It took a leap of faith when Fort Worth began the first phase of the Stockyards redevelopment in 2014, former Mayor Betsy Price told the City Council on Tuesday.
“Now it’s your turn,” Price told the council before it voted unanimously to approve a package of tax breaks intended to double the size of Fort Worth’s most iconic landmark.
The package includes funding to build a 1,300-space underground garage, which will open up land just east of Billy Bob’s Texas and north of East Exchange Street.
Development partner Majestic Realty would also build approximately 300,000 square feet of commercial space, at least 295 units of multifamily housing and three hotels with at least 500 rooms, according to the agreement.
The first phase of the redevelopment had a significant impact on the local economy, and this second phase will likely do the same, restaurateur Tim Love said during Tuesday’s council meeting.
Love noted that he employs 600 people at his restaurants, and expects to double that number thanks to this latest phase of the redevelopment.
The redevelopment has also brought new attention and excitement to Fort Worth, Love said.
“Everyone talks about how cool Austin is, but we know we’re cool now, and that’s because of the development we have in the Stockyards,” Love said.
While the majority of speakers Tuesday supported the project, several residents pointed to residents’ concerns in 2014 that the first phase of the redevelopment would have a detrimental effect on the historic character of the Stockyards.
Melissa Wade Hunter, a member of the North Fort Worth Historical Society, echoed those sentiments Tuesday, expressing concern about the preservation of the historic lofts, bowl house, turnstiles and walkways.
“These historic buildings are the working parts of history that made Fort Worth,” Hunter said.
Councilman Carlos Flores, whose district includes the Stockyards, said the city and its partners are committed to preserving the area’s historic integrity.
“Without that history, what do we have in the Stockyards?” Flores asked rhetorically.
Mayor Pro Tem Gyna Bivens, who represents East Fort Worth, said the redevelopment of the Stockyards is personal to her.
She was referring to her father who came to Fort Worth with 73 cents in his pocket and was able to pay for her education thanks to a job at the Armor Packing House.
“That country is who Fort Worth is,” Bivens said.
This next phase of the redevelopment will be an incredible leap for the Stockyards, Price said. It will create jobs, increase visitor numbers and make the Stockyards a destination for all.
“You won’t see demolition due to neglect. You’re seeing great success,” Price said.
