Developer Seeks Tax Break for $400M Expansion

New commercial, retail, and office building space. | Image by Kunal Mehta, Shutterstock

Cassco Land Company unveiled ambitious plans to expand the Clearfork mixed-use development in West Fort Worth that hinge on the city green-lighting another 15-year Chapter 380 economic development agreement.

The Fort Worth-based developer aims to invest approximately $400 million to develop a 25-acre plot next to the Clearfork urban village, according to the Dallas Business Journal. A minimum investment of $350 million would be needed for the Fort Worth City Council to agree to a 15-year Chapter 380, which would cap total grants at $22 million.

Clearfork was erected in 2013 as a mixed-use development spanning 270 acres between Hulen Street and Bryant Irvin Road. Residents already have access to miles of riverfront green space and an array of retailers, restaurants, and entertainment options onsite at The Shops.

The existing development was also subject to a 15-year Chapter 380 agreement. Following an investment by Cassco Land Company of $300 million, the city granted an incremental property and sales tax break of up to 80% with a cap of $48 million.

From its inception, Clearfork was meant to occur in phases, building up to an offering of 2 million square feet of office space, 1.2 million square feet of retail and commercial space, 2,500 residential units, and a hotel.

More specifically, the developer is looking to erect 200,000 square feet of state-of-the-art automobile showrooms and service facilities for potential tenants like Autobahn Fort Worth, according to the Dallas Business Journal.

The next steps would also add 300,000 square feet of commercial space and 350 multifamily units. These additions are expected to be undertaken in two phases, with one completed in 2026 and another in 2028.

The Fort Worth City Council will vote on forging another 15-year Chapter 380 agreement with Cassco Land Company at its next meeting on May 23.

Some officials like Mayor Pro Tem Gyna Bivens consider projects like Clearfork as just what the city needs to usher it into the future.

“It’s very exciting,” Bivens said, according to the Dallas Business Journal. “I think it’s pushing us into a whole new era for Fort Worth, and we’re going beyond cowboys and culture.”

As The Dallas Express reported, North Fort Worth has also been getting attention from developers lately.

A disused quarry is being transformed into a luxury apartment community with over 300 units by a Dallas-based developer. The project to construct nine three-story buildings at the northeast corner of Old Decatur Road and I-820 will cost an estimated $57 million.

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  1. Developer Seeks Tax Break for $400M Expansion – Round Up DFW - […] Dallas ExpressMay 23, 2023Uncategorized […]

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