Page 558 - Fort Worth City Budget 2019

City Profile

space consisting of a hotel, retail, restaurants, office and residential apartment units among other uses. The
development will be constructed in three phases completing by December 2025.

Clearfork is a 270 acre, multi-phase development project that ultimately will incorporate 2 million square feet of
office space, 1.2 million square feet of retail, dining and entertainment, and 2,500 multifamily residential units at
completion. The first phase of development is complete with construction ongoing for subsequent phases.

The City of Fort Worth’s Local Development Corp. (LDC) completed a five-story, mixed-use Pinnacle Bank Place
downtown. The ground floor consists of bank offices and retail. The four floors above have 130 apartments. In
addition, the project includes a parking garage on the back of the project. The building, located on West Lancaster
Avenue between Jennings and Throckmorton streets, opened in early 2017 and has already brought significant
activity to the area with the addition of the property’s residents. The LDC recently sold the property to Beachwold
Properties, L.P.

Facebook recently opened a large $1 billion plus data center in Fort Worth. The data center is located in the Alliance
Corridor, in north Fort Worth. The new data center is located at the corner of Park Vista Blvd. and State Highway 170
and ultimately consist of five 250,000-square-foot buildings on a 110-acre site. Construction on the first phase was
recently completed and the development of future phases has been accelerated.

Smith & Nephew Inc. has leased a 55,000-square-foot building at Chisholm Trail Parkway and Clearfork Main Street.
The firm has made Fort Worth the U.S. headquarters of its Advanced Wound Management division. The London-
based maker of wound care and surgical products agreed to add 80 positions to its local staff by Dec. 31, 2021,
pushing total staffing to 250, with an $85,000 average salary for all full-time employees.

Tanger Outlets constructed a 350,000 square foot shopping center in north Fort Worth across from Texas Motor
Speedway. Tanger planned to invest $70 million to build the shopping center. Tanger Outlets anticipate 350 full time
employees by December 31, 2019.

Detroit-based Title Source, the largest independent provider of title insurance, property valuations and settlement
services in the nation, will move its Denton office to a new location in Fort Worth. The new, 10,000-square-foot
office is located at Hillwood Commons 1, 9800 Hillwood Parkway in north Fort Worth.

Construction was recently completed on Frost Tower at 640 Taylor Street downtown. The $115 million, 25-story
office tower has ground-floor retail space and 15 floors of parking, including 4 underground. It has an additional 14
floors of office, residential and restaurant space. Frost Tower is the new headquarters for Fort Worth-based oil and
gas company Jetta Operating and a regional financial center for Frost Bank, with remaining space leased to other
tenants.

Downtown Fort Worth’s historic Sinclair Building is being transformed into an upscale 165-room Marriott Autograph
Collection hotel, and the empty and former Hilton Annex will be made over into corporate apartments. Also under
redevelopment by the same development group, the adjacent Sanger Bros. Building recently completed a full
refurbishment and updating of existing office space and is readying the first two floors of the building to house CVS

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