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October 17, 2022

Fort Worth News

Please click the below link to view all the news articles and press releases that are available on the City of Fort Worth's government website.

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October 10, 2022

JLL’s Burnette Sees Fort Worth Market In Growth Mode Despite Recession Fears

While there is plenty of recession talk in the air, Todd Burnette, managing director of JLL Fort Worth, doesn’t see it for Tarrant County or for North Texas. 

“We’re in the early phases of what I think is going to be tremendous growth in Fort Worth,” he said. 

Burnette has plenty of experience with Fort Worth. He came to the city in 1986, shortly after he graduated from SMU. He is now managing director of JLL’s Fort Worth office, which he started in 2002. JLL is a global real estate services company with more than 90,000 employees.

Along the way, he has represented some of the area’s largest names, including BNSF, Lockheed Martin, Bell, Tarrant County, Frost Bank and the city of Fort Worth and negotiated more than 37 million square feet of commercial property leases, acquisitions, and dispositions.

Much of the growth and economic development he sees coming will take place in downtown Fort Worth, Burnette says. 

“We’re not in the residential downtown market, but it’s starting to explode, and that will have a big impact on the office market,” he said. 

Several more downtown projects are set to be announced over the next six months, and those will drive more and more people to the central city, Burnette said. 

“It’s already a really cool place, but it’s becoming cooler with all these new apartments and condos that are being built downtown,” he said. 

Companies are looking for ways to attract new young talent, and those young adults living in downtown Fort Worth are going to attract companies seeking a workforce. 

“That, in turn, is going to open up the office market downtown,” he said. 

The last Fort Worth office tower to be built in downtown was the Frost Tower in 2018. Burnette expects that to change. 

“I think you’re going to see an office announcement because that’s what these companies want. They want to attract young, talented employees, and they’re going to be downtown or nearby,” he said. 

Burnette compared the area to Uptown in Dallas, which he said is one of the hottest areas in the country right now. 

“What they have done is attract all these financial institutions, and they’re vying for the same kind of people,” he said. “Those employees want a really cool space with some great amenities in a fairly walkable-type environment. I think that’s what you’re going to see here.” 

Part of the reason for the strong market conditions in Fort Worth is the city is now attracting money from outside the area. 

When he came to the city in 1986, Fort Worth was still more of a West Texas town with little money coming from outside the area for large investments, Burnette said. 

“It has changed dramatically over the last five years or so,” he said. “Fort Worth is a true gem and the institutional money that’s out there is looking at projects here. That wasn’t the case just a few years ago.”

Pier 1 Building

Pier 1 building, the future Fort Worth City Hall (Photo courtesy of city of Fort Worth)

Burnette recalled when he first came to the city, the downtown economy was dominated by three companies: Pier 1, RadioShack and XTO. 

“Today all of those are gone, which is unreal,” he said. 

Fort Worth lost retailers Pier 1 and RadioShack to changes in market conditions, while XTO was acquired in 2009 by ExxonMobil Corp., which eventually vacated the six buildings it occupied and owned downtown. 

Many were fearful that that excess office capacity would hurt the area’s economy, but Burnette noted that all the buildings redeveloped into either hospitality or residential properties. JLL handled the transactions for ExxonMobil. 

Burnette expects those trends to continue with the 300,347- square-foot former Oncor Building in downtown, which is currently for sale. 

“Like the former XTO buildings, I expect that will become some residential or hospitality-type project,” he said. 

JLL is marketing that project. 

Burnette isn’t the only one touting the strength of the office market in Dallas-Fort Worth. 

Andrew Matheny, research director for real estate services firm Transwestern in Dallas, said the area’s employment growth is likely to keep the economy strong here even as a potential recession looms .

“Employment may grow by 11% or more over the next 10 years, creating supportive conditions for office demand over the long term,” he said. 

Burnette and JLL have been involved in the Pier 1 Tower for years, first helping Pier 1 sell it to Chesapeake Energy for $108 million in 2008. The building was then sold back to Pier 1 in 2014 and then to Hertz. 

“When Pier 1 went under, we went to the city and said, ‘You need this much space and you can get this for pennies on the dollar compared to building something,’” Burnette said. 

The city purchased the building in 2021 for about $40 million and will spend another $50 million or so to renovate it. 

“It may be the nicest city hall in the country when it opens for half the money,” he said. 

Burnette’s positive outlook is bolstered by data from JLL. In a recent report on Fort Worth office space for the third quarter of  2022, JLL notes that office activity around the city is strong, with Class A construction accounting for 88.7% of the development activity, with only downtown and the HEB/East Fort Worth submarkets without any Class A developments currently. There were 538,295 square feet of office space under construction in Fort Worth during the quarter, according to JLL. 

 Other  analysts are seeing similar strength in the Class A office market in the Dallas-Fort Worth area. 

“Looking at absorption rates this quarter, it is clear that tenants prefer high quality Class A office spaces,” said Matt Schendle, vice chairman of Cushman & Wakefield’s Dallas office, commenting on the company’s recent third quarter office report.  “Companies want to incentivize the in-office experience for their employees and quality office buildings continue to be the linchpin for this strategy.”

While Burnette sees downtown’s office market as strong, he is particularly bullish on the southern end of downtown where Texas A&M has announced plans for an estimated $350 million campus and expansion of the current law school. Along with the new campus, the Omni Hotel has announced plans for a $200 million expansion and the Fort Worth Convention Center is set for a major upgrade. 

“I don’t think you’ll recognize the southern end of downtown in a few years,” Burnette said. 

Burnette said that, along with downtown, other areas of Fort Worth are seeing good office activity, such as southwest Fort Worth with Clearfork and Waterside and, to the north, the Stockyards. 

“Twenty years ago Clearfork was just a field,” he said. “Now you have all this residential going in there, some high-end retail and the office space is basically full.” 

Burnette expects the next big class AA-type office building to be announced for that area. 

The Stockyards area has proven it can be a player in the office market as well, Burnette said. 

“When Simpli.fi announced in 2018 they were moving their offices there, many people didn’t see how it made sense,” he said. “Now people can see how smart that was. The Stockyards has proven to be a great place for a workplace.” 

Simpli.fi, a technology company, leased 77,000 square feet of office space in the Horse and Mule Barn building in a deal negotiated by JLL. 

The biggest limit on the growth of the downtown Fort Worth market is the lack of properties with 300,000 square feet of contiguous space, Burnette said. 

“We need more space, and I think it will come,” he said. 

But, above all, he doesn’t see Fort Worth or north Texas experiencing an economic slowdown. 

“There’s a lot of really good signs, and it doesn’t sound to me like a recession or a real estate market that is in trouble,” he said. 

Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy_ here_.

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June 7, 2022

Sales tax collections increase 9.7% in March

Fort Worth’s net sales tax collections in March totaled $20,415,932, up from March 2021 by 9.7%.

For March of 2022, the year over year comparison by month reflects lower percentage growth as a result of being free from restrictions for a full year. Gov. Abbott fully lifted COVID-19 restrictions in March 2021.

The state saw a net collection increase of 12.8% compared to the same month last year.

The city’s General Fund net sales tax collections for March are 115.5% to budget, and at 117.9% compared to the same month last year. The city’s Crime Control and Prevention District Fund sales tax collections for February are 115.2% to budget and 118.6% to the same month last year.

Sales tax revenue represents 22% of the city’s General Fund budget. This is the second largest revenue source, with property taxes being the largest.

For the Crime Control and Prevention District, sales tax revenue represents the largest revenue source.

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January 27, 2022

What is Panther Island? A Closer Look at Fort Worth's Future Riverwalk

With the announcement Wednesday of more than $400 million in federal funding approved for Panther Island, Fort Worth’s long-awaited redevelopment project along the Trinity River is taking a significant leap toward becoming a reality.

For decades, Panther Island has been a pie in the sky — a river-walk dream that never quite seemed destined to secure enough funding to break ground. But now, with federal money en route, that could change.

So what is Panther Island? Here’s everything you need to know about the project that has intrigued, and irritated, Fort Worthians for years.

What is Panther Island?

Panther Island is a planned development and flood control project on the Trinity River in Fort Worth, just north of downtown and south of the Stockyards. There are several access points to the planned project area; from downtown, North Main Street takes you over the Trinity River and onto the future Panther Island.

It’s overseen by the Trinity River Vision Authority, which is an appointed board that includes members from the city of Fort Worth, Tarrant County and the Tarrant Regional Water District.

As envisioned, the project would involve the digging of a new, 1.5-mile river channel to connect a U-shaped section of the Trinity River north of downtown Fort Worth. The new channel would create two man-made islands that are collectively referred to as “Panther Island.” Construction crews would also dig a network of smaller channels within Panther Island to create more waterfront property.

Although the designs for the project often focus on the economic development, officials have billed Panther Island as a flood-control project that would protect a couple thousand acres of property from potential disaster. Officially, the project is referred to as the Panther Island/Central City project, to encompass both the development and flood-control aspects.

What's on the land now?

The entire project is about 800 acres; about half of that is on what will be two new islands. Many of the properties there are unused or vacant, previously used as manufacturing or industrial facilities.

The area is also home to a structure that was originally built as a Ku Klux Klan meeting hall, which is the only purpose-built Klan hall still standing in the country. That building, which was later purchased by a pecan company and then sat vacant for many years, was recently sold to a local arts coalition that hopes to reclaim the building.

Other notable properties on Panther Island include:

  • Coyote Drive-In Theater
  • Panther Island Ice rink, which is next door to the theater
  • The former LaGrave Field, a now-abandoned baseball stadium that used to house the minor league Fort Worth Cats
  • Panther Island Brewing, which opened in 2014.

And, marking the area’s first new major development, new apartment complex Encore Panther Island opened in December.

What Will Panther Island look like?

When explaining the intended look and feel of Panther Island, officials often refer to the San Antonio River Walk, which is a pedestrian-friendly development lining the San Antonio River with restaurants and stores.

Officials envision Panther Island as a highly dense development of restaurants and shopping, as well as housing for about 10,000 residents. The new bypass channel would create an urban lake designed for recreation.

The visioning for what is now called Panther Island began about 20 years ago, as a plan to construct a bustling urban area north of downtown Fort Worth. At the time, the project was referred to as Trinity Uptown.

Panther Island Project

A 1.5-mile channel will connect sections of the Clear and West Forks of the Trinity River north of downtown Fort Worth to create Panther Island, which will actually have two islands. As it was conceived more than 20 years ago, Panther Island is intended to be a highly dense, walkable district that supports 10,000 residents as well as retail and office space.

Who's Paying for it?

Officials including U.S. Rep. Kay Granger, who has championed Panther Island, have aimed for the project to cost little for local taxpayers in the long run. But the project has used a significant amount of local money, which is slated to be repaid in the future, to get it off the ground.

Local officials have pushed the federal government to pay for the new bypass channel, because that is the flood-control portion of the project. Until recently, the project had received only $62 million in federal funds, far short of the more than $1 billion price tag for the project.

But on Wednesday, Granger’s office announced that the federal government has granted the U.S. Army Corps of Engineers $403 million in additional funding for the flood-control portion of the project.

Other entities have chipped in money as well. The Texas Department of Transportation constructed the three new bridges that will lead to the eventual Panther Island (more on that below). Other costs, such as for land acquisition and cleanup, have been fronted by the Tarrant Regional Water District, which initially loaned $200 million to the project.

What work has already been done?

So far, construction has not begun on the hallmark of the project — the digging of the 1.5-mile river channel.

But there has been some progress on other aspects.

Most notably, the Texas Department of Transportation has finished construction on three new bridges that will carry traffic over the new channel, once it’s dug. The three bridges are on White Settlement Road, North Main Street and Henderson Street. The final bridge opened to traffic in September, six years after construction for the three bridges began.

The water district has spent a considerable amount of money acquiring the properties along the planned route of the new channel. The water district also has overseen the environmental cleanup of a number of properties, which were contaminated from their past uses in manufacturing and industry. In the meantime, the city of Fort Worth has been tasked with moving and setting up utilities to accommodate the new channel.

What work needs to be done?

Right now, the Panther Island bridges span dry land. The biggest portion of the project, which has not yet begun, is the digging of the new bypass channel.

Before the actual digging can begin, officials must first finish the design and contracting for the channel. The U.S. Army Corps of Engineers, which is leading the channel construction, is about halfway done with the design of the channel, the Star-Telegram reported on Wednesday.

The Tarrant Regional Water District’s now-general manger, Dan Buhman, told the Star-Telegram over the summer that it would take eight to 10 years to complete the channel, after federal funding came through. Based on that estimate, Panther Island would not become a full island until 2030 at the earliest.

So is it a development project or a flood control project?

Local officials say that Panther Island/Central City does double-duty as a flood-control and development project. When pitching to the public and potential developers, officials highlight the vision of a bustling urban neighborhood.

When pitching the project for funding from the feds, officials highlight the need to protect the surrounding low-lying areas from floods.

At least as far back as 2005, the Star-Telegram reported that the surrounding areas could be protected with a less-costly flood control option: raising the levees that already line the river. That would’ve cost about $10 million at the time. The then-general manager of the water district, Jim Oliver, told the Star-Telegram in 2005 that the cheaper option of pure flood control would be “no frills, ugly.” The Trinity River Vision Authority opted instead for a grander plan.

Why has it taken so long?

Every step of the project’s timeline has stretched well beyond its original estimates. It’s common for public projects, particularly construction projects, to take longer than planned — but Panther Island has taken that norm to an extreme.

The vision for the current version of the Panther Island project began in the 2000s. A big reason for the delay can be attributed to the lack of federal funding, which local officials continually looked for in each federal budget cycle. During the administration of former President Donald Trump, local officials including Granger indicated that the request for federal funding was indefinitely stalled — Trump’s budget office, according to Granger, had given a hard “no” to funding for the project. But it’s not just the federal funds that have delayed Panther Island. 

Even the bridge construction, which was done by the Texas Department of Transportation, was significantly delayed. When the construction of the three bridges began in 2014, the department estimated it would be completed by 2018. Construction did not wrap up until September 2021.

Why is it called panthers Island?

The Panther Island project was originally called the Trinity Uptown project, reminiscent of Dallas’ trendy Uptown neighborhood.

But the development portion was renamed Panther Island as a reference to Fort Worth’s nickname “Panther City.”

The city earned that nickname in the late 1800s, after a lawyer published a column in a Dallas newspaper claiming that Fort Worth was such a quiet city that a panther fell asleep downtown and no one noticed. Fort Worthians embraced the insult and began incorporating the panther into business names and logos. The Fort Worth Police badge featured a panther beginning in 1912, and eateries, breweries and stores across the city also sport the name.

When will we know more about the project's future?

Granger and U.S. Rep. Marc Veasey, along with officials from the city of Fort Worth and the Tarrant Regional Water District, plan to hold a press conference on the project’s federal funding on Thursday morning. That briefing is expected to yield additional information about the project and its funding, as well as give an opportunity for more questions to be answered.

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January 27, 2022

Fort Worth’s Panther Island Work Expected to Pick Up Speed After $403M in Federal Funds

The U.S. Army Corps of Engineers has kicked into high gear to begin work on the 1.5 mile bypass channel for Fort Worth’s Panther Island, and the city, county and water district need to act with similar speed to keep up, the project manager said Thursday. Speaking to the Trinity River Vision Authority on Thursday, Woody Frossard said his project development teams have set up meetings next week with the Corps and the city for how to move forward. Frossard works for the Tarrant Regional Water District. The board meeting comes eight days after the Army Corps announced it was allocating $403 million to construct the channel north of downtown and finish a series of man-made flood plains.

The project, first conceived in 2003, aims to bolster Fort Worth’s aging levee system built in 1960. This is the most money the agency has allocated to the project. Congress approved $526 million in 2016, but disagreements with the Trump administration over the project’s feasibility held up funding.

The allocation was made possible by the city, county and water district working together to buy land, relocate businesses, and move utilities to make way for the bypass channel, said J.D. Granger, executive director of the Panther Island/Central City Flood Project. “You did a fantastic job. You got out of the way, and the Corps had the design information to make that huge request,” Granger said. The city still needs to move utility lines on the south side of the channel. City manager David Cooke said the City Council will get a briefing about this during its Feb. 15 work session. The $403 million will cover all remaining design costs. Frossard said this is important because it will allow the Corps to move quickly to request additional funding to finish the project. The only remaining items that need federal funding are three flood gates, a dam and a pump station. Frossard estimated it will take the Corps two and a half years to design those projects to the point where it can request funding to finish construction.

The city, county, and water district must match 5% of any additional federal funding, said Sandy Newby, the water district’s chief financial officer. Newby said this money is likely to come from a specialized tax zone for Panther Island or from a 2018 bond package that allocated $250 million for the project. No additional public funding will be needed, Newby said.

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January 19, 2022

Army Corps Announces Funding for Panther Island Project

The U.S. Army Corps of Engineers released a work plan that includes $403 million for the Trinity River Vision/Central City flood control project in Fort Worth. The funding will allow the Corps to complete final design of all project components and construct a bypass channel.

“This is the go-time moment we have been anxiously awaiting,” Mayor Mattie Parker said. “We had confidence in the Corps of Engineers and our federal representatives. This funding announcement delivers the certainty that will make our community safer and the green light for further investment in the area. This is an incredible moment in Fort Worth’s history.”

U.S. Rep. Kay Granger of Fort Worth said: “This is a great day for Fort Worth. Having experienced unprecedented growth since I was mayor, we are now the 12th-largest city in the nation. But with growth comes responsibility. As the leaders in flood control, I thank the U.S. Army Corps of Engineers for understanding that responsibility and addressing that need for Fort Worth. Our community will be safer thanks to their hard work and tireless commitment. I also thank U.S. Rep. Marc Veasey for helping this project cross the finish line and Mayor Mattie Parker for her commitments to bring an unwavering community vision to its ultimate reality. Today Fort Worth will be safer and stronger.” 

Leah King, president of the Tarrant Regional Water District, said the funding announcement addresses Fort Worth’s flood risks that are a result of a rapidly growing population that has tripled in size since the current levee system was built in 1960.

“This funding will update our levee system to reduce the risk of flooding to over 2,400 acres of Fort Worth neighborhoods. Tarrant Regional Water District is proud to be the Corps local sponsor to get the job done,” King said.

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