Succession at Majestic Realty Pauses Stockyards Project

The Stockyards is Fort Worth’s claim to fame. It’s the place you take out-of-town visitors, from parents to rowdy friends from college, and where you go if you’re on the hunt for a proper night out. 

Fort Worthians who’ve lived in the city since before 2021 will tell you they were skeptical about plans to redevelop the district. They also all share the consensus that the project turned out really well — not too kitschy, not too trashy. Most importantly, the final product was a celebration of Fort Worth’s history as a center of the cattle trade. 

The person responsible for striking the right tone is Craig Cavileer, an Austinite who spent the majority of his career in Los Angeles working for Majestic Realty. In the nearly 15 years he’s been shaping the project, he may have ruffled the feathers of down-home Fort Worthians who chafe against his directness, but no one, not even his early detractors, can claim he didn’t deliver. 

A second phase to the project that transformed the historic horse and mule barns into high-end shopping and a fancy hotel was announced in 2024 to widespread applause in Fort Worth. But suddenly, or so it seemed to the casual observer, Cavileer was out — of Majestic Realty, of the partnership Majestic had with local landowning family the Hickmans, of the Stockyards. 

Since then, and it’s been over a year, real estate folks, Stockyards enthusiasts and regular Fort Worthians have wondered what’s next for this promised second phase. What happened to the massive incentives package the city agreed to? Is phase two happening at all? And, critically, what the hell happened to the guy behind this beloved project? 

This story for The Real Deal’s May magazine gets into the saga, which involves billionaire family drama worthy of a Succession spin-off. 

Sacked Fermi CEO sues Texas REIT for wrongful termination

Toby Neugebauer, the ousted former CEO of Fermi, sued the company for wrongful termination after his firing. He alleged in a Texas Business Court lawsuit that the Amarillo, Texas-based data center real estate investment trust fired him without cause, while the company claims it terminated Neugebauer for violating company policies. The firing comes amid a rocky stretch for the company co-founded by former Texas Gov. Rick Perry. It failed to secure a tenant for its flagship development, Project Matador, and consequently lost a $150 million construction loan. Since the REIT went public last year with a market valuation of $19 billion, its stock has tumbled 84 percent from its peak, Bloomberg reported.

Old Parkland secures fresh financing 

Crow Holdings landed a five-year, fixed-rate loan from American General Life Insurance Company for its exclusive office complex in Uptown. The loan amount wasn’t disclosed. It will be used to refinance six buildings of Old Parkland: Old Main, Woodlawn Hall, Reagan Place, Oak Lawn Hall, Parkland Hall and Commonwealth Hall, which comprise the original part of the campus redeveloped from Dallas’ first hospital, Parkland. The buildings have a combined area of 288,217 square feet.

Nate Paul’s Austin IHOP finally trades 
The IHOP in Downtown Austin that’s owned by disgraced developer Nate Paul had been flagged for foreclosure auction for years at this point. It finally sold at auction after a two-hour bidding war, with Travis County Exchange Corporation buying the 0.8-acre site at 707 East Cesar Chavez Street for just under $13 million. The property traded for about half of its appraised value of $26.2 million, according to the Travis Central Appraisal District. It’s valued so highly because it’s seen as a prime redevelopment opportunity befitting a hotel, office or apartment tower project. Paul’s lender, an entity associated with real estate investor and accused arsonist Bryan Hardeman, was also bidding for the site, but lost to the Austin-based 1031 exchange company.

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