By STEVE BROWN
Real Estate Editor
Crescent Real Estate is planning what will be the company’s first major development in its hometown of Fort Worth.
The commercial property firm — which has been a major player in Dallas’ Uptown district — will build a $250 million mixed-use project in Fort Worth’s cultural district.
The development, which will start this summer, includes a 200-room luxury hotel, 160,000-square-foot office building and 175 luxury residential units.
The Museum Place project, located on Camp Bowie Boulevard near the Will Rogers Coliseum and across the street from the Kimbell Art Museum and the Modern Art Museum, will also be the new home for Crescent Real Estate and offices for Contango Oil & Gas.
“We are excited to bring a first-class mixed-use project to the cultural district,” Crescent Real Estate CEO John Goff said in a statement. “The Crescent brand is now known around the country for our luxury hotel, office and residential projects.
“Now, for the first time, we are coming home,” he said. “We are going to build the finest hotel in the city that we hope will become the living room of Fort Worth.”
Crescent Real Estate, which got its start in the mid-1990s, has previously invested in Fort Worth properties.
“We owned a 1 million-square-foot tower in downtown Fort Worth for many years,” Goff said in an interview. “Currently we don’t own a thing there. We never had a development in Fort Worth, and it’s time.”
Several developers have looked at building on the block where Crescent plans its new Fort Worth project.
“I drive by this land every day,” Goff said. “The opportunity to buy came up and we snagged it.”
Crescent doesn’t plan to seek zoning variances for the project, which is scheduled to open in 2023, Goff said. Denver-based OZ Architecture designed the development.
“We went with OZ because we have done a lot of business with them in Denver and Boulder,” Goff said. “They are extremely creative. We really liked the designs they came up with. You have to be very respectful with the wonderful architecture across the street and create something that compliments but doesn’t compete.”
Crescent Real Estate’s most recent Dallas projects include the McKinney & Olive office and retail development in Uptown and the Luminary office building in downtown Dallas’ historic West End.
The company also owns the luxury Crescent Court Hotel and is negotiating to acquire Uptown’s landmark Crescent complex.
“I’ve grown a number of different businesses in Fort Worth including Crescent,” Goff said. “While we have done a lot of work in Dallas, it’s time to put some work in Fort Worth.”