Chances are, you're familiar with real estate developer Hillwood's work.
The company is behind the AllianceTexas development in North Fort Worth, a 27,000-acre mixed-use development.
Hillwood, a Perot company, was also behind Victory in Dallas, the development anchored by the American Airlines Center.
Now, they own a whole city block of Downtown Fort Worth.
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The parcel, which Oncor owned, is bounded by 6th and 7th Streets to the north and south and Calhoun and Jones Streets to the east and west.
“The purchase of the Oncor property reinforces our belief in Fort Worth and the evolution of downtown, further demonstrating our intent to grow our investments throughout the city,” said Mike Berry, president of Hillwood, in a press release. “Downtown Fort Worth is playing a vital role in the city’s growth and success, and we want to help drive its economic development far into the future.”
The company said its new property sits in a "rapidly growing downtown southern corridor," next to the new Texas A&M Fort Worth campus that broke ground in June, the expanding Fort Worth Convention Center, the Omni Hotel set to add a new tower, and new Deco 969 luxury apartments set to open at the end of the year.
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“This property that Hillwood has acquired is right in the middle of all of that development. And so, really well-situated to take advantage of some of that explosive growth around them," said Robert Allen, CEO of the Fort Worth Economic Development Partnership.
“We’re excited to be in the middle of a bustling, active, core downtown now," echoed Hillwood Senior Vice President Steve Aldrich.
He said the growth was one of the most "intriguing" factors of the property.
“In the middle of downtown, there’s well over a billion dollars’ worth of investment that’s happening just within the corridor on the east side of downtown," Aldrich said.
He said the company is still deciding what the property will look like.
“Office, family, mixed-use, and hospitality are probably the ones that we’re considering the most," he said.
The latest development in the works brings another boost to the area, said Allen.
“This just takes it to another level," he said.
He said the company already has a good track record with their Alliance property.
“I’m just excited we have a very good steward coming online who knows our community well, that we can work with and partner with to add a new, vibrant piece of our downtown," Allen said.
