Robert Bass’ Keystone Group and Dallas-based Larkspur Capital are seeking $45 million in public infrastructure funding for their Westside Village project in Fort Worth. The funding request will be considered by Fort Worth’s Tax Increment Finance District No. 4, which covers the Near West Side. According to the Dallas Business Journal, a vote on the proposal is expected this week.
Westside Village is planned as a 37-acre mixed-use development that would bring 880,000 square feet of office space, 238,000 square feet of retail, 1,785 apartments, and a hotel with 175 rooms to the area. The first phase of construction is scheduled to begin in early 2026 and finish by 2028.
The Fort Worth City Council approved incentives for the project in June, including a Chapter 380 grant and tax increment financing for FW Westside RE Investors. These grants are set to be distributed over a period of 15 years. Now, the developers are asking for additional support from the Near Westside TIF District.
Tax Increment Financing (TIF) in Texas uses increases in property values within designated districts to help pay for infrastructure improvements such as roads, utilities, and streetscaping at new developments.
To receive these incentives, developers must meet specific requirements: The first phase must represent at least $410 million in investment with $311 million spent on hard construction costs by the end of 2030. Minimum build-out standards include at least 200,000 square feet of office space, 95,000 square feet of retail space, and a hotel with no fewer than 150 rooms.
Westside Village joins other large-scale projects underway in Fort Worth such as Brown Ranch by Hines and Goldenrod Company’s Van Zandt project.
Bass is known for his experience developing residential and commercial properties through Keystone Group. The company has investments across securities, real estate, oil and gas sectors. Larkspur Capital’s current projects include Victoria Row (155 units), Santa Fe Trail Lofts (240 units), and The Willows (190 units), all located in Dallas. Carl Anderson IV is president of Larkspur Capital.
