The multimillion-dollar development planned for the historic Fort Worth Stockyards is moving forward.
Although it was a formality, the project marked a significant step recently when a 14-acre tract owned by the Hickman family was sold to the partnership it formed with a California developer.
The land, located behind the Livestock Exchange Building on Exchange Boulevard and stretching to Stockyards Boulevard, was sold in mid-February by Hickman Investments to Fort Worth Heritage Development, deed records show.
Craig Cavileer, executive vice president with Majestic Realty, located near Los Angeles, said he expects the nearly 70 acres planned for $175 million worth of development to be in the partnership’s hands by the end of June. The Hickman family, which has owned the Stockyards property for more than four decades, entered into a partnership with Majestic last spring.
“It’s progress,” Cavileer said.
Majestic recently moved Josh Wheeler from California to Fort Worth to head the development with Cavileer. Wheeler has developed Majestic projects for 10 years, Cavileer said. The company is also looking to hire a senior vice president of commercial development and leasing and other personnel.
Majestic has opened an office in the Livestock Exchange Building. Brad Hickman said Hickman Investments will soon move its offices off Camp Bowie Boulevard to the building.
Last year, the City Council approved $26 million in tax incentives for the project, which could bring hotels, residences, offices and livestock auctions to the district. The city created the Historic Stockyards Design District Task Force to recommend standards and guidelines to make sure development doesn’t damage the historic integrity of the Stockyards.
Consultants Randy Gideon and Cassie King are working under Ibanez Architects in Fort Worth with the task force.
Hickman said the project can’t move forward until it has those plans, which are scheduled to be completed and approved by the council by the end of June.
The Hickman-Majestic group plans to develop property on the north and south sides of East Exchange Avenue between Northeast 23rd and Northeast 28th streets, and the former Swift-Armour packing plant area east of Packers Avenue.
Sandra Baker, 817-390-7727