According to a Dec. 2 news release, the city conducted “its due diligence” on the former Pier 1 headquarters located at 100 Energy Way, Fort Worth. Fort Worth City Council approved the purchase of the building on 11.9 acres of land for a total of $69.5 million. The transaction is expected to be complete by February 2021.
City officials estimated construction of a new municipal complex would have exceeded $200 million. The purchase of an existing property will save the city tens of millions of dollars.
“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.
The site of the new City Hall location 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.
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.”