Majestic Realty Co. and Fort Worth-based Hickman Cos., partners in a $175 million redevelopment project in the Historic Stockyards, will also partner in a 320-acre business park in south Fort Worth.
The project, to be called Majestic Fort Worth South Business Park, is planned to have more than 6 million square feet of office, industrial and logistics space. The park, to be located off Interstate 35W a couple of miles south of Interstate 20, will be completed in phases, the developers said Wednesday.
Nearly three years ago, the Hickman family, longtime investors and owners in the city’s Historic Stockyards on the north side, announced plans to partner with Majestic on the Stockyards redevelopment. Work has begun, but not after an arduous public process that laid guidelines and boundaries for development.
The project, which received a development incentive from the city, will bring more hotels, residences, offices and other venues to the Stockyards.
The Hickmans also owned some industrial land in south Fort Worth.
At the business park, the first phase will be built on 110 acres and total about 1.8 million square feet of industrial space in multiple buildings. The first building will be 287,000 square feet, the developers said, and will be completed in June of 2018.
“With direct access to I-35 and I-20, a strong labor market and low vacancy within the sub-market, we believe that south Fort Worth provides a great option for any company considering locating within the DFW Metroplex,” Josh Wheeler, a Majestic vice president, said in a statement.
The Fort Worth South Business Park will add to Majestic Realty’s 9.5 million-square-foot Texas portfolio, which includes industrial parks in Lewisville, Hutchins, Coppell, Plano and Laredo. It also owns property in Railhead off I-35W in north Fort Worth, according to property records.
Majestic Realty, founded in 1948, says it’s the largest privately-held developer and owner of master-planned business parks in the U.S., with 82 million square feet of industrial development under its belt.