Hillwood, the Perot company behind Alliance, buys a city block in downtown Fort Worth

Hillwood, the Perot real estate company that developed AllianceTexas, has acquired a full city block in downtown Fort Worth.

The mostly vacant property sits between East Sixth and East Seventh streets, and Calhoun and Jones streets, just north of the future Texas A&M-Fort Worth campus.

The investment is Hillwood’s first purchase in downtown Fort Worth.

Specific plans for the use and development of the property have not yet been announced. The Dallas-based company said it is still evaluating options but will select a property use that complements existing trends in downtown Fort Worth.

“Hillwood’s impact at AllianceTexas and numerous urban developments throughout the region have been immeasurable,” Fort Worth Mayor Mattie Parker said in a statement, shared by Hillwood. “The work already happening in downtown Fort Worth is transformational for our city’s future, and Hillwood’s entry into downtown signals the value of what is possible.”

The block has long been owned by Oncor Electric Delivery Co. and its electric utility predecessors. Most of the block is a surface parking lot. A three-story, 23,000-square-foot building on the corner of East Sixth and Calhoun at 701 Calhoun St. was built in 1924, according to tax records.

The total appraised tax value of the property is $2,082,499. The purchase price of the property is unclear.

“The purchase of the Oncor property reinforces our belief in Fort Worth and the evolution of downtown, further demonstrating our intent to grow our investments throughout the city,” Mike Berry, president of Hillwood, said in a release. “Downtown Fort Worth is playing a vital role in the city’s growth and success, and we want to help drive its economic development far into the future.”

Hillwood’s purchase of the downtown property comes as development booms in the southern corridor of the district.

The property neighbors the upcoming Texas A&M-Fort Worth campus — currently in the midst of a $320 million expansion — and the Fort Worth Convention Center — which also has a $700 million transformation in the works. It is also just blocks away from the Omni Fort Worth Hotel — with a $217 million upgrade on the way that will add 400 hotel rooms — and the upcoming Deco 969 luxury apartment building.

“The acquisition of the Oncor property represents an exciting opportunity for Hillwood. It puts us in the middle of one of the fastest-growing corridors not only in Downtown Fort Worth but within the entire City,” Steve Aldrich, senior vice president of Hillwood, said in a release. “Because of its location, the site provides flexibility for a best-in-class development project, whether that be office, residential or mixed-use. We want to leverage our expertise here and help realize the full potential for a vibrant urban core.”

JLL representatives Jon McNeil and Ryan Matthews represented Oncor in the sale.

Hillwood’s AllianceTexas development in far north Fort Worth spans 27,000 acres and is home to more than 560 companies. The 35-year-old development has generated an economic impact of $111 billion and created 66,000 direct jobs.

This story was originally published October 25, 2023 at 10:22 AM.

Jenny Rudolph

Fort Worth Star-Telegram

Jenny Rudolph covered North Texas business and economic development at the Fort Worth Star-Telegram from 2022 to 2023. Her position was funded through a philanthropic partnership with the R4 Foundation as part of the Crossroads Lab.