Developer Hillwood, the Ross Perot Jr.-led company building the 27,000-acre AllianceTexas project in North Fort Worth, is headed to downtown Cowtown for its next venture.
The real estate firm has purchased a downtown Fort Worth block for future development. It’s the company’s first property play in downtown.
The property at 7th and Calhoun streets on the east side of downtown is occupied by a parking lot and two low-rise commercial buildings. It was bought from Oncor Electric Delivery Co.
“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 development site is near Texas A&M Fort Worth’s new campus and the Fort Worth Convention Center.
Hillwood officials said they plan to evaluate the block for a variety of potential developments.
“It puts us in the middle of one of the fastest-growing corridors not only in downtown Fort Worth but within the entire city,” said Steve Aldrich, senior vice president of Hillwood. “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.”
Hillwood has been a major real estate developer and investor in Fort Worth for 35 years. The company’s AllianceTexas mixed-use development houses 560 companies with 66,000 jobs. It also worked on industrial developments in southern Fort Worth.
“Hillwood’s impact at AllianceTexas and numerous urban developments throughout the region have been immeasurable,” Fort Worth Mayor Mattie Parker said in a statement. “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.”
Jon McNeil and Ryan Matthews of Jones Lang LaSalle brokered the Fort Worth property sale.
On the edge of downtown Dallas, Hillwood is partnering with Hunt Realty to build a new $500 million office campus for financial firm Goldman Sachs that will house thousands of workers.