A hotel developer is under contract to buy a tract on North Main Street across from Fort Worth’s Historic Stockyards for a possible project.
Fort Worth real estate investor Mike Costanza, who said he owns the tract with a 10-member investor group called Exhibits Building Partnership, said the developer is still conducting due diligence. If the deal goes through, it will close at the end of June, he said.
Costanza stressed that the sale is not a done deal and declined to provide specifics about the development company and its plans. He said development costs will run high because Marine Creek runs through the site, which sits in a 100-year flood plain.
“We don’t know if it’s going to happen,” Costanza said. But he added, “If I had to hand-pick a builder, this would be the builder I’d want. It would be very good for the Stockyards.”
The possible project came to light Tuesday when the City Council approved a request to vacate an 11,920-square-foot tract of land that’s listed on property records as an alley at the site, which sits between 25th and 26th streets with Ellis Avenue to the west and Main Street to the east.
Costanza said that the alley was deeded to the partnership when it bought the property in 1998 and that it hasn’t been used as an alley in decades. The property will now be replatted to remove it from the record, he said.
The tract is among 20 acres the group has acquired in the Stockyards over several years.