Stockyards development promising hundreds of millions in tax revenue halted

Both the developer and Mayor Pro Tem Carlos Flores maintained the halt isn’t a cease to growth.

Developers pulled the plug on a big part of a project that promised to generate hundreds of millions of dollars in the Fort Worth Stockyards on Wednesday.

Stockyards Heritage Development Company announced that phase two of the overall plan no longer makes financial sense.

“That project was very ambitious in scale, as you know, when we, council considered it back in 2024,” said Mayor Pro Tem Carlos Flores.

Though the city championed the nearly $850 million dollars in total net value, it said the project promised when approving it back in 2024, Flores said leaders always knew Wednesday's news was a possibility.

In a statement, Fort Worth Stockyards President of Operations Rick Kline said, “As the lead developer, we continually evaluate opportunities to ensure our investments reflect current and future market needs. That process led us to conclude the previously shared concept is no longer the right path forward.”

Both the developer and Flores maintained the halt isn’t a cease to growth.

“It does not preclude future you develop and for coming. Okay I want to, you know, emphasize that as far as the prospects for you know, Stockyards Heritage, they have, you know, other ideas and we welcome those ideas when they're prepared to make those ideas known to us,” said Flores..

Flores added that the reversal doesn’t diminish the crowds drawn to the Stockyards.

The city recently celebrated record numbers generated by the FIFA World Cup.

In a statement, Visit Fort Worth said the Stockyards contribute heavily to the city's 12 million annual out-of-town visitors.

President & CEO Mitch Whitten wrote, “Tourism means business, and today’s announcement of a new luxury hotel proves it by further opening the Stockyards to major meetings and conferences, creating additional opportunities for visitors, employers and our local economy.”

That unrelated announcement was just one sign that development continues.

Stockyards Heritage pointed to its own projects that it says show, “commitment to the Stockyards remains stronger than ever.”

They include two hotels under renovation and another soon to break ground.

Several Northside neighbors have followed the developments closely, watching to see how added traffic and noise could impact those who live nearby.

Richard Perez said while they don’t oppose development, they hope developers will work with them.

He believes Wednesday's halt is simply a deviation.

“There will be other developers coming around, you know, prospecting and looking around. I don't think it… it's just a slight delay in this type of development. Something better will come along,” Perez said.