Sundance Square is putting the old in “Old West.”
While other parts of downtown Fort Worth, such as the Cultural District and the historic Stockyards, are experiencing a surge in growth and investment, Sundance Square is losing its edge, the Fort Worth Star-Telegram reported.
The 37-block business and entertainment district is facing significant retail vacancies. An estimated 25 percent of the district’s storefronts are either closed or empty, the outlet reported.
Billionaires Ed and Sasha Bass have owned Sundance Square since 2019, right before the pandemic caused dramatic drop offs in hospitality and retail business. But now retail real estate is one of the hottest asset classes in Dallas-Fort Worth, and hotel development is robust across the Texas Triangle, but Sundance Square has yet to bounce back.
Nine current and former tenants, most of them speaking anonymously due to fears of retribution from the owners, pointed to poor leadership as the cause. Tenants say marketing costs are baked into their leasing agreements but they’ve seen no evidence of a marketing strategy or any overarching vision for the district. They criticized Sundance Square’s management for a lack of communication on leases.
Several long-standing businesses, such as Reata Restaurant and the improv comedy troupe Four Day Weekend, relocated after decades in the district, citing lack of communication from the landlords. The owners didn’t respond to the outlet’s request for comment.
The Next Big Idea program, launched with the intent to support local entrepreneurs and inject fresh energy into the district, brought in several tenants. But only a handful have managed to thrive, the outlet reported.
Meanwhile, the nearby Cultural District is booming with restaurants, luxury hotels and high-end apartments. The campus that Texas A&M University is developing downtown and the Fort Worth Convention Center expansion are fueling rapid growth. And the Stockyards are undergoing a nearly $1 billion expansion aimed at solidifying the area as Fort Worth’s top destination.
— Andrew Terrell
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