Fort Worth's Busiest Areas: Downtown, South Side & Chisholm Trail
Development in Fort Worth is growing by leaps and bounds, we learned at Bisnow’s recent annual Fort Worth State of the Market. Here’s a peek at three of the hottest submarkets.
Downtown Fort Worth
Downtown Fort Worth’s big story is multifamily and hospitality, says Downtown Fort Worth Inc president Andy Taft (left, sharing a laugh with Fort Worth South president Paul Paine). There are 13 multifamily projects totaling 2,400 units coming to add to the existing stock of 4,000 units. Andy says as long as they don’t deliver simultaneously, they should be absorbed well by the market. He believes the demand calls for more than 12,000 units. Hospitality is hot, too, with seven hotels in the pipeline totaling 1,300 rooms. Plus, another 1,000 keys could be added with the redevelopment of the convention center, he says.
Multifamily has been a welcome addition to the Fort Worth South Side (aka the Medical District). Paul says there are almost 1,000 new units coming to the market. Also making a massive impact on the area are the almost $9M in infrastructure improvements along Main Street, which will be completed by year’s end. About $100M is coming across two projects: the Highpoint Apartments on South Main and the UT Southwestern Monty and Tex Moncrief Medical Center near the Moncrief Cancer Institute on six acres at Main and Pennsylvania. Another five acres on the east side of Main is ready for market for a mixed-use project. Pictured: HW Consulting’s Hilary Weinstein, Vestar’s Max Holderby, Paul and Witcher Properties’ Jill Black.
Southwest Fort Worth
Southwest Fort Worth is already seeing the benefits of the opening of the Chisholm Trail Parkway, says Walton Development and Management South USA president John Vick. Construction started last fall on Walton’s 600-acre Chisholm Trail Ranch residential development. Provident Group is doing about 1,000 homes at Pate Ranch with some commercial and retail at Alta Mesa. Plus, there's the Clearfork mixed-use project with Neiman Marcus, mixed-use and more. Things are starting to gel to form what this corridor will become. There’s some effort by the city to add a community center, park and soccer fields and Walton has donated the land for Tarleton University to add a campus. Pictured: Goodrich, Schechter & Associates’ Nicole Schechter, James R. Harris’ Jim Harris, Southwest Bank’s Terry Smith and John.