Texas A&M
Hillwood's acquisition is on the "front door" of exciting things happening in the southern corridor of downtown, including the development of Texas A&M-Fort Worth's urban campus.
Hillwood announced on Wednesday morning that it had entered the downtown Fort Worth real estate marketplace with the acquisition of a full city block in the heart of the central business district.
The property is bounded by 6th and 7th Streets to the north and south, and Calhoun and Jones Streets to the east and west. Oncor has owned the site for decades.
“The purchase of the Oncor property reinforces our belief in Fort Worth and the evolution of downtown, further demonstrating our intent to grow our investments throughout the city,” Mike Berry, president of Hillwood, said in a statement. “Downtown Fort Worth is playing a vital role in the city’s growth and success, and we want to help drive its economic development far into the future.”
The company said development plans for the property are still under review. Company officials said Hillwood will look at a variety of land use and development options that “will complement existing trends in the downtown Fort Worth market.”
The company noted that the property is at the “front door” of the rapidly evolving southern corridor of downtown.
The neighboring Texas A&M-Fort Worth campus, which broke ground in June, will anchor the city’s downtown innovation district. The Fort Worth Convention Center, which sits two blocks south of the property, recently kicked off its $95 million expansion, and the adjacent Omni Hotel Fort Worth will add a new tower with 400 rooms and additional meeting spaces. Also nearby, the new Deco 969 luxury apartment building will open at the end of the year.
“The acquisition of the Oncor property represents an exciting opportunity for Hillwood,” said Steve Aldrich, senior vice president of Hillwood. “It puts us in the middle of one of the fastest-growing corridors not only in Downtown Fort Worth but within the entire city. Because of its location, the site provides flexibility for a best-in-class development project, whether that be office, residential, or mixed-use. We want to leverage our expertise here and help realize the full potential for a vibrant urban core.”
Jon McNeil and Ryan Matthews from JLL represented Oncor in the transaction.
Hillwood’s investment in Fort Worth and partnerships with the city of Fort Worth began 35 years ago with the development of Perot Field Fort Worth Alliance Airport.
As a transformative figure in the marketplace and bridge to global industry, AllianceTexas is a mixed-use development spanning 27,000 acres with more than 560 companies and has generated $111 billion in regional economic impact and 66,000 direct jobs, according to Hillwood and the city.
“Hillwood’s impact at AllianceTexas and numerous urban developments throughout the region have been immeasurable,” said Fort Worth Mayor Mattie Parker. “The work already happening in downtown Fort Worth is transformational for our city’s future, and Hillwood’s entry into downtown signals the value of what is possible.”
Hillwood has also been involved in other developments in south Fort Worth and southeast Fort Worth. Additionally, Hillwood was the developer of Victory in Dallas, another urban renewal development project anchored by American Airlines Center. The Victory district value has grown from $16 million in 1998 to more than $2.4 billion with 7.5 million square feet constructed to date.