A five-story 120-room hotel will be built on the site of a one-time meatpacking plant in the historic Fort Worth Stockyards, according to a group of investors.
The Fort Worth City Council Tuesday night approved tax breaks up to $1 million over 15 years for the developer, Niles City Resort Limited.
The company plans to spend at least $21 million on the construction, not including land costs. It also would agree to other milestones, such as using a certain percentage of Fort Worth contractors, according to the agreement.
Mayor Betsy Price said the city's return on its investment will be significant.
"This is just a great development," she said. "It's going to be awesome."
The hotel will be the first large construction project in the Stockyards in years and could spur other development, the mayor said.
It will be located at the intersection of East Exchange Avenue and Niles City Boulevard on the site of the old Armour packing plant.
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"We need to emulate the history of the Stockyards, and I think our hotel has done that," said Max Reising, one of the developers. "We have done a really good job with it. And it's our responsibility to do that with the entire development."
The hotel is expected to open by 2020.
The building will have a masonry facade and be designed with a look and feel consistent with other architecture in the Stockyards, said another developer, Philip Murrin.
"That's why we've taken the extra time, making sure we get it right," Murrin said. "We want to build something that looks like it fits and will stand the test of time."
The same company also plans to convert a nearby abandoned building into offices and has other plans in the works.
Other investors in the project are Don Jury and John Martillo.