Dallas builder Larkspur Capital and private equity investment firm Keystone Group LP have received a thumbs up from Fort Worth’s Zoning Commission to redevelop five parcels north of the city’s Cultural District that mainly comprise industrial warehouses.
The rezoning effort is just the beginning of a more sweeping phased redevelopment for 35 acres west of downtown Fort Worth near the intersection of University Drive and White Settlement Road.
Zoning documents show the early scope calls for an approximately $850 million multiphased development. It could span as many as 2 million square feet of residential, retail, office and hospitality space at full build-out, according to the documents.
Entertainment options and green space are also expected to factor within the design.
“We’re excited about today’s unanimous vote for approval at Fort Worth’s Zoning Commission,” said Larkspur president Carl Anderson in an email.
“This transformative project will employ the latest techniques in urban planning to focus on the resident/tenant/visitor experience and how people interact with the ground plane of the district.”
The five parcels were rezoned as high-intensity mixed-use geared toward being a pedestrian-friendly urban village. Austin-based Michael Hsu Office of Architecture is providing project identity, visioning, master planning and branding services for the development, according to Anderson.
Demolition of multiple buildings, including the former Fort Worth ISD headquarters, is nearing completion.
The first phase of the project is set to include food and beverage, retail and mixed-use buildings, which will be designed by Dallas-based Corgan.
Fort Worth City Council is slated to vote on the zoning change on June 11.
Construction on the first phase is expected to start in the first quarter of 2025.
Beyond the region’s population influx, the development is set to benefit from the anticipated build-up at Panther Island, a placemaking mixed-use vision years in the making.
Keystone Group LP, a private equity investment firm tied to Fort Worth’s Bass family, has invested in energy, manufacturing, high-tech and real estate.
Larkspur is in the midst of developing several residential projects across Dallas and recently acquired a tract in the Southwestern Medical District.
