Two high-profile Fort Worth developments are heading for vertical construction, but not without months of delays blamed on issues with city incentives and public infrastructure work.
Nebraska-based Goldenrod Companies said it will start construction on the Van Zandt at the end of May, followed by One University in August, the Dallas Business Journal reported.
The mixed-use projects represent a $400 million investment in Fort Worth’s Cultural District.
Construction was delayed after the company had to revise its economic development agreement with the city and work with public works officials to push back road infrastructure timelines, Goldenrod Managing Principal Zach Wiegert said. A water retention tank also arrived later than expected.
It set Goldenrod behind a few months, Wiegert said.
The Van Zandt, at 2816 West Seventh Street, will include 226 apartments, 100,000 square feet of office space and 13,000 square feet of retail.
One University, to be built at 3001 Morton Street, is set to deliver 242 apartments, 115,000 square feet of office space and a 176-key Autograph Collection hotel called The Tycoon. The sites have already been cleared.
The developments operate under separate incentive agreements approved by the Fort Worth City Council in August 2023. If Goldenrod meets certain targets, the city could award up to $11.2 million for the Van Zandt and $19.7 million for One University. The firm must secure a certificate of occupancy for the Van Zandt by the end of 2026 and for One University by the end of 2027.
Leasing efforts are underway, with JLL’s Geoff Shelton marketing the office space. Local and out-of-town tenants, particularly in finance and oil and gas, have shown strong interest, he said. Leases could be signed soon after construction begins.
The projects contribute to a growing pipeline of Class A office development in the Cultural District, a rare point of optimism in a generally sluggish DFW office market.
Crescent Real Estate plans to build a 170,000-square-foot Class A office building along West 7th Street as part of its $250 million Crescent Fort Worth development, while Larkspur Capital and Robert Bass’ Keystone Group aim to include office space in their $850 million mixed-use development near Cullen Street.
— Judah Duke
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