Developer John Goff said Fort Worth’s world-class Cultural District deserves a world-class development like the one his company broke ground on Monday.
The mixed-use development will house the Crescent Fort Worth, a 200-room luxury hotel. Goff’s company, Crescent Real Estate LLC, also plans to build 170,000 square feet of office space and a 170-unit luxury apartment complex at the corner of Camp Bowie Boulevard and Van Cliburn Way across from the Kimbell Art Museum.
Goff will also move the headquarters of his real estate, investment, and wellness retreat company, Canyon Ranch, to the new development. He announced at the groundbreaking that Canyon Ranch would be opening a location within the new hotel, adding a luxury spa component to the project.
Canyon Ranch CEO Jeff Kuster said the Fort Worth location will be the first of its kind in the area. Guests will have access to all the amenities of a luxury wellness retreat without having to travel too far from home.
Kimbell Art Museum director Eric Lee praised the project saying its architecture complements the neighborhood rather than outshining it. He said the developers made a point to work collaboratively with the district’s museums, particularly on the issue of height, which had sparked controversy with a previous hotel project.
The new complex will also be walking distance to Will Rogers Memorial Center and Dickies Arena, which will host the Professional Bull Riding World Finals starting May 2022.
Goff said he hopes the project can spur the innovative and economic boost his Dallas properties have been known for. He told the small gathering that the uptown part of Dallas has a higher taxable value than the city’s downtown, which he attributed to his company’s development of the Ritz Carlton and McKinney and Olive office building.
He also said it was important for him to build a version of his beloved Dallas-based Crescent Hotel in Fort Worth. He talked about naming his company after the property, and how it transformed uptown Dallas after completion in 1986. Goff said the new Crescent Fort Worth will have a similar impact.
Mayor Mattie Parker said the development represents the future of Fort Worth, bringing world-class architecture, office space, and amenities to the city.
She said Fort Worth is at the “pinnacle of greatness” and the project is emblematic of the growth of opportunity in Fort Worth.
Parker also noted the potential economic benefits of the project. She referenced the city’s high reliance on property tax funding, and argued the city needs to increase the amount of revenue it takes in from commercial taxes to alleviate the burden for home owners.
Goff has been active in helping Fort Worth recover economically from the COVID-19 pandemic ever since he was tapped to lead an advisory committee by former former Mayor Betsy Price in May 2020.
He said the city needs to attract young talent, and that projects like the Crescent Fort Worth help create the necessary buzz to get people interested in investing and relocating to Fort Worth.
The project is slated to be completed and opened by mid-2023.