The biggest news in Fort Worth’s commercial real estate market this summer is the proposed new 14,000-seat multipurpose arena and sports facility in the Cultural District. According to the Fort Worth Star-Telegram, the new project would be the first step in a larger plan that will eventually tear down the city’s iconic, but beleaguered, domed convention center. Though unanimously approved by the City Council, voters still need to approve a referendum to build it.
If built, the new arena is expected to reinvigorate Fort Worth’s sagging appeal for major events. It is expected to include underground parking, an additional ballroom and a second-story restaurant, the Star-Telegram reported.
Another big-deal possibility is the negotiations between Hillwood Properties and Marriott Corp. for a new hotel downtown. According to the Dallas Business Journal, plans for a 128-room hotel with conference space and a ballroom would go in the developer’s Alliance Town Center in northern Fort Worth. The complete development plan includes shopping and restaurants and is, according to the Journal, part of Hillwood’s 18,000-acre AllianceTexas development. Construction could begin as early as August.
Also according to the Dallas Business Journal, UMB Bank will set up a physical presence in downtown Fort Worth. The Journal reported recently that UMB will expand here and develop a dedicated Fort Worth team, after decades of serving Texas customers out of its Kansas City, headquarters. UMB’s Fort Worth employees have been working out of offices in the city’s central business district, but will get a permanent home when the company identifies the best location.
Another big change downtown could come from the recent sale of the historic Fort Worth Public Market Building on Henderson Street by Texas Rangers co-owner Bob Simpson to a real estate faction of the Wilks family in Cisco. According to the Star-Telegram, the Wilkses will likely restore the building as a business building and not a public marketplace. There are no intentions, apparently, by the new owners to tear the building down, as some had feared.