$850 million development near downtown Fort Worth gets city's blessing

Fort Worth leaders Tuesday night broke ground on an $850 million commercial and residential development a mile north of the West 7th entertainment district and minutes from downtown.

City council members unanimously approved the rezoning of 11.45 acres of industrial land along the south 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 zoning commissioner in the city supported the proposed change at their May meeting. Planning staff determined the project was “compatible” with surrounding land uses and “consistent” with the city’s Comprehensive Plan, its broad plan to assess and plan for Fort Worth’s growth.

“Through the proposed rezoning and potential future initiatives, City staff plans to encourage more favorable development in this general area,” planning staff wrote in its analysis. “This specific location provides a critical link between Panther Island and West 7th Street, establishing connectivity to downtown.”

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

Much of the property within the project boundaries, owned by Autobahn Realty Partners, will retain its industrial designation. The luxury dealership (also linked to the Bass family) has considered moving to Benbrook and the Clearfork development, but no major moves have yet materialized.

Autobahn's MINI and Volvo stores once lined the Fort Worth Independent School District headquarters at 100 N University until the city sold the land and moved west in 2020. Developers leveled the building three floors this year.

Fort Worth council members and investors seeking their blessing hope the development planned in its place will become one of the city's next urban hubs. The West 7th area, a short drive south, offers an imperfect model of rejuvenation: miles of garages and warehouses converted in recent years into residences, restaurants and bustling workspaces.

The Larkspur development would also be located about a mile west of Panther Island, the ambitious and friendly high-rise megaproject that leaders and planners hope will revitalize downtown Fort Worth.