Crescent Real Estate heads home with $250 million project in Fort Worth cultural district
Crescent Real Estate plans the company’s first major development in its hometown of Fort Worth.
The commercial real estate company, which has played an important role in the Uptown neighborhood of Dallas, will build a mixed-use project valued at $ 250 million in the Fort Worth cultural district.
Development, which will begin this summer, includes a 200-room luxury hotel, 160,000 square meter office building and 175 luxury residential units.
The Museum Place project, which is located on Camp Bowie Boulevard near the Will Rogers Coliseum and across from the Kimbell Art Museum and Modern Art Museum, will also be the new home for Crescent Real Estate and offices for Contango Oil & Gas .
“We are excited to bring a world class mixed-use project to the cultural district,” said John Goff, CEO of Crescent Real Estate, in a statement. “The Crescent brand is now known across the country for our luxury hotel, office and residential projects.
“This is the first time we come home,” he said. “We’re going to build the best hotel in town that we hope will be Fort Worth’s living room.”
Founded in the mid-1990s, Crescent Real Estate previously invested in Fort Worth real estate.
“We owned a 1,000,000-square-foot tower in downtown Fort Worth for many years,” Goff said in an interview. “We don’t have anything there at the moment. We’ve never had a development in Fort Worth and it’s time. “
Several developers have considered building on the block where Crescent is planning its new Fort Worth project.
“I drive around this country every day,” said Goff. “The opportunity to buy arose and we grabbed it.”
Crescent has no plans to look for zone deviations for the project, which is slated to open in 2023, Goff said. Denver-based OZ Architecture designed the development.
“We went with OZ because we did a lot of business with them in Denver and Boulder,” said Goff. “You are extremely creative. We really liked the designs. You have to be very respectful of the wonderful architecture across the street and create something that compliments but doesn’t compete. “
Recent Crescent Real Estate projects in Dallas include McKinney & Olive’s office and retail development in Uptown and the Luminary office building in the historic West End of downtown Dallas.
The company also owns the luxurious Crescent Court Hotel and is negotiating the acquisition of the landmark Crescent Complex in Uptown.
“I’ve built a number of different businesses in Fort Worth, including Crescent,” said Goff. “While we’ve done a lot of work in Dallas, it’s time to do some work in Fort Worth.”
The Museum Place project includes a 200 room boutique hotel.(Crescent Real Estate)