Heritage, Paddock revitalization project reaches $43 million in fundraising
January 7,2025
Heritage, Paddock revitalization project reaches $43 million in fundraising
The fundraising campaign to redevelop the Heritage and Paddock parks and connect them to the Trinity River below has reached more than $40 million of its $50 million-plus goal so far.
“About $43 million has been identified so far,” said Andy Taft, president of the nonprofit Downtown Fort Worth Initiatives Inc., which raises money for downtown initiatives. Taft also is president of the related Downtown Fort Worth Inc. advocacy nonprofit.
Taft said the organization’s goal is to be almost entirely done with the architecture, engineering, approvals, cost estimating and fundraising by December 2025.
“By that time, we should have a very good sense of whether our current fundraising goal is sufficient,” he said. “If not, fundraising will continue.”
The $50 million is the “current construction target,” with 30% of design complete, Taft said.
The target contains significant room for potential price escalation “and a hopefully healthy contingency for unknowns,” Taft said. “This is a complex construction site, so we’re trying to be conservative.”
The city closed Heritage Park in 2007 because of safety concerns. The philanthropist Ruth Carter Stevenson spurred the project to reopen it. Downtown Fort Worth Inc. helped move it ahead after it offered to take over the design and approval process and fundraising. Louise Appleman and Randy Gideon are the campaign co-chairs, and Mayor Mattie Parker also has been involved in the fundraising.
The city’s portion of the costs is capped at $19 million, and Downtown Fort Worth Inc. is pursuing other sources. Estimated costs have risen as the city has discussed the project.
Heritage Park and Heritage Plaza sit to the northwest of the Tarrant County Courthouse across Belknap and North Main streets, and Paddock Park sits to the north of the courthouse across Belknap.
The project will create another access point to the river from downtown. Paddock Park will be redesigned with a waterfall, shallow pool, shaded decks and nighttime lighting. Heritage Park will be redesigned with several pedestrian-friendly, landscaped spaces and features, including a “balcony” overlooking the riverfront below, a winding trail called the “Canopy Walk” to the river, and a set of “river stairs” to a landing. All of the spaces will be designed to allow programming such as festivals. Improved street crossings will better link Paddock and Heritage parks.
Other fundraising details:
- Of the $43 million raised or identified so far, $17 million is for street work, pedestrian improvements, signals and ADA access, Taft said.
- Of the $43 million, $37.8 million is in public pledges, voter-approved or “otherwise identified subject to conditions, reviews and project progress,” Taft said.
- The $5.2 million remainder of the $43 million has been raised from private donors, he said. The Amon G. Carter Foundation in June announced a $1 million lead gift. “Many other significant donors have or will be approached and response has been gratifyingly positive,” Taft said.
- The fundraising goal for the remainder of the company is an additional $12 million from private sources, Taft said. That “will include $5 million to be used as a maintenance endowment.”
- When might construction begin? “Our current projection is that, if all goes well, construction could start in 2026,” Taft said. “We believe 18-24 months of construction should be sufficient.”
The public portion of funding includes:
- $1 million from the Downtown Tax Increment Finance District.
- $1.5 million approved by voters in the 2014 Fort Worth bond election.
- $7.3 million for street and sidewalk improvements around the courthouse, from the Regional Transportation Council. “These long-needed traffic and safety improvements were identified as part of the project process but are not linked to park construction,” Taft said.
- $13.5 million approved by voters in the 2022 Fort Worth bond election.
- $8 million for the canopy walk and river stairs from the Regional Transportation Council, contingent upon the project being built. This piece of the project includes ADA access.
This article first appeared on Fort Worth Report and is republished here under a Creative Commons license.