The Cultural District Project Will Soon Be a Reality
The long-awaited and much anticipated Cultural District project is finally about here.
With ground-breaking scheduled for the summer of this year and the opening in the Summer of 2023, all of the pieces appear to be in place. Crescent Real Estate LLC, based in Fort Worth, has formally announced its plans to add to the city’s explosive growth with a major mixed-use development in the Cultural District.
The project will offer Fort Worth residents and visitors only the best. It will include a premier boutique hotel with a chef-driven restaurant, luxury residential, and Class A office space. The office building will be home to Goff-affiliated companies Crescent Real Estate, Goff Capital, Contango Oil and Gas, and Canyon Ranch.
Crescent Real Estate Chairman John Goff
It takes a visionary to put together a project of this magnitude, and John Goff exemplifies that word. According to The Texas Business Hall of Fame Foundation:
“John C. Goff is a private investor based in Fort Worth, Texas. Mr. Goff co-founded Crescent Real Estate with Richard Rainwater in the early 1990s, designing the strategy and orchestrating the acquisitions leading to its initial public offering (NYSE) in May 1994. Under his leadership as CEO, Crescent grew from approximately $500 million at its IPO to $6.5 billion upon its sale to Morgan Stanley in August 2007. Crescent provided its shareholders a 15.4 percent compounded annual return, including more than $2.5 billion in cash dividends during its 13 years as a public company.
In November 2009, Mr. Goff reacquired Crescent in a partnership with Barclays Capital. In December 2017, he purchased Barclays’ interest to become the principal owner of Crescent Real Estate and its subsidiaries. Crescent currently has assets under management, development, and investment capacity of more than $10 billion.
Mr. Goff joined Mr. Rainwater in 1987, investing in public securities, private equity, and distressed debt in a variety of industries, including oil and gas, health care, insurance, and banking. This background led Mr. Goff to establish his family office, Goff Capital, in 2009. Goff Capital is presently focused on energy, aerospace, entertainment, real estate, and wellness, with the ownership of Canyon Ranch – the world’s recognized leader in healthy living and luxury spa vacations.
Mr. Goff is a graduate of The University of Texas at Austin and is a member of McCombs Business School Hall of Fame. He was named EY Entrepreneur of the Year for the Southwest Region in 2014, was inducted to the North Texas Real Estate, the Dallas Business, and the Fort Worth Business Halls of Fame.”
When asked about the project, Mr. Goff told Fort Worth Business Press, “We are excited to bring a first-class mixed-use project to the Cultural District.” The Crescent brand is known around the country for our luxury hotel, office, and residential properties. Now, for the first time, we are coming home. I’ve lived in Fort Worth since 1981. We are going to build the finest hotel in the city that we hope will become the living room of Fort Worth. We can’t wait to bring the Crescent brand to Fort Worth in a major way.”
The Project’s Particulars
Beginning as a $242 million project, it will be located at the corner of Camp Bowie and Van Cliburn, adjacent to the world-famous Fort Worth museums, Dickies Arena, and Will Rogers Coliseum. The project will include:
- 175 luxury residential units
- A 200-room luxury boutique hotel with a rooftop lounge and 8,000 square feet of meeting space. There will also be a landscaped courtyard that will host outdoor dining and social activities.
- 160,000 square feet of Class A office space
- A 4,500 square foot restaurant led by Dean Fearing, owner of Fearing’s restaurant, which is located in the Goff-owned Dallas Ritz-Carlton.
Cities Real Estate is Gearing Up For the Project
With eager buyers working with experienced and knowledgeable realtors like Cities Real Estate Broker David Pannell, the 175 residential units will fill up quickly. Fort Worth has no shortage of those who love to live in luxury, and David Pannell has over fifteen years of experience helping that clientele.
Of the Cultural District Project, David said, “The cultural district is an amazing place to live and play. This is the area of Fort Worth that is known as "old money," but recently there has been a lot of movement in the area with development, remodeling of the 1930's houses, and the huge entertainment area of 7th street. If you decide to live in this area, you’ll find both luxury condos, townhomes and single-family homes available. Everything you need has been designed into about a mile block or less, in one of America’s most walkable downtowns. Cities Real Estate is excited to see all of the growth downtown, and we look forward to helping more people enjoy downtown living.”
Rely On A Downtown Fort Worth Expert
Cities Real Estate agent David Pannell has been helping families with their real estate needs for over fifteen years. Specializing in Tarrant County’s most desirable neighborhoods, David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help you find your treasure in Downtown Fort Worth or help you sell your home as you begin the next chapter in life. Contact David today at (817) 797-9047.