A new development proposal could spur major economic growth in Fort Worth.
Cowtown is considering a $30 million taxpayer-funded economic incentive package with Nebraska-based Goldenrod Companies that would include 466 new multifamily units, 20,000 square feet of retail space, 195,000 square feet of new Class A office space, and two parking garages with up to 1,300 spaces.
As part of the proposal, Goldenrod Companies would construct two mixed-use developments on West Seventh and University Drive in Fort Worth. The two projects would span approximately 195,000 square feet and have a combined value of $400 million once completed, according to the Fort Worth Report.
The first development — the Van Zandt — will be located on the 2800 block of West Seventh Street and is set to include 226 multifamily units, 95,000 square feet of office space, and 10,000 square feet of retail.
The second development — located on the 3000 block of Morton Street near University Drive — is set to feature 240 multifamily units, 100,000 square feet of office space, 10,000 square feet of retail, and a luxury 175-key Autograph Hotel.
To be eligible for the city’s roughly $31 million in grants over a 15-year period, Goldenrod must complete the first mixed-use development by the end of 2026 and the second by the end of 2027.
After Goldenrod has completed construction on the two developments, the city expects to bring in an estimated $40 million in taxes. Once construction wraps up on the two garages, Goldenrod will hand them over to the city as part of the agreement.
Goldenrod has also agreed to not lease any retail space to a freestanding bar or nightclub for the term of the agreement, according to a presentation by Fort Worth’s Economic Development Department, per the FWR.
The Fort Worth City Council is scheduled to vote on the proposal on October 17.
The Dallas Express reached out to Goldenrod Companies to learn more about the proposed project but did not immediately hear back by press time.
While construction has been booming in Fort Worth and other parts of the metroplex, commercial development in Dallas still lags behind, in part due to project delays on the permitting end of City services under City Manager T.C. Broadnax, as previously reported by The Dallas Express.
