historical authenticity.
“I think we’re more about quality, authenticity, and identity than we are about, ‘Is it upscale?’ We’re not trying to be the most expensive place in the world. There’s plenty of places to do that,” Cavileer said, per the Star-Telegram. “Without the cattle drive, without the history of the Stockyards, this Phase 2, what we’ve done down here doesn’t have as much merit as it’s gotten today.”
As previously reported by The Dallas Express, Fort Worth businesswoman Cheryl Bean has been critical of the development and has concerns it could lead to casinos coming to the city.
“I’m glad the plan is to build parking underground in hopes of keeping some of the old pens visible. My biggest fear is that this is laying the groundwork for casinos to move in that would destroy the Stockyards. Want evidence of this, look no further than Silver Dollar City in Colorado. This historic town is now a dirty and decaying town since casinos took over. What started as a ‘money-making concept’ has become the kiss of death for this mining town,” Bean previously told DX.