City of Fort Worth
Artist's rendering.
The Clearfork mixed-used development on the Chisholm Trail Parkway is making plans to expand with a $400 million Phase 2 project with an unconventional anchor: car dealerships.
Under the proposal, Clearfork would be the new home to Autobahn’s BMW, Land Rover, Volvo and Volkswagen dealerships, currently located at White Settlement Road and University Drive.
Cassco Land Co., which is the developer, is asking the city for up to $22 million in tax incentives.
Michael Hennig, the city’s economic development manager, presented the proposal to the City Council on Tuesday.
The tax incentives would be used to assist with the cost of building vehicle service centers and showrooms based around a parking garage, Hennig said.
City of Fort Worth
Proposed Site Plan.
The council is expected to take up the matter at next Tuesday’s regularly scheduled meeting. The body seemed inclined to approve.
Opened in 2018, The initial $300 million Clearfork development is home to to more than 40 retail stores, including Neiman Marcus, AMC movie theater, and luxury retailers Gucci, Louis Vuitton, and Burberry; 16 restaurants, four apartment complexes.
The city approved tax incentives in 2014 for Cassco for the first development in 2014.
This project is proposed for 25 of 50 vacant acres on the northeast side of Edwards Ranch Road.
It would consist of commercial (office and retail), multifamily, and the mixed-use automobile showrooms and garage service centers.
The first phase of construction would be completed by 2026. The project would be completed by 2028, according to Hennig.
Cassco would develop a 1,750-space parking garage and 350 new apartment units.
Also, at least 15% of the development costs must go to certified business equity firms, owned by women or minorities.
City of Fort Worth
Artist's rendering.