With an economic impact of $2.14 billion in 2010, the AllianceTexas development in far north Fort Worth has had an overall economic impact of more than $40 billion, according to a new report.
In its annual update to the Fort Worth City Council, presented Nov. 15, Hillwood President Mike Berry said the 17,000-acre development has been a catalyst for the city’s explosive growth and now is home to 265 companies and more than 30,000 employees.
“There is no better way to illustrate the overall economic impact of the AllianceTexas project than to witness the vibrancy and activity taking place at Alliance Town Center,” said Berry. “Just seven years ago, Alliance Town Center was nothing more than an empty field. Today, it represents one of the fastest growing retail centers in North Texas, serving the fastest growing large city in America.”
According to the report, prepared by AllianceTexas developer Hillwood and based on a study conducted by Insight Research Corp., cumulative taxes paid to local entities since 1990 are $184 million to the city of Fort Worth; $163 million to Tarrant County and a combined $544 million to the Northwest and Keller Independent School Districts.
In total, the AllianceTexas project has generated more than $948 million in property taxes to the eight taxing entities spanning the development.
Retail activity at Alliance Town Center during the current year includes the opening of the 123,000-square-foot Kroger Marketplace in January, and the August announcement of plans for a 14-screen Cinemark movie theater to be constructed in Phase 2 of the project.
Several Phase 2 projects currently under construction at Alliance Town Center and expected to open in 2012, include the 189,000-square-foot Texas Health Harris Methodist Hospital Alliance, and its 73,000-square-foot adjoining office complex, as well as North Hills Hospital’s 10,500-square-foot emergency room.
By the end of the fourth quarter of 2012, Hillwood Properties expects Alliance Town Center to have a total value of $344 million, with annual sales tax revenue of $3.15 million.
In addition to the activity at Alliance Town Center, October saw the opening of the $300-million, 712,000-square-foot Deloitte University at Circle T Ranch in Westlake. Deloitte University serves as the company’s international training center.
FedEx Freight also announced in October it would be opening a 40,000-square-foot heavy-cargo hauling facility at AllianceTexas, providing the development with an additional 115 new jobs.