Fort Worth leaders have a positive outlook on how downtown rebounded from the pandemic
FORT WORTH, Texas (CBSDFW.COM) – The booming growth of North Texas continues, with waves of new residents looking for a job and a nice place to live. But the pandemic put a halt to many major construction projects.
During its first annual State of Downtown Fort Worth in an event setting, leaders have a positive outlook on how the downtown area has rebounded from the pandemic.
Here's the highlights from Downtown Fort Worth Inc.:
- Downtown development pipeline value: $2.3 Billion.
- 2,939 new residential units are in various stages of the development pipeline.
- Residential unit count is expected to increase by 49.7%.
- Apartment rental rates are up 9% vs. the pre-COVID peak.
- 1,538 new hotel rooms are in the development pipeline.
- The number of hotel rooms is expected to increase by 41.6%.
- The average daily rate for all hotel room classes is up 19.9% over the pre-COVID peak.
- Despite significant economic shocks, including the oil and gas collapse and COVID-19, office market occupancy is 85%.
- Total same-store sales for alcohol consumption (a proxy for overall restaurant and bar sales) now exceed the pre-covid peak.
- Texas A&M University's $255 million development will add three new buildings Downtown.
From the hospitality, public transportation, retail, to office space, the numbers show the city has bounced back from the pandemic and the future looks bright for downtown Fort Worth.
"As we look toward the future, having more residential in dense residential developments in downtown is a fantastic base upon which to base the retail restaurant and retail scene in downtown," said Andy Taft, president of Downtown Fort Worth Inc.
Construction on the new Fort Worth convention center and Texas A&M's Fort Worth campus is scheduled to begin this summer.