According to a Dec. 2 city news release, the city is currently “conducting its due diligence” on the former Pier 1 headquarters located at 100 Energy Way, Fort Worth. The city expects to purchase the property by the end of the year and for the transaction to be completed by February 2021.
“While the purchase of an existing property was not part of the city’s original plan, purchasing this property provides a solution to the city’s real estate needs sooner without new construction and will result in savings for taxpayers for years to come,” City Manager David Cooke said in the release.
According to the city, estimates for the construction of a new municipal complex exceeded $200 million, while the purchase of an existing property will result in savings in the tens of millions.
The proposed site of the new City Hall is more than 400,000 square feet in size, which will provide 160,000-plus square feet more space than the current City Hall building. The new site will also provide “modern amenities” and “ample parking,” the release said.
“This purchase is a more economical solution to meet the space needs of the 13th largest city, as well as allow for more city services to be in one convenient location for residents,” Cooke said.
In addition, the purchase is expected to bring in lease revenue for the city, as current building tenants will remain in place. The new City Hall would open for operation beginning in 2022, the release said.
“As we have begun to plan for the renovation of City Hall, the cost-savings provided by the purchase of this building is simply too significant to pass up,” Mayor Betsy Price said. “This is a prudent financial decision, and I am proud of the city of Fort Worth’s fiscal responsibility, forward thinking and strategic investment.”