Overview
- Stockyards Heritage Development Co. announced Wednesday that it will not move forward with the Phase II plan, saying current market conditions make the previously proposed concept unviable.
- Phase II had called for two underground garages with at least 1,300 spaces, three hotels, about 300,000 square feet of commercial space and roughly 295 housing units as laid out in the 2024 city development agreement.
- The 2024 deal included a $71.6 million city grant, roughly $630 million in private commitments from Majestic and Hickman, and an estimated combined city and tax benefit of about $844 million that will not be realized under the shelved concept.
- The developer said it will continue smaller projects and renovations, including work at the Stockyards Hotel, H3 Ranch and the Hyatt Place Stockyards, and other private developers have already proposed separate hotel projects in the area.
- City leaders described the decision as a market-driven pivot rather than an end to investment in the Stockyards, but the pause leaves unresolved questions about the city’s grant, the option to buy the planned garages, and the timing of any new large-scale proposals.