The Fort Worth Stockyards Phase II expansion, a proposed $1 billion redevelopment of the historic entertainment district, will not move forward under its previously announced scope, according to Stockyards Heritage Development Co. The partnership, formed between California based Majestic Realty Co. and Fort Worth based Hickman Companies, confirmed the decision this week, citing current market conditions and a preference to avoid oversaturating the district with new supply. Phase II had been envisioned as a near doubling of the Stockyards footprint, adding new hotels, underground parking structures, commercial space, and multifamily residential units on land now used mostly for surface parking east of Billy Bob’s Texas. The City of Fort Worth approved an incentives package worth roughly $71.6 million in June 2024, tied to a minimum developer investment of $630 million and structured largely around tax increment grants and infrastructure financing for two underground garages. City projections at the time estimated the combined value of the garages and new tax revenue at close to $844 million over the life of the agreement. Rick Kline, president of Stockyards Heritage Development Co., said the group continually evaluates its investments against current and future market needs and concluded the previously shared concept was no longer the right path forward. No general contractor or delivery method had been formally assigned to Phase II, since the project had not advanced past the incentive approval and design stage before being shelved. The developer has not proposed a replacement concept for the site but says it remains committed to the district’s long term future.

Fort Worth Cultural District Keeps Attracting Investment Despite Stockyards Pause

The paused Phase II plan does not signal a broader retreat from development in Fort Worth, a city that has continued to attract sizeable private investment across several districts. A few miles west of the Stockyards, in the Cultural District along West 7th Street, developer Goldenrod Companies is pushing ahead with its own $183 million Van Zandt and One University project, a mixed use development that pairs 226 apartments and 102,000 square feet of Class AA office space with a companion tower carrying a 176 room hotel. That project, is targeting completion by the end of 2026 to qualify for up to $30.8 million in city incentives, showing that Fort Worth remains willing to underwrite private development when the numbers work for both sides. Elsewhere in the city, the former Ridgmar Mall site is being converted into a logistics hub of nearly 1 million square feet, another sign that capital keeps flowing into Fort Worth even as some large scale hospitality and entertainment projects slow down. Set against that backdrop, the Stockyards pause looks less like a loss of confidence in the district and more like a recalibration after Phase I already reshaped visitor patterns, pushing annual attendance from about 3.4 million in 2018 to more than 10 million by 2025. That kind of growth curve tends to invite ambitious follow on proposals, and Phase II was conceived near the peak of that momentum. Cooling the concept while construction costs and interest rates remain elevated is consistent with how other Sunbelt cities have paced large mixed use build outs since 2023, favoring phased delivery over a single mega project.

Fort Worth Stockyards Phase II Timeline and What Comes Next

With the original Phase II concept shelved, Stockyards Heritage Development Co. says it will keep investing in assets it already owns rather than pursue new ground up construction on the vacant parking land for now. The partnership is continuing a $30 million renovation of the Stockyards Hotel and the H3 Ranch restaurant, and it plans to begin renovating the Hyatt Place Fort Worth Historic Stockyards in the fourth quarter of 2026. Mayor Pro Tem Carlos Flores said the City still considers the Stockyards its top performing historic entertainment district and expects its working relationship with Stockyards Heritage to produce new development proposals for the site, though no timeline has been set. It remains unclear what becomes of the original 380 Agreement incentives tied to the shelved concept, since that deal was built around a scope the developer is no longer pursuing. Separately, former Majestic executive Craig Cavileer, who departed the company amid a legal dispute with Majestic over the Stockyards project, has proposed a $160 million luxury resort at the district’s gateway, an idea that could shape how the City and Stockyards Heritage approach the remaining land. Whether that proposal advances will depend on unresolved litigation and the City’s appetite for a fresh incentives conversation.

Project Fact Sheet

• Project Name: Fort Worth Stockyards Phase II Expansion (not proceeding as announced)
• Location: Fort Worth Stockyards Historic District, Fort Worth, Texas
• Project Value: Originally built around a $630 million minimum developer investment and roughly $71.6 million in city incentives approved in June 2024, with city projections valuing garages and tax revenue at close to $844 million combined
• Client/Owner: Stockyards Heritage Development Co., a partnership of Majestic Realty Co. and The Hickman Companies
• Main Contractor: Not yet awarded for Phase II
• Key Components: Original concept called for three hotels, at least 300,000 square feet of commercial space, at least 295 units of multifamily housing, and two underground parking garages with 1,300 spaces
• Procurement Model: City incentives agreement under a 380 Agreement, tied to a minimum private investment commitment
• Construction Start: Never commenced for Phase II
• Expected Completion: No longer applicable under the shelved concept
• Jobs Created: Not publicly disclosed
• Strategic Impact: Phase I is credited with growing Stockyards annual visitation from about 3.4 million in 2018 to more than 10 million in 2025, per Fort Worth Report and Stockyards Heritage statements
• Related Investment Continuing: $30 million renovation of the Stockyards Hotel and H3 Ranch restaurant, plus a planned renovation of the Hyatt Place Fort Worth Historic Stockyards beginning in the fourth quarter of 2026

Project Team

• Client/Owner: Majestic Realty Co. and The Hickman Companies, operating jointly as Stockyards Heritage Development Co.
• Phase I Retail Partner: M2G Ventures
• Main Contractor (Phase II): Not yet awarded
• Government/Regulatory Body: City of Fort Worth, represented by Mayor Pro Tem Carlos E. Flores

Frequently Asked Questions

What happened to the Fort Worth Stockyards Phase II expansion? Stockyards Heritage Development Co. announced it will not proceed with the previously shared $1 billion Phase II concept, citing current market conditions and a wish to avoid oversaturating the district.

How much was the Fort Worth Stockyards Phase II expansion supposed to cost? The plan called for a minimum developer investment of $630 million, supported by a city incentives package worth about $71.6 million approved in June 2024.

Who owns the Fort Worth Stockyards Phase II site? The land sits with Stockyards Heritage Development Co., a partnership between Majestic Realty Co. and The Hickman Companies.

Will anything be built on the Fort Worth Stockyards Phase II land? The developer says it remains open to future development opportunities on the remaining undeveloped land, though no replacement concept has been announced yet.

Is Fort Worth Stockyards Phase I complete? Yes, Phase I delivered the Hotel Drover and the Mule Alley retail district starting in 2014 and is credited with helping push annual Stockyards visitation past 10 million.