A Fort Worth developer is considering $120M mixed-use project on Panther Island
October 1,2023
Read full Fort Worth Star-Telegram article by Jenny Rudolph here.
A developer is exploring the concept of a $120 million mixed use project on Fort Worth’s future Panther Island.
Tillar Partners of Fort Worth with architecture firm BOKA Powell are in early-stage discussions with city planners for what could be one of the first larger-scale developments of its kind on the peninsula just north of downtown. The nearly 12-acre site along the banks of the Trinity River, with an address of 529 N. Throckmorton St., is on the west side of Houston Street, below Northwest Fifth Street.
Under the name Vaquero Panther Island, the project’s renderings show multiple five-story buildings with ground-level retail and office space above, as well as structured parking.
The developers plan to meet with city staff in late October for a pre-development conference.
While still early, the architects seem to have two options for what development could look like, according to a site plan filed with the city.
A first option would involve more than 461,000 square feet of office space and 50,000 square feet of retail across four buildings. Plans have potential for a 150-room hotel and an additional 31,000 square feet of retail space later on.
A second option would involve more than 361,000 square feet of office space and more than 37,000 square feet of retail. Similar to option one, plans have potential for a 150-room hotel and additional retail space down the line.
The $1.1 billion public investment to mitigate Trinity River flooding by constructing new channels will open up more than 5 miles of shoreline and 200 acres for development of the future Panther Island. As originally conceived years ago, the development would focus on dense residential buildings with some commercial.
This summer, the consulting firm HR&A Advisors released the results of a study that recommends a shift more of a “live, work, play” district that includes residential, entertainment and outdoor recreation.
The full realization of development is still years away, but there are other signs of movement. In July, an Austin-based commercial real estate company purchased 26 acres over nine parcels in an area known as Upstream at Panther Island, with several adjacent to a planned canal or waterfront. The firm, Seco Ventures, is now the single largest capital investor on the site.
Dallas-based Centergy Retail is proposing a residential tower in the Left Bank development off West Seventh Street, on a site that will face the future Trinity River channel.
The site of the proposed Vaquero Panther Island concept is mostly vacant land, a short distance behind the Encore Panther Island apartment complex. Encore brought more than 300 units to the area in December of 2022.
A pre-development conference is not a review of project plans, but rather an opportunity for property owners to learn more about city development policies and procedures to address site specific issues, according to Natalie Foster, a spokesperson for the city’s development services department.
“These meetings are meant to be a ‘discovery’ type meeting, designed to help all parties involved with project due diligence,” Foster said. “The meetings will not serve as a comprehensive question and answer session, rather, assist in uncovering potential issues, a platform to create a common understanding between the applicant and city departments, and to help streamline the development process.”
Foster said the scope of work on the project will determine the requirements, applications and the process that a project will undertake when it is submitted to the city of Fort Worth.
Although conceived years ago, the Panther Island project got an official greenlight in January 2022 when the U.S. Army Corps of Engineers received $403 million from the federal government to create the bypass channel connecting two sections of the Trinity River.
Location Mentioned: Panther Island Pavilion