Fort Worth Business Press, June 2, 2014 Vol. 26, No. 22 - Page 8

8 cover story June 9 - 15, 2014 | u stockyards from the cover “The Stockyards is a massive project,” said Brad Hickman Sr., Holt Hickman’s son, in explaining why the family needed a partner to move its holdings forward. “We’re landowners, we’re not developers. We’re business owners.” Cavileer, whose firm also is family owned, said the Stockyards’ appeal is in its brand. “The Stockyards is an international brand,” Cavileer said. “It’s got a theme that’s already determined.” The deal does not include the Hickman family’s 100 percent ownership interest in the Livestock Exchange Building or its majority interest in Stockyards 2000, an entity whose holdings include Billy Bob’s Texas. The partnership is asking the city for up to $26 million in incentives over 25 years for infrastructure. The council will vote June 10 on the incentive agreement. The real estate holdings have major infrastructure needs, Cavileer said, such as flood control, water and sewer improvements or additions. The partners agreed, among other things, to invest a minimum $175 million over 10 years to get the maximum incentive. In a June 2 letter to Price, they also said they believe a tax increment finance district is the best way to pay for necessary improvements in the Stockyards in the future. In its June 3 pre-council discussion of the project, the council agreed to the TIF discussions by the staff. Price also said it’s critically important for the city and developers to set design standards for the Stockyards to ensure that what goes in is appropriate to the Stockyards’ history and flavor. “We must respect the historical character of the Stockyards,” she said. Cavileer and Hickman agreed. “You don’t want somebody putting up a glass tower,” Hickman said in the interview. Council members voiced support for the incentive agreement. “The developer is at risk and must make considerable investments before he can begin to take advantage of what’s offered here,” Price said. District 2 Councilman Sal Espino, whose North Side district includes the Stockyards, said the project “can be a spur of the revitalization of the entire near North Side,” including the area around Meacham Airport. “It’s a great marriage,” District 7 Councilman Dennis Shingleton said of the partnership. “Authenticity is the key.” The Fort Worth Stockyards National Historic District is the official designation of the 98-acre area established in 1976. Heritage Conceptual Plan “You don’t want somebody putting up a glass tower.” – Brad Hickman Sr., vice president of Hickman family interests marine creek district MULE BARNS ACTIVATION 180,000 square feet - creative office: 50,000 square feet - retail: 100,000 square feet - restaurant: 30,000 square feet RESTAURANT 20,000 square feet RETAIL 75,000 square feet CREATIVE OFFICE (above retail) 20,000 square feet PARKING- SURFACE (2 S76W2