Council approves agreements for major development in Cultural District
Published on March 03, 2021
The City Council on Tuesday evening approved several agreements that lead to construction of a major mixed-use development in Fort Worth's Cultural District.
Fort Worth-based Crescent Real Estate LLC said the project will include a premier boutique hotel with a chef-driven restaurant, luxury residential and a Class A office building at the corner of Camp Bowie Boulevard and Van Cliburn Way, adjacent to the city’s museums, Dickies Arena and Will Rogers Coliseum.
The Council approved a lease agreement, with an option to purchase, for two parking garages; sublease agreements for the garages; a hotel room block agreement; and a loan of up to $900,000 through the city’s EPA Revolving Brownfields Loan Program.
“We are excited to bring a first-class mixed-use project to the Cultural District,” said John Goff, chairman of Crescent. “The Crescent brand is known around the country for our luxury hotel, office and residential properties. Now, for the first time, we are coming home. I've lived in Fort Worth since 1981. We are going to build the finest hotel in the city that we hope will become the living room of Fort Worth. We can't wait to bring the Crescent brand to Fort Worth in a major way.”
Groundbreaking is scheduled to take place in summer 2021, and the project will open in mid-2023.
“Between the city's nationally renowned museums, Dickie's Arena and the stock show at Will Rogers, Fort Worth's Cultural District is a major destination for residents and tourists alike,” said Fort Worth Director of Economic Development Robert Sturns. “Crescent’s hotel and associated development project fills a real need that's been a priority in this fast-growing part of the city.”