In its first investment in downtown Fort Worth, Ross Perot Jr.’s Hillwood has acquired a block in the city. The site is bounded by 6 and 7 streets to the north and south and Calhoun and Jones streets to the east and west. The seller was Oncor, which has owned the site for decades. It was represented in the sale by Jon McNeil and Ryan Matthews of JLL.
Hillwood sees opportunity in the city’s emerging southern corridor, which is experiencing a burst of activity. It cites several development and expansion projects underway: Texas A&M broke ground in June on its Fort Worth campus, which will anchor the city’s downtown innovation district. Two blocks south of the Hillwood site, the Fort Worth Convention Center has begun work on a $95 million expansion. What’s more, the adjacent Omni Hotel Fort Worth has plans to add a 400-room tower, and a luxury apartment building called Deco 969 will open before year’s end.
Hillwood president Mike Berry said the move represents the company’s belief in the evolving downtown market. “It further demonstrates our intent to grow our investments throughout the city,” he said. “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.”
Specific development plans for the site are being evaluated. Hillwood is looking at mixed-use, residential, and office opportunities, said Steve Aldrich, senior vice president. “This puts us in the middle of one of the fastest-growing corridors not only in downtown Fort Worth but within the entire city,” he says. “We want to leverage our expertise here and help realize the full potential for a vibrant urban core.”
Hillwood has been active in the Fort Worth market for 35 years, concentrated in the northern sector with AllianceTexas, a massive 27,000-acre mixed-use development that’s home to more than 560 companies and has generated an estimated $111 billion in economic impact. It also has projects south and southeast of the city.
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