(Candy’s Dirt) – After their redevelopment work at The Stockyards Mule Alley and Hotel Drover, the Stockyard Heritage Development partnership team has their eye on the next phase of development with the more than half billion-dollar renovation of the entertainment district. More than 500 hotel rooms, two below-ground parking garages, 300,000 square feet of commercial space, and — importantly — a 295-unit multifamily property are proposed in Fort Worth Heritage Development’s revitalization project for the iconic Stockyards.
Housing in proximity to the Fort Worth Stockyards Historic District is vital, Briggs Freeman Sotheby’s International Realtor Ashley Mooring told CandysDirt.com in March.
The City of Fort Worth agreed last month to allocate $75 million in economic development grants and to reimburse developers for up to $15 million in improvements to the Stockyards’ Cowtown Coliseum. Constructed in 1908, the Coliseum was the first indoor rodeo in the U.S. and today hosts the country’s only twice-weekly rodeo.
It also executed a $126.2 million purchase agreement for the parking garages, according to a July 2 report in BisNow.
Stocking Up The Stockyards
Fort Worth Heritage Development is a partnership between Majestic Realty, Hickman Companies, and M2G Ventures to redevelop and revitalize the nationally-recognized Fort Worth Stockyards. The massive redevelopment project will take about eight years to complete.
“The partnership renovated the area’s buildings and brought in a host of new shopping, dining, and entertainment venues,” BisNow reported. “It also added Hotel Drover, a Marriott Autograph Collection boutique hotel.”
The 200-room Hotel Drover has a signature restaurant, event/wedding barn, creative meeting space, and a rustic “backyard” leading out to Marine Creek. It’s named for the authentic drovers who guide longhorn cattle along Exchange Avenue for the Stockyards’ famous twice-daily cattle drive.
The Marriott-branded hotel is located within Mule Alley, 180,000 square feet of historic horse and mule barns that are redeveloped for retail, restaurants, entertainment, and workspaces.
The redevelopment already has boosted foot traffic dramatically, with 9 million people visiting the Stockyards in 2023, up from 3 million in 2014, according to Fort Worth Report.
The Fort Worth Stockyards is “where the West begins,” according to its website. “Nothing embodies Western heritage better than the Fort Worth Stockyards National Historic District. From the original brick walkways to the wooden corrals, every inch of the Stockyards tells the true history of Texas’s famous livestock industry.”
In fact, the Stockyards is the top attraction in the Dallas/Fort Worth area, with an estimated 3 million visitors each year — including “Yellowstone”‘s Taylor Sheridan.
Majestic’s regional presence has also grown to include the 67-acre Majestic Fort Worth Partners site, the 320-acre Fort Worth South Business Park, and most recently, the 520-acre Majestic Silver Creek Business Park in West Fort Worth.