HomeMy WebLinkAboutIR 25-0025INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 25-0025
To the Mayor and Members of the City Council
February 4, 2025
Page 1 of 1
SUBJECT: ENGAGEMENT OF A CONSULTANT TO ADVISE CITY ON SELECTION
OF A MASTER DEVELOPER FOR COMMERCE ST PROPERTY
The purpose of this Informal Report is to provide the City Council with an overview of the Staff's intent to
engage a consultant to advise the City on the selection of a master developer for the property located on
Commerce St that is owned by the City.
Phase 1 of the Fort Worth Convention Center (FWCC) Expansion and Renovation Project includes the
straightening of Commerce St. The straightening of Commerce St creates a new City -owned parcel that
can be developed to support the Convention Center, Texas A&M Campus, and other development occurring
in the Southeast quadrant of Downtown.
To fulfill the development recommendations described in the Convention District Development Study and
accommodate needs of ongoing development in downtown, the Commerce St property should include a
600-1000-room hotel, parking to support the Convention Center, Texas A&M and hotel, and retail
opportunities designed to cater to visitors to the FWCC and Texas A&M. Staff's recommendation is that this
development be managed by a single, master developer.
The City intends to maximize the value of its investment through the selection of the master developer. To
assure this ROI goal is attained, the City will hire a consultant to assist in the selection of this development
partner. The preferred consulting team will be familiar with public -private partnerships, local development
market conditions and have prior experience in similar projects.
Staff's recommendation is to engage Arlington -based Con -Real Support Group for this purpose. Con -Real
Support Group offers a unique combination of all of the aforementioned expertise that cannot be found in
other consulting firms. The Con -Real consulting team is a combination of public, private, and semi-public
officials who are familiar with public -private partnerships in a public setting.
The firm's experience includes the development of the Tarrant County Entertainment District in Arlington,
featuring two Loews hotels, Arlington Convention Center, and the Texas Live entertainment facility. Con -
Real team members have also been involved in multiple hotel and mixed -use developments in in the
Metroplex, AT&T Stadium, convention center renovations in Dallas and Irving, and renovation of State Farm
Arena in Atlanta (adjacent to CNN Center and Mercedes Benz Stadium). A registered Business Equity firm
in the Metroplex, Con -Real is uniquely positioned to assist the City of Fort Worth in the selection of master
developer for the Commerce St. property. Con-Real's engagement will begin after Council approval of the
agreement and conclude with the negotiation of an agreement with the master developer of choice.
If you have any questions or concerns related to this report, please contact Michael Crum, Director of Public
Events, at 817-392-2501.
Jesus "Jay" Chapa
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS