Yahoo Finance ‘We don’t want to screw it up’: Stockyards developers reveal vision for $1B expansion
Craig Cavileer wants to make one point clear as he’s talking about his company’s plans for a major expansion at the Fort Worth Stockyards.
Yes, technically, as the master developer and operator of the Stockyards and its Hotel Drover and Cowtown Coliseum, his firm Majestic Realty Co. has ownership of the property.
But, he says, he and his company think of themselves more as stewards of the historic district, which really belongs to Fort Worth and its future generations.
“It’s been loaned to us for a time to do something special with, and we don’t want to screw it up,” said Cavileer, who is executive vice president of California-based Majestic. “So, while there’s a lot of pressure to perform, we also accepted the invitation and here we are.”
The point is an important one for him and his partners are they now prepare to move forward on the biggest investment in the Stockyards in a century— a major expansion that could approach $1 billion by the time the last brick is laid in 2032. The project, funded in part by a complex incentives package from city government, has garnered unanimous support from city leaders. But since the proposal’s unveiling in early June, the scale of redevelopment has also attracted some skepticism from the public, including concerns posted on social media about over-commercialization at the expense of the Stockyards’ historic authenticity.
Cavileer and Majestic’s director of design and development, Kayla Wilkie, spoke with the Star-Telegram about the vision for the project on Wednesday, the day after the City Council approved the incentives package.
They said the company hadn’t celebrated yet, but it was humbling to see the city’s confidence in them and the project.
“This is a small town, even though it’s a 12th largest city. It takes a community like that to make something like this happen,” Cavileer said.
The redevelopment project will almost double the size of the Stockyards, adding 300,000 square feet of commercial space, multifamily housing and 1,300 parking spaces in underground garages. The area where the mixed-use development will be built is currently surface parking behind Billy Bob’s Texas and Cowtown Coliseum.
Majestic says it is focused on making additions that fit the area and will teach visitors about Western culture for decades to come.
“While we’re in the business to like, have gigantic sales down here, it isn’t our objective to have gigantic sales, it’s have a gigantic experience, and how do you do that?” Cavileer said.
Fort Worth Heritage LLC, a joint venture between Majestic and The Hickman Companies, and Fort Worth-based M2G Ventures will lead the project. It is the second phase of redevelopment following Mule Alley and the Hotel Drover.
Unlike when Mule Alley was proposed 10 years ago, Cavileer said he has heard “zero” opposition to Phase 2. Cavileer said Majestic is partnering with the city, county and state to address increased traffic issues that Phase 2 could generate. They’re also exploring ways to help visitors get around the Stockyards, such as by trolley.
Vision for the Stockyards
Cavileer said the company has been working with the city on Phase 2 for a year and a half. Wilkie said Majestic is already working on a master plan and hopes to begin work on the underground parking garages next year.
Cavileer got the idea of putting garages underground while visiting Europe, where he saw underground parking being used to preserve the historic character of an ancient city. He and Wilkie worked to redesign plans for Phase 2, which originally included multiple above-ground garages.
Phase 2 will add 500 hotel rooms to the Stockyards, which Wilkie said will be spread across at least three hotels. Majestic doesn’t plan to bring in large chain hotels, instead aiming to create properties that feel independent and reflect the Stockyards’ character, like Hotel Drover.
For the commercial space, Cavileer and Wilkie said they are focused on bringing in businesses that offer experiences. Whether those are as simple as eating a cold treat on a hot day, or visiting an iconic Western brand’s store, they say they want visitors to make memories at the Stockyards.
“The door is always open to like-minded entrepreneurial individuals who create these experiences,” Wilkie said. “What we don’t want in Phase 2 is something you’ve seen before.”
Cavileer said Majestic has heard from many businesses, both local and national, interested in being part of the commercial space. The company plans to strike a balance between tenants who are smaller, local or regional businesses, and seminal Western brands.
“I think we’re more about quality, authenticity and identity than we are about, ‘Is it upscale?’ We’re not trying to be the most expensive place in the world, there’s plenty of places to do that,” Cavileer said.
Phase 2 will also add $15 million in improvements for the Fort Worth Herd and Cowtown Coliseum. Majestic wants to highlight the herd’s importance with the redevelopment.
“Without the cattle drive, without the history of the Stockyards, this Phase 2, what we’ve done down here doesn’t have as much merit as it’s gotten today,” Wilkie said.
‘The story of the place’
A primary challenge facing the developers will be designing new buildings to look like they’ve been in the Stockyards as long as the district’s historic structures.
Unlike the redevelopment of Mule Alley, there aren’t many existing structures to renovate on the property where Phase 2 will be built. None of the buildings constructed in Phase 2 will be replicas of historic structures.
Wilkie said Majestic has searched across the globe for places where historic buildings and new construction complement each other in close quarters. It has been difficult to find examples of successes.
Majestic blended old and new when Hotel Drover was added at the end of Mule Alley. Now, the difficulty is creating the same effect on a much larger scale.
“The challenge over there is putting this puzzle piece in there and not look like you just inserted it next door, but that it’s enveloped into the story of the place,” Cavileer said.
Cavileer said he is committed to making the Stockyards a place locals and tourists are excited to visit. He said both groups gravitate towards different things, with tourists typically doing more shopping, and locals seeking interesting restaurants and bars.
About half of the Stockyards’ visitors are from within the Metroplex, with the other half traveling from outside the region, according to Cavileer. He and Wilkie say they want Phase 2 to create a more culturally rich experience for all visitors.
“We really want to make sure that when people come down here, they’re taking away more than a cocktail and a beer, but they’re also getting an educational experience with the history, with the livestock, with the animals, the Western lifestyle industry, and [continuing] to grow that brand for the state of Texas,” Wilkie said.
