Fort Worth Business Press, June 2, 2014 Vol. 26, No. 22 | Page 9

9

alyson peyton perkins photos

fwbusinesspress.com | June 9 - 15, 2014

Craig Cavileer of Majestic Realty Co. discusses the development.

• Stockyards Station: Improvements “allowing us to expand
upon
successful
operations
currently serving tourists to the
area.”
• Livestock auctions: ”We
are currently conducting due
diligence on the re-establishment
of on-site livestock auctions,
which were a significant part of
the Stockyards existence decades
ago, as well as the restoration of
the facilities that once hosted
the auctions.”
• Destination retail, craft
breweries and spirits, farmers
market, signature restaurants
are “new projects under review.”
One such area for those would
be where the partnership’s
holdings front Marine Creek,
and construction there would
help connect the Stockyards
to the Trinity River Vision,
Cavileer said. “If we could do
there what Tim Love did [with
the Woodshed restaurant on
the Trinity River near Colonial]
times 10, it’d be beautiful. But
it’s going to be a process. It’s not
going to happen overnight. The
property is not ready to develop
right now.”
•
“Development
of
a
historically themed hotel(s) to
complement the Hyatt Place and
Stockyards Hotel.” Cavileer said
that, in concept, the partnership
plans two hotels.
“Development of a residential
component (with city approval)
offering residents a unique
opportunity to enjoy a live, work
and play community in North
Fort Worth.” Residential use
would require rezoning by the
City Council. n

Stockyards
incentive plan
To get the maximum incentive for its
Stockyards project, the Majestic-Hickman partnership must meet several
guideposts:
• Total investment excluding land: $175
million
• Parking spaces added: 1,200
• Phase 1: $35 million invested by Dec.
31, 2018; 180,000 square feet of retail,
commercial, creative office; mule barns the
potential target.
• Phase 2: Additional $65 million invested
by Dec. 31, 2022, to include retail, commercial, office and/or multifamily.
• Phase 3: Additional $75 million invested
by Dec. 31, 2024, to include all of Phase 2’s
potential uses.
• Incentive: Chapter 380 grant for up to
25 annual payments equal to 40 percent
of real and personal property tax added by
the development, and up to 80 percent of
one-cent sales tax revenue added (by the
development?).
• Incentive cap: $26 million
• Additional land: Majestic and Hickman
can add investment property to development
boundary area. Chesapeake Energy has two
Stockyards sites reportedly under contract,
but Hickman and Majestic executive Craig
Cavileer say they are not the buyers.
• Contracting: Various milestones for
spending with Fort Worth contractors and
with minority and women-owned contractors
and vendors.
• Job creation: 25 new jobs created by Dec.
31, 2018.
• Affordable housing: If any residential is
developed, 20 percent of units must be set
aside for affordable housing.