What you need to know
It’s the first time Hillwood has purchased land in downtown Fort Worth, according to the news release. Oncor Electric Delivery previously owned the land, which is located between Sixth and Seventh streets.
Specific development plans are still under review, but Hillwood will consider a variety of land use and development options to complement trends in downtown, according to the news release.
Zooming out
The announcement comes as development progresses on several projects in downtown Fort Worth.
Texas A&M University broke ground on a campus in June located down the street from property. The Fort Worth Convention Center next door is undergoing a $95 million expansion. The Omni Hotel Fort Worth is planning to add a tower with 400 rooms and additional meeting spaces, according to the news release.
Deco 969, a luxury apartment community, is also slated to open on Calhoun Street near the convention center in 2024.
“The acquisition of the Oncor property represents an exciting opportunity for Hillwood,” Hillwood Senior Vice President Steve Aldrich said in a statement. “It puts us in the middle of one of the fastest-growing corridors not only in downtown Fort Worth but within the entire city. Because of its location, the site provides flexibility for a best-in-class development project, whether that be office, residential or mixed-use. We want to leverage our expertise here and help realize the full potential for a vibrant urban core.”
The background
Hillwood’s partnership with the city of Fort Worth stretches back 35 years to the development of Perot Field Fort Worth Alliance Airport. Today, the AllianceTexas development spans 27,000 acres with more than 560 companies and has generated $111 billion in economic impact for the region.
“Hillwood’s impact at AllianceTexas and numerous urban developments throughout the region have been immeasurable,” Fort Worth Mayor Mattie Parker said in a statement. “The work already happening in downtown Fort Worth is transformational for our city’s future, and Hillwood’s entry into downtown signals the value of what is possible.”
The company also develops commercial and residential real estate. Its portfolio includes projects across the U.S. and Europe, according to the news release.
