Downtown Fort Worth pushes ahead on housing, transit as in-office work recovers
April 11,2024
See full KERA article by Bob Francis with Fort Worth Report here.
Downtowns across the country responded differently to the exiting of office workers during the pandemic.
And although Fort Worth businesses have seen many workers return to offices, workplace changes are still taking occurring, according to David Downey, president and CEO of International Downtown Association, speaking at the Downtown Fort Worth Inc. annual meeting April 9 at the Omni Fort Worth Hotel.
“While workers are returning, we have to think about what is the future of work,” he said. Downey said that while Class A and higher office leases are healthy, the less popular Class B and Class C offerings provide an opportunity for cities.
Downtowns also need more housing, but that, too, requires cities to think differently.
“Calgary suffered great vacancies during the pandemic,” he said, “because of its reliance on the energy industry.”
The Canadian city has since put in place a program to incentivize housing, hotels and schools downtown. It also reconfigured its governmental processes as part of that effort, he said.
“They now have, as they say, a mantra to move at the pace of business,” he told the crowd.
Mayor Mattie Parker said transportation will be key to connecting the success of downtown with other growing areas in the city.
“In partnership with Trinity Metro, the city will be embarking on what urban transit, maybe fixed rail, looks like in an entertainment district in the city of Fort Worth,” she said. “That’s separate and apart from the TEXRail expansion projects in the Southside and the Medical District.”
Downtown Fort Worth Inc., the public private partnership that leads development efforts in downtown, also released its 2023 annual report during the meeting.
According to the report, office occupancy in downtown is at 89%, up from 86% in 2022. Residential space in downtown is growing with 2,442 total multifamily units currently under construction to add to the current 4,808 apartments and 910 condos and townhomes currently in the area. Among all U.S. cities, Fort Worth has the third-highest numerical population increase from 2020 to 2021. In the hospitality arena, 1,686 hotel rooms are in various stages of development to join the 3,707 hotel rooms currently in downtown.
Roy Charles Brooks, Tarrant County commissioner for Precinct 1, received the Trailblazer Award. Brooks’ precinct includes downtown. He has represented his community for more than 30 years.
“One of the greatest joys of my life has been to serve in the place I live,” he said.
Location Mentioned: Omni Fort Worth Hotel