City council approves next phase of Fort Worth Stockyards' billion-dollar expansion
FORT WORTH, Texas - The Fort Worth City Council has approved the next stage of development for Fort Worth's Historic Stockyards.
Tuesday, the city council unanimously approved phase two of development in the historic Fort Worth Stockyards.
The billion-dollar expansion would impact the lots behind Billy Bob’s Texas.
Developers would bring commercial space, a 500-room hotel, a multifamily property and at least two underground parking lots.
There was not much vocal opposition to the plan.
Investors are committing $630 million, and the city would provide about $380 million worth of incentives.
"I’ll speak to who is not here, and that’s a room full and people outside in opposition," says Fort Worth Mayor Mattie Parker. "Because that is every other vote we have taken to get to this position because every meeting was contentious."
Former mayors and stockyards business owners spoke in support of the plan, including celebrity chef Tim Love.
"Phase two is very important to me and my team," he said. "I employ 600 people in Fort Worth, and we intend to employ 600 more thanks to phase two."
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The underground lots would provide about 1,300 parking spots.
There would also be renovations to the Cowtown Coliseum.
The completion date for the project is late 2032.
Pam Minick with the Fort Worth Stockyards and Billy Bob’s Texas says just like phase one, phase two will benefit local businesses as well.
"There were some skeptics. Some of the business owners were afraid their business would be affected, and I can say they were right. Business has never been better," he said.