The lead developer on the plan cited market conditions as the reason for changing course.
Abigail Dollins
Fort Worth Star-Telegram
Stockyards Heritage Development Co., the main developer behind the revitalization of the Fort Worth Stockyards, announced Wednesday it is not moving forward with a planned $1 billion expansion of the historic district.
The company is a partnership between California-based Majestic Realty Co. and Fort Worth-based Hickman Companies.
The announcement comes nearly two years after the Fort Worth City Council voted unanimously to approve a $71.6 million grant package to help with the phase two redevelopment including the construction of two underground garages just north of the historic cattle pens.
“As the lead developer, we continually evaluate opportunities to ensure our investments reflect current and future market needs,” said Stockyards Heritage Development Co. President Rick Kline in a press release announcing the pivot.
After reviewing market conditions, the developer decided it wasn’t the right path forward to continue with the redevelopment plan laid out in 2024, Kline said.
“We have discussed this decision and our rationale with our partners at the City and look forward to other opportunities for the remaining undeveloped land,” he said.
Kline emphasized the decision to kill the phase two redevelopment plan was not related to an ongoing legal dispute with former executive vice president Craig Cavileer.
While the previously proposed phase two concept isn’t moving forward, the City of Fort Worth respects the developer’s decision and is committed to working together on future opportunities, a city spokesperson for wrote in an email to the Star-Telegram.
“We look forward to supporting continued investment that preserves the district’s unique character while strengthening one of Fort Worth’s most iconic destinations,” they said.
While Heritage isn’t moving forward with the phase two plan, it is moving forward with renovations to the Stockyards Hotel, H3 Ranch, and Hyatt Place Stockyards, the press release said.
“Our commitment to the Stockyards remains stronger than ever. These investments reflect our long-term confidence in the district and our commitment to preserving its character and heritage while working closely with the City, our tenants, partners and the community to shape its next chapter,” Kline said.
The Stockyards is one of the nation’s top destinations and is a true reflection of Fort Worth’s western heritage and its vision for the future, Fort Worth Mayor Mattie Parker said in a statement to the Star-Telegram.
“The Phase II project was very exciting, but Majestic, alongside dozens of other respected developers and investors, continues to make significant commitments that are transforming the district and contributing to its success,” she said.
Fort Worth District 2 City Council member Carlos Flores said that even though this phase of the development is not progressing, residents and Stockyards lovers should not take it to mean a death to development there as a whole.
“Some are interpreting as though there will be no future development by, you know, Stockyards Heritage,” Flores said. “Their decision not to proceed with phase two, per the 2024 plan … all they’re saying is they’re not proceeding with that.”
With lots of public attention from international World Cup travelers and increased visitation numbers, Flores said, the Stockyards is by no means seeing a slump.
“Development interest is not waning in the Stockyards,” Flores said. “It continues, and our relationship, the city’s relationship, my working relationship with Stockyards Heritage — that continues.”
What was phase two supposed to be?
After a successful phase one that saw the redevelopment of Mule Alley and the southern edge of East Exchange Avenue, Majestic. Realty Co. was tasked with bringing success to the surface parking lots to the east of Billy Bob’s Texas.
The phase two plan would have developed two underground parking garages with at least 1,300 parking spaces, in addition to three hotels, 300,000 square feet of commercial space, at least 295 units of multifamily housing, according to a 2024 economic development agreement with the City of Fort Worth.
Majestic and Hickman agreed to invest $630 million in the project in exchange for city grant money to help with the construction of the garages.
The agreement also gave the city the option to buy back the garages from Majestic and Hickman for a little more than $126 million, and estimated to earn the city roughly $844 million when combined with the estimated additional tax revenue from the project as a whole.
This story was originally published August 5, 2026 at 2:23 PM.
Related Stories from Fort Worth Star-Telegram
.jpg)
Fort Worth Star-Telegram
Harrison Mantas has covered Fort Worth city government, agencies and people since September 2021. He likes to live tweet city hall meetings, and help his fellow Fort Worthians figure out what’s going on.
Fort Worth Star-Telegram
Emily Holshouser is a local news reporter at the Fort Worth Star-Telegram.