Stockyards developer halts $1 billion Phase II expansion in Fort Worth
The lead developer behind the Fort Worth Stockyards' revitalization has shelved its planned $1 billion Phase II expansion, citing market conditions, ongoing development activity, and a desire to avoid oversaturating the district.
Phase II called for new hotels, underground parking, commercial space, and residential development.
In a statement, Stockyards Heritage Development Co. – a partnership between Majestic Realty Co. and Fort Worth‑based Hickman Companies – emphasized that the decision will not hinder future development. The group reaffirmed its long‑term commitment to investing in the Stockyards.
The move comes nearly two years after the City of Fort Worth approved more than $70 million in incentives to support Phase II redevelopment.
"As the lead developer, we continually evaluate opportunities to ensure our investments reflect current and future market needs," said Rick Kline, president of Stockyards Heritage Development Co. "That process led us to conclude the previously shared concept is no longer the right path forward. We have discussed this decision and our rationale with our partners at the City and look forward to other opportunities for the remaining undeveloped land."
The partnership is continuing a $30 million renovation of the Stockyards Hotel and H3 Ranch restaurant, which it owns, and is planning an upcoming renovation of Hyatt Place Fort Worth Historic Stockyards beginning in the fourth quarter.
Phase I, launched in 2014, resulted in the Hotel Drover and the Mule Alley retail and entertainment district. Over the past decade, the partnership has been credited with growing annual visitation from about 3 million to more than 10 million, significantly boosting Fort Worth's economy.
"Our commitment to the Stockyards remains stronger than ever," Kline said. "These investments reflect our long-term confidence in the district and our commitment to preserving its character and heritage while working closely with the City, our tenants, partners, and the community to shape its next chapter."
In a statement, Mayor Pro Tem Carlos E. Flores said Stockyards Heritage Development Co. informed the City of Fort Worth that it would not proceed with the Phase II plan presented under the current 380 Agreement.
"The Stockyards remain the top‑performing historic entertainment district in the City, and upcoming development projects will enhance economic growth and the visitor experience," Flores said. "The City is confident in the continued strong working relationship between Stockyards Heritage and the City to create future development opportunities."
CBS News Texas will provide updates as new information becomes available.
