Hillwood Plots First Downtown Fort Worth Development

Ross Perot Jr.’s Hillwood is embarking on its first project in downtown Fort Worth.

The Dallas-based firm has acquired a block at 7th and Calhoun streets on the east side of downtown with plans for a future development, the Dallas Morning News reported.

It bought the property, which comprises a parking lot and two low-rise commercial buildings, from Oncor Electric Delivery Company for an undisclosed amount. The size of the property wasn’t reported. JLL’s Jon McNeil and Ryan Matthews brokered the deal.

Hillwood is exploring a wide range of development ideas, including office, residential and mixed-use. The acquisition is a big win for the firm, as there are few development sites equipped for high-end projects in the downtown area.

The purchase “reinforces our belief in Fort Worth and the evolution of downtown, further demonstrating our intent to grow our investments throughout the city,” Hillwood president Mike Berry told the outlet.

The property is near Texas A&M University System’s three-building research campus — one of the many examples of Fort Worth’s booming real estate scene. In total, there are roughly $2.3 billion of projects in the city’s development pipeline.

While this is Hillwood’s first downtown project, the firm has been a major real estate player in other parts of the city. Hillwood is at the helm of the 27,000-acre AllianceTexas mixed-use development in North Fort Worth. In August, the firm began adding to AllianceTexas with the construction of two industrial buildings.

Hillwood also recently announced plans for a “treehouse inspired” community near the Alliance, which is slated for 2,500 single-family homes, parks, an elementary school and commercial space.

—Quinn Donoghue