The developers behind an acclaimed boutique hotel in the Fort Worth Stockyards have a new company and a huge new luxury project for the historic area.
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“The location of the resort is iconic as it sits at the gateway to the Historic District, which for the past 5 years has garnered national and international attention with visitation exceeding 10 million annual visits each year from local, regional, national and international travelers,” Woodbine Managing Partner Dupree Scovell said in a statement.
The project will have around 30K SF of green space that will connect to Mule Alley and allow visitors to access the new Marine Creek Promenade. The two hotels will share a subterranean parking garage.
The developers plan to break ground on the project in the fall of next year and expect the resort to open in the spring of 2030.
Fort Worth-based Delightful Development was founded by former Majestic Realty Co. executives Craig Cavileer and Kayla Wilkie-Kinne last summer, the Dallas Business Journal reported. Cavileer and Wilkie-Kinne helped develop the Hotel Drover and Mule Alley in the Stockyards while at Majestic.
The Tarrant County Tax Increment Reinvestment Zone approved a development agreement this week that will provide the developers as much as $8.5M in reimbursements for public improvements. The agreement requires the developers to spend $112M on construction as part of the $160M investment and complete work by the end of 2031.
“Having spent the past 15 years leading the curation and renaissance of the Stockyards, I couldn’t be more excited to contribute to its on-going revival with this project,” Cavileer said in a statement.
The luxury resort project was announced on the same day that Stockyards Heritage Development Co., a partnership between Majestic and Hickman Cos., said it would not move forward with a previously planned $1B development at the Fort Worth attraction.
The project was to include hotels, underground parking, residential units and commercial space, according to the Fort Worth Report. The developer will look for other opportunities for the remaining undeveloped land, Fort Worth Stockyards President of Operations Rick Klines said.
The ongoing development at the Stockyards and Tarrant County's continued growth have attracted the attention of institutional investors, Crescent Real Estate Senior Vice President of Investments Jeff Dyer said during Bisnow's Tarrant County State of the Market on July 30.
Development in Tarrant County has accelerated over the past year as it scored huge projects related to large-scale magnet production, semiconductor manufacturing and mixed-use developments.
