A planned $400 million expansion to the Clearfork development in west Fort Worth would see long time auto dealership group Autobahn relocating to the site to spur development.
The city of Fort Worth will consider a $22 million economic development agreement with Cassco Land Company to support the project. The Autobahn Fort Worth dealership – which is now located at 3000 White Settlement Road, near the University Drive intersection – would become the anchor tenant.
The development would include 200,000 square feet of automobile showroom and service space and a 1,750 space parking garage.
Along with the automotive space, the plan would bring 300,000 square feet of new commercial space – office and retail – and 350 multifamily units. Clearfork’s second phase would take place on a 25-acre site northeast of the existing development.
One reason the automobile dealership relocation is attractive is because anchor retail stores, which are typically a cornerstone of retail developments, are weak now, said Michael Henning, economic development manager for the city of Fort Worth in his presentation to the city council work session on May 16.
That has forced developers to be more creative, Henning said. The relocation of the Autobahn dealerships would be a creative solution and also keep the dealership in Fort Worth as opposed to moving to a suburban location, he said.
The dealerships would look more like an auto shopping experience in a larger city such as Chicago and New York, Henning said.
Cassco would make a minimum $350 million investment
For this second phase of the development, the Fort Worth City Council will consider a 15-year Chapter 380 agreement with total grants capped at $22 million. Cassco would be required to make a minimum $350 million investment in the project, with $275 million in hard construction costs. As part of the proposed agreement, Cassco would deliver the expansion in two phases. The first phase would be delivered by the end of 2026 and the second phase by 2028.
The council will look at a proposal on the Chapter 380 agreement at either the May 23 or June 13 meeting.
The initial Clearfork mixed-use development totaled $300 million and saw the city enter into a 15-year 380 economic development agreement that granted up to 80% of incremental property and sales taxes. That grant is capped at $48 million.
Cassco Development Co. partnered with Dallas-based Rosewood Property Co. on that initial development which is located on a part of the 270 acres of the legendary Edwards Ranch located on the banks of the Clear Fork of the Trinity River between Hulen Street and Bryant Irvin Road. The retail portion of that initial development, The Shops at Clearfork, an open-air luxury retail and mixed-use development, was developed and is managed with retail management giant Simon Properties.
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.
This article originally appeared in the Fort Worth Report.
