$850 million development near Fort Worth downtown receives city blessing

Fort Worth leaders on Tuesday evening cleared the way for an $850 million retail and residential development a mile north of the West 7th entertainment district and just minutes from downtown.

City council members unanimously approved the rezoning of 11.45 acres of industrial land hugging the southern bank of the Trinity River, at the intersection of North University Drive and White Settlement Road. Dallas-based developer Larkspur Capital plans to replace several blocks of decimated administrative buildings and warehouses with apartments and storefronts.

Every city zoning commissioner supported the proposed change during its May meeting. Planning staff determined the project was “compatible” with surrounding land uses and “consistent” with the city’s comprehensive plan, its sweeping scheme to assess and plot out Fort Worth’s growth.

“Through the proposed rezoning and potential future initiatives, city staff anticipates fostering more favorable development within this general area,” planning staff wrote in their analysis. “This specific location serves as a pivotal link between Panther Island and West 7th Street, establishing connectivity with the downtown core.”

The entire “urban village” would span roughly 35 acres, according to early site plans. Larkspur has partnered with Keystone Group LP, a private equity firm owned by Fort Worth billionaire Robert Bass, to bring the undertaking to life.

Much of the property within the project’s boundaries, owned by Autobahn Realty Partners, will retain its industrial designation. The luxury dealership (also tied to the Bass family) has weighed relocations to Benbrook and the Clearfork development, but no big move has yet materialized.

Autobahn’s MINI and Volvo stores once bordered the Fort Worth Independent School District’s headquarters, housed at 100 N University until the city sold the land and moved west in 2020. Developers leveled the three-story building this year.

Fort Worth council members and the investors seeking their blessing hope the development slated to go up in its place will become one of the city’s next urban hubs. The West 7th area, a short drive south, offers an imperfect template for rejuvenation — miles of garages and warehouses converted over recent years into bustling residences, restaurants, and workspaces.

The Larkspur development would also sit about a mile west of Panther Island, the ambitious, high-rise friendly mega-project leaders and planners hope will vitalize Fort Worth’s city center.