Fort Worth City Council approves purchase of new City Hall building
The City of Fort Worth has agreed to acquire the former Pier 1 headquarters at 100 Energy Way as the new location of the Fort Worth City Hall. (Courtesy of Google)
Fort Worth City officials unanimously approved the purchase of a new downtown town hall on December 15
The city was “conducting its due diligence” on the former Pier 1 headquarters at 100 Energy Way, Fort Worth, according to a December 2 press release. Fort Worth City Council approved the purchase of the building on 11.9 acres for a total of $ 69.5 million. The transaction is expected to close in February 2021.
City officials estimated that building a new urban complex would have exceeded $ 200 million. The city is saving tens of millions of dollars by buying an existing property.
“While the purchase of an existing property was not part of the city’s original plan, the purchase of this property provides a solution to the city’s housing needs sooner without construction and will bring savings to taxpayers for years to come,” city administrator David Cooke said in of publication.
The location of the new town hall is more than 400,000 square meters and offers more than 160,000 square meters more space than the current town hall building.
In addition, the purchase is expected to generate rental income for the city as the current building tenants remain. The new town hall is to be put into operation from 2022, according to the press release.
“Since we have started planning the renovation of the town hall, the cost savings from buying this building are just too big to miss,” said Mayor Betsy Price. “This is a prudent financial decision and I take pride in the financial responsibility, forward thinking and strategic investments that the City of Fort Worth has.”