Keystone Group and Larkspur Capital have started construction on Westside Village, a 37-acre mixed-use project on Fort Worth’s West Side. The development is located near the city’s Cultural District and represents the largest office project in Fort Worth in four decades.
The $1.7 billion undertaking will receive $45 million from Fort Worth’s Tax Increment Finance District No. 4, designated for flood mitigation and infrastructure upgrades. Mayor Mattie Parker announced that the city has approved a total of $125 million in incentives for the development during Thursday’s groundbreaking event.
The first phase includes two main buildings: a six-story office property with two restaurants and a private club on its top floor, and a seven-story apartment building. HPI will manage office leasing for the new space.
“I’d love to get tenants expanding or relocating to Fort Worth,” said Carl Anderson of Larkspur Capital when asked about potential office users. “Maybe finance, oil and gas.”
Upon completion, Westside Village is projected to feature 880,000 square feet of office space, 238,000 square feet of retail area, 1,800 multifamily residential units, and a hotel with 175 rooms.
Councilwoman Elizabeth Beck noted that this marks the city’s largest office development in 40 years.
The partners behind the project previously stated that it would also include The Shed—a restaurant and entertainment center—by converting a former meat locker at 2800 Cullen Street into nearly 19,100 square feet of indoor space along with expansive outdoor areas.
The development site sits at University Boulevard and White Settlement Road in an area currently home to car dealerships owned by Keystone Group. These dealerships are moving to South Fort Worth as part of the redevelopment plan.
Fort Worth’s Cultural District has seen significant investment recently, including new projects from Goldenrod Companies totaling approximately $400 million (https://therealdeal.com/texas/dallas/2023/10/25/goldenrod-finally-starts-first-of-400m-in-fort-worth-projects/) and Crescent Real Estate’s recent mixed-use opening featuring hotel accommodations, condominiums, and additional office space (https://therealdeal.com/texas/dallas/2023/06/22/crescent-opens-mixed-use-development-in-fort-worth-cultural-district/). Crescent cited their project’s success as motivation to add another large-scale office building nearby.
