New development coming to the Fort Worth Stockyards

The Fort Worth City Council approved incentives this week for another phase of development in the historic Stockyards district.

Why it matters: The Stockyards, once home to one of the largest livestock markets in the U.S., are intertwined with Fort Worth's identity. The district continues to hold the world's only twice-a-day cattle drive .

• The new development aims to strike a balance between adding amenities and maintaining the district's old-timey feel.

Flashback: The first phase of the Fort Worth Heritage Project, approved a decade ago, focused on redeveloping Mule Alley and opening Hotel Drover in the Stockyards. Fort Worth officials say the additions increased the area's property value and have generated new sales tax revenue.

• Visitors to the Stockyards have tripled, from 3 million to 9 million annually, over the past decade.

State of play: The project's second phase will add 500-room hotels, 300,000 square feet of commercial space, a 295-unit multifamily property and underground parking garages to the Stockyards.

• The city estimates the upgrades will bring over $425 million in new net taxes.
• The project is scheduled to be completed by the end of 2032, per the Fort Worth Report .

The intrigue: Former Fort Worth mayors Mike Moncrief and Betsy Price, celebrity chef Tim Love and Hollywood legend John Wayne's son are among the plan's supporters.

Between the lines: The people guiding the Stockyards plan will work to ensure the district retains its historic, Western vibes.

• Many Stockyards lovers stressed early in the process that the district shouldn't lose its charm.
• Developers plan to place the new garages underground so they don't detract from the district's look.

The bottom line: "Keeping the historic Stockyards vibrant, authentic, accessible and sustainable has been and remains the collective goal of all of the parties," Craig Cavileer, managing partner of the Stockyards Heritage Development Company, said in a news release.