search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Development
Dallas

Cassco pursues $400M Clearfork expansion

$22M tax break considered for 25-acre expansion of massive Fort Worth development

Cassco's Crawford Edwards with Clearfork development

Cassco’s Crawford Edwards with Clearfork development (Frost Bank, Clearfork, Getty)

Cassco Land Company wants to add to its ambitious Clearfork development in west Fort Worth. 

Cassco is pursuing a $400 million expansion, and Fort Worth officials are weighing a $22 million tax break to help, the Dallas Business Journal reported. 

The project calls for 300,000 square feet of commercial space, 200,000 square feet for an automobile showroom and service center and 350 multifamily units. The 25-acre expansion is next to Cassco’s existing 270-acre Clearfork development. It’s slated for 2 million square feet of office space, 1.2 million square feet of retail, dining and entertainment, and 2,500 residences, according to its website.

Clearfork originally carried an estimated cost of roughly $1 billion, with the first phase totaling $300 million. The city agreed to a 15-year economic development plan, granting up to 80 percent of incremental property and sales taxes, capped at $48 million, the outlet said.

Sign Up for the undefined Newsletter

Cassco, whose CEO is Crawford Edwards, would be required to invest $350 million in the second phase, which will be broken into two periods. The first portion would be delivered in 2026, and the entirety of the second phase would be completed in 2028. 

City staffers have recommended that the Fort Worth City Council approve an economic development plan for the expansion. Council members will discuss the project during a May 23 meeting, the outlet said.

“It’s very exciting,” said Fort Worth Mayor Pro-Tem Gyna Bivens. “I think it’s pushing us into a whole new era for Fort Worth, and we’re going beyond cowboys and culture.” 

—Quinn Donoghue 

Read more

Companies and People
Cassco Land CompanyCrawford EdwardsGyna Bivens
Tags
CommercialExpansionResidential