$1.7B Mixed-Use Project Breaks Ground in Fort Worth
Plans call for Class A office space, luxury multifamily and more.
Larkspur Capital’s $1.7 billion Westside Village development in Fort Worth, Texas, held its official groundbreaking, the Fort Worth Star-Telegram reported.
The 37-acre site is at the corner of University Drive and Westside Drive, at the edge of the Cultural District, and will comprise 880,000 square feet of office space, 238,000 square feet of shops, 1,785 residential units, as well as a luxury hotel. The multi-phase project, in which The Keystone Group is also part of the development team, is scheduled to take about 15 years to complete.
Moss Construction, of Fort Lauderdale, actually began construction on Westside Village in early February, the company announced at that time.
In the meantime, the initial phase of a 100,000-square-foot Class AA office building and a 308-unit luxury multifamily building is scheduled for delivery by 2028. The office space was designed by Michael Hsu Office of Architecture, of Austin, Texas, which also developed the project’s master plan. This phase will also include a restaurant with outdoor seating and a garden, a private social club, a below-grade jazz club and a shared underground parking garage.
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The apartment building was designed by Dallas-based architecture firm Corgan and will feature studio and one- and two-bedroom units. The first floor will include retail space and a restaurant.
The Fort Worth Business News reported in September that part of the project might ultimately include redevelopment of a former meat locker into an entertainment destination called The Shed, with 19,100 square feet of covered space and a 23,400-square-foot covered patio.
Slow job growth hampers office market
It appears that the office market in the Dallas–Fort Worth Metroplex might be restrained somewhat by slow job growth and consolidations, which at least has had the effect of limiting new construction, according to a report from Cushman & Wakefield. Nonetheless, top-rank buildings are outperforming the market as a whole, as excess inventory is being disposed of gradually.
Overall vacancy is 24.8 percent, which is down modestly from 12 months prior, with net absorption for the year at 2.4 million square feet, against an inventory of 233.7 million square feet.
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