The “living room” at Fort Worth’s Crescent Hotel has officially been rolled out on the red carpet
It’s a big deal for the West Side, the cultural district and Fort Worth.
The Crescent Fort Worth opened Wednesday, a $275 million project featuring a five-star luxury hotel, new upscale office space and a restaurant featuring a Food Network chef. It comes from John Goff, a billionaire businessman with roots in the Bass family empire and who was partnered with one of the city’s acknowledged financial wizards, the late Richard Rainwater.
While Goff lived here for many years, his company and various business interests were often located far from his adopted hometown.
“I got here in a U-Haul,” he said. “I couldn’t be prouder to build something like this in Fort Worth.”
With the opening of The Crescent Fort Worth on Wednesday, Goff takes center stage with a hotel he hopes will become Fort Worth’s “living room” in the heart of the city’s cultural district, amidst world-class museums and close to the city’s signature event, Fort Worth. Worth the stock show and rodeo.
“It’s unlike anything we’ve built in the city before,” said David Walters, senior vice president of real estate firm CBRE. “We always need high-quality projects, and this is definitely it.”
Other real estate leaders say the Cultural District — similar to downtown Fort Worth — is seeing a revival with new projects extending into 2024 and beyond.
“Currently, the Cultural District boasts more than $1 billion in projects completed and under construction, and another $460 million has been allocated to office and mixed-use projects scheduled to begin in 2024,” said Todd Burnett, Executive General Manager of the Cultural District. . JLL office in Fort Worth.
Burnett said that there are other projects that will contribute to continued economic growth in the region. pointed to:
- The Bowie House, a soon-to-open Auberge Resort hotel, is another five-star hotel
- and two new Goldenrod office projects, one on West Seventh Street and the other on University Drive.
“The timing of the Crescent’s development couldn’t be better, given the Cultural District’s annual attraction of more than 1.5 million visitors to Dickies Arena and the Fort Worth Stock Exchange,” Burnett said. “Demand for luxury office space and luxury hotel spaces could not be stronger, especially as companies look to attract employees back to their offices.”
The hotel and offices are located across the street from the Kimball Art Museum, the Museum of Modern Art of Fort Worth, and the Amon Carter Museum of American Art, as well as the nearby Museum of Science and History, Will Rogers Stadium, the Stock Show and Rodeo, and the Kimball Museum of Art. Dickies Arena.
These areas are the main components that make Fort Worth special. Mayor Mattie Parker said it’s important the right developer brings the right project to the table.
“It was critical because I was there and helping lead the project when we were trying to get this done right,” she said. “It was frustrating because hotel developers at the time didn’t understand it.”
Once Goff and his team expressed interest in the property, museums and neighbors in the area as well as the city supported him, she added.
“From the beginning, Goff and his team recognized how important this property was,” Parker said.
Goff said he had driven the property for many years and, as a longtime real estate developer, wondered why it remained vacant. Over a beer with Mary Ralph Lowe, who owned much of the property, they came to an agreement. Part of this deal called for the hotel to have a bar named after Mary Ralph Lowe’s father, Ralph Lowe. This will be the rooftop bar expected to open after the first of the new year.
For Visit Fort Worth officials, the Crescent and Bowie’s upcoming home give the city what it needs.
In previous years, major acts, such as Paul McCartney, would play Dickey’s Arena, but they often resided elsewhere, such as the Four Seasons in Irving, said Bob Jameson, CEO of Visit Fort Worth.
“Now, we have another option that we didn’t have before,” he added.
West of Crescent Fort Worth, a five-star hotel called the Bowie House will open soon. It is a project of Auberge Resorts Group. It will be smaller and contain 88 studios, 12 lofts and six suites.
Fort Worth can support new upscale hotels, said Paul Vaughn, senior president of Source Strategies, a San Antonio-based firm that studies the hospitality industry.
The Drover has done well in Fort Worth. This has already proven that the city needs some new upscale hotels.
The Crescent project also includes an administrative building with an area of 168,000 square feet. The offices will primarily house Goff’s diverse businesses, including Crescent Real Estate and Goff Capital. PNC Bank has leased about 13,000 square feet of office space on the sixth floor, joining Raymond James, Satori Capital, Royal Bank of Canada and others. Almost all of the office space is leased, Goff said.
There are also 167 luxury residential units as part of the project. Al Hilal Properties also owns some properties northwest of the current project, which it will likely develop in the future, Goff said. No plans have been announced for this location.
Al Hilal Hotel
3300 Camp Bowie Blvd.
Fort Worth 76107
200 guest rooms. Currently only two of the four floors are open.
Room price: Rooms start at around $300 per night.
Restaurants: Emilia, an upscale Mediterranean restaurant with Chef Preston Payne, a Food Network contestant. The name Emilia refers to Fort Worth’s Italian sister city – Reggio Emilia.
The Blue Room, a raised dining room within Emilia.
The Circle Bar is named after the Fort Worth Circle, a progressive arts colony that began in the 1940s.
Ralph’s rooftop bar will open after the first of the year.
Hotel design: Rotten studio.
In-home dining is developed by AvroKO Hospitality Group
Other amenities: Three-story Canyon Ranch Spa and a 4,000-square-foot ballroom for weddings
Bob Francis is the business editor of the Fort Worth Report. Contact him at email@example.com. At Report Fort Worth, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.