The city of Fort Worth announced Wednesday it plans to buy the Pier 1 building on the west side of downtown and convert it into a new City Hall, replacing the aging and cramped building originally built in 1971.
The city had planned on building a new City Hall next to the new structure at 200 Texas Street, but buying the current Pier 1 building would be cheaper, Mayor Betsy Price said.
According to the City of Fort Worth, the final transaction is expected to be completed by February 2021.
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“As we have begun to plan for the renovation of City Hall, the cost-savings provided by the purchase of this building is simply too significant to pass up,” Price said in a statement. “This is a prudent financial decision.”
The cost of building a new City Hall was estimated at $200 million.
The price of the new building won’t be disclosed until the sale is completed in February, but the city said it would save “tens of millions” of dollars.
Fort Worth is now the 13th largest city in the country and has more than doubled in size since the current City Hall was built a half-century ago.
City Hall holds 13 departments and includes 600 employees.
The Pier 1 facility, located at 100 Energy Way, is 409,977 square feet, more than 160,000 square feet larger than the current facility.
The purchase of the Pier 1 building would allow for a new City Hall to be completed in 2022.
“It is because of the City’s commitment to fiscal discipline that we have been able to weather the storm caused by COVID-19, and a big reason we are able to capitalize on such an incredible real estate opportunity. In addition to meeting our growing needs for space and renovation, this new building will enhance our accessibility to the public,” said Mayor Betsy Price. “I want this new City Hall to belong to all residents of Fort Worth and for everyone to feel welcome.”
Pier 1 declared bankruptcy in May. The building also previously was headquarters for Chesapeake Energy.