The Fort Worth City Council on Tuesday approved a $1 billion development project for the Stockyards -- the largest investment in the area in more than a century.
The city council voted to provide $383 million worth of incentives to the developer, which will spend at least $630 million on the project. The build will include hotels with 500 rooms, 300,000 square feet of shops, and parking garages with 1,300 spaces covering open land near Billy Bob's and Cowtown Coliseum.
Fort Worth's economic development department said it would pay for those incentives through parking garage profits and tax revenue from the development.
Fort Worth says the Stockyards draw three million visitors every year, and the city has spent the past decade trying to draw new development. Construction is expected to take eight years.
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