![\"People](\"https:\/\/www.newsbeep.com\/us-tx\/wp-content\/uploads\/2026\/08\/FTW_04-AED_StockyardsDevelopment.JPG\" "\\"The")
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The lead developer on the plan cited market conditions as the reason for changing course.<\/p>\n
Abigail Dollins<\/p>\n
Fort Worth Star-Telegram<\/p>\n
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.<\/a><\/p>\n The company is a partnership between California-based Majestic Realty Co. and Fort Worth-based Hickman Companies.<\/p>\n 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.<\/p>\n \u201cAs the lead developer, we continually evaluate opportunities to ensure our investments reflect current and future market needs,\u201d said Stockyards Heritage Development Co. President Rick Kline in a press release announcing the pivot.<\/p>\n After reviewing market conditions, the developer decided it wasn\u2019t the right path forward to continue with the redevelopment plan laid out in 2024, Kline said.<\/p>\n \u201cWe have discussed this decision and our rationale with our partners at the City and look forward to other opportunities for the remaining undeveloped land,\u201d he said.<\/p>\n Kline emphasized the decision to kill the phase two redevelopment plan was not related to an ongoing legal dispute<\/a> with former executive vice president Craig Cavileer.<\/p>\n While the previously proposed phase two concept isn\u2019t moving forward, the City of Fort Worth respects the developer\u2019s decision and is committed to working together on future opportunities, a city spokesperson for wrote in an email to the Star-Telegram.<\/p>\n \u201cWe look forward to supporting continued investment that preserves the district\u2019s unique character while strengthening one of Fort Worth\u2019s most iconic destinations,\u201d they said.<\/p>\n While Heritage isn\u2019t 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.<\/p>\n \u201cOur 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,\u201d Kline said.<\/p>\n The Stockyards is one of the nation\u2019s top destinations and is a true reflection of Fort Worth\u2019s western heritage and its vision for the future, Fort Worth Mayor Mattie Parker said in a statement to the Star-Telegram.<\/p>\n \u201cThe 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,\u201d she said.<\/p>\n 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.<\/p>\n \u201cSome are interpreting as though there will be no future development by, you know, Stockyards Heritage,\u201d Flores said. \u201cTheir decision not to proceed with phase two, per the 2024 plan … all they\u2019re saying is they\u2019re not proceeding with that.\u201d<\/p>\n 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.<\/p>\n \u201cDevelopment interest is not waning in the Stockyards,\u201d Flores said. \u201cIt continues, and our relationship, the city\u2019s relationship, my working relationship with Stockyards Heritage \u2014 that continues.\u201d<\/p>\n What was phase two supposed to be?<\/p>\n 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\u2019s Texas.<\/p>\n 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<\/a> with the City of Fort Worth.<\/p>\n 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.<\/p>\n 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.<\/p>\n This story was originally published August 5, 2026 at 2:23 PM.<\/p>\n Related Stories from Fort Worth Star-Telegram<\/p>\n Harrison Mantas<\/a><\/p>\n Fort Worth Star-Telegram<\/p>\n 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\u2019s going on.\n <\/p>\n
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