Developer’s legal battle leads to auction of stakes in major Stockyards properties
Stakes in major Stockyards properties are set to be auctioned in May, after the former leader of the historic district’s redevelopment became ensnared in a lawsuit with his former company.
Majestic Realty Co., one of the firms leading the almost $1 billion redevelopment of the Fort Worth Stockyards, is suing its former executive vice president, Craig Cavileer.
In a Jan. 2 court filing, Majestic alleged Cavileer failed to pay back 31 loans worth $75.9 million, breaching his contract with the company. Majestic is seeking the $75.9 million value of the loans plus interest, as well as attorneys fees and other costs incurred in the suit. The company demanded a jury trial in the filing.
The loans, called promissory notes, are a type of debt typically issued to help finance a project.
Cavileer denied Majestic’s allegations in documents filed on April 15, and demanded a jury trial, which has been set for Oct. 26, 2026. The case is being heard by the Superior Court of Los Angeles County.
If the jury rules in favor of Majestic, Cavileer may be required to pay significant fees. Promissory notes he signed state he is responsible for the costs of collecting the money in the event of default.
Over a dozen of Cavileer’s assets, including a stake in the company that operates Cowtown Coliseum, are set to be auctioned on May 6. Stakes in the management companies that own the Hyatt Place Fort Worth Historic Stockyards, Hotel Drover, Stockyards Hotel and the Stockyards Station shopping center are also part of the sale.
Other assets that will be included in the virtual auction are stakes in the companies that own and operate two warehouses and undeveloped land along Interstate 35W in south Fort Worth and an over 1.1 million square foot warehouse at 9449 Silver Creek Road, which was leased by Google in October.
Unpaid principal and interest on promissory notes executed by Cavileer in favor of Majestic is over $77.8 million as of Feb. 28, according to marketing materials for the upcoming auction.
Cavileer worked for Majestic for over three decades, and had been managing partner of Fort Worth Heritage Development Co. since 2014. His biography page has been removed from Majestic’s website. Cavileer led the first phase of Stockyards redevelopment, the construction of Mule Alley.
Majestic has appointed Rick Kline III as its lead representative for Stockyards projects.
The second phase of redevelopment is expected to double the size of the Stockyards adding three hotels, 300,000 square feet of commercial space, at least 295 units of multifamily housing and two underground parking garages. Ground is expected to break on the project later this year.
The Fort Worth City Council approved economic incentives for the second phase of redevelopment in June, and developers Majestic Realty and The Hickman Companies have agreed to invest at least $630 million in the project.
“The City of Fort Worth is continuing our work with Fort Worth Heritage, and we do not anticipate any impacts to Phase II of the Stockyards expansion at this time,” the city said in a statement.
Majestic Realty Co., Stockyards Heritage Development Co. and Cavileer’s lawyer did not respond to a request for comment.
Based in Los Angeles, Majestic Realty is the country’s largest private developer of master-planned business parks.
This story was originally published April 28, 2025 at 4:31 PM.
