The Fort Worth City Council has approved a comprehensive incentive package to support a $1.7 billion transformative mixed-use development just west of downtown, led by Larkspur Capital and Fort Worth-based Keystone. The project, set to break ground later this year, aims to revitalize an underutilized urban area into a vibrant new destination while addressing significant infrastructure challenges.
Located between University Drive, White Settlement Road, Foch Street, and the West Fork of the Trinity River, the ambitious development is designed to honor Fort Worth’s heritage while embracing forward-looking urbanism. It is expected to include approximately 880,000 square feet of new Class AA office space, 238,000 square feet of new retail, a full-service hotel, and an estimated 1,785 multifamily units. This marks the largest delivery of new office inventory by a single project in Fort Worth in 43 years and will introduce the city’s first large-scale mass timber office project.
A crucial component of the development includes approximately $45 million in infrastructure improvements, specifically targeting the area's historical stormwater and flood control challenges.
The district’s master plan, designed by Austin-based Michael Hsu Office of Architecture (MHOA), emphasizes a highly walkable environment that blends diverse building types, public spaces, and curated experiences. It will integrate wellness, retail, entertainment, and dining, with multimodal connections to the Upper West Fork trail system. Select industrial buildings will be adaptively reused to preserve neighborhood character and incorporate sustainable design.
"Our collaboration with the City underscores a shared vision for long-term growth, community connection and sustainable, next-generation urban design,” said Carl Anderson, president of Larkspur Capital. “This project will not only redefine this part of Fort Worth but also reinforce the city’s reputation for charm, culture and commerce.”
The developer has committed a minimum of $1.275 billion for hard construction costs within the total $1.7 billion investment. The development will be split across four phases over the next decade:
- Phase A: Minimum $410 million investment by December 2030
- Phase B: Minimum $370 million investment by December 2032
- Phase C: Minimum $380 million investment by December 2033
- Phase D: Minimum $530 million investment by December 2035
In return, the City of Fort Worth has committed to a $125 million performance-based incentive package. This includes $80 million in total grant funding, to be distributed incrementally upon the completion of each project phase. Additionally, the City will seek support from the Near Westside Tax Increment Finance (TIF) district for the reimbursement of up to $45 million in eligible infrastructure costs, subject to TIF board approval.
“The Westside project is a bold and visionary investment to transform an underutilized area of our central business district," said District 9 Councilmember Elizabeth Beck. "Beyond creating new retail and office space, it represents a strong public-private partnership with the City to address long-standing flooding challenges and improve quality of life for nearby residents.”
The project is projected to generate nearly $121 million in new taxes for the City of Fort Worth over the duration of the incentive agreement, significantly revitalizing the area and strengthening the city’s tax base.
The first phase of the development will feature two mixed-use buildings over a shared parking structure, offering office space above ground-floor retail, residences, and live-work units. Construction is slated to begin later this year.
