ALLIANCETEXAS EXCEEDS $40 BILLION IN ECONOMIC IMPACT
Milestone coincides with 2010 U.S. Census numbers showing the development to be the growth epicenter of the nation’s fastest growing large city
FORT WORTH, Texas (November 15, 2011) – With public investment of only $417 million over the life of the project, AllianceTexas has surpassed $40 billion in total economic impact to the North Texas region. The cumulative milestone, revealed in a 2010 economic impact report released by Hillwood Properties today, is highlighted by nearly $7 billion in total private investment over the two-decade period, and $2.14 billion in economic impact in 2010 alone. Moreover, 2010 U.S. Census numbers point to the 17,000-acre, master-planned development as a catalyst for the City of Fort Worth’s exponential growth during the past decade.
Anchored by the world’s first industrial airport and one of the world’s busiest inland ports, AllianceTexas is now home to 265 of the world’s leading companies, and more than 30,000 employees. The development also serves as a key economic driver for the entire North Texas region. Jones Lang LaSalle earlier this year described the Alliance Global Logistics Hub as the “grandfather of U.S. inland ports.” Last month at the Texas Economic Development Council’s annual conference, Fort Worth Alliance Airport was cited as one of the 10 most influential economic events in Texas over the last 50 years.
In the report presented today to the City of Fort Worth, prepared by Hillwood and based on a study conducted by Insight Research Corporation, AllianceTexas continued to show extraordinary growth in the retail and Class A office sectors, particularly. Significant retail activity at Alliance Town Center during the current year alone included the opening of the 123,000-square-foot Kroger Marketplace in January, and the August announcement of plans for a 14-screen, state-of-the-art 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 ER at Alliance. 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.
“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 Mike Berry, president of Hillwood Properties. “Just seven years ago, Alliance Town Center was nothing more than an empty field. And, today, it represents one of the fastest growing retail centers in North Texas, serving the fastest growing large city in America. Alliance Town Center is the culmination of each important stage at AllianceTexas that came before it.”
In addition to the activity at Alliance Town Center, 2011 has also seen the completion of one of AllianceTexas’ most significant projects to date, with the October opening of the $300-million, 712,000-square-foot Deloitte University at Circle T Ranch in Westlake. Already hosting Deloitte employees from around the globe, Deloitte University serves as the company’s international training center, and features 35 classroom and informal learning spaces, a variety of conference and meeting rooms, and spectacular guest accommodations for 800.
The October opening of Deloitte University coincided with an announcement from FedEx Freight that it would be opening a new, 40,000-square-foot heavy-cargo hauling facility at AllianceTexas, providing the development with an additional 115 new jobs (in addition to the more than 700 employees at the company’s Southwest Sort Hub at Fort Worth Alliance Airport). The announcement represents a continued commitment from one of AllianceTexas’ leading employers.
Beyond each individual project, the overall impact of AllianceTexas can be evaluated by the cumulative taxes paid to local entities since 1990, including $184 million to the City of Fort Worth, $163 million to Tarrant County and a combined $544 million to the Northwest and Keller ISDs. In total, the AllianceTexas project has generated more than $948 million in property taxes to the eight taxing entities spanning the development, making it one of the nation’s most successful public-private partnerships.
AllianceTexas (www.alliancetexas.com) is a 17,000-acre, master-planned community anchored by the world’s first industrial airport. It includes the Alliance Global Logistics Hub, Circle T Ranch, Heritage, Alliance Town Center, Saratoga and Monterra Village projects. AllianceTexas is now home to 265 companies, which have built nearly 32 million square feet and created more than 30,000 jobs. The community also now includes more than 7,600 single-family homes and 288 luxury apartment homes.
Hillwood, a Perot company, is ranked as one of the top commercial real estate investors and developers in the country and as the top residential developer in Dallas-Fort Worth. The company’s developments currently house facilities for 58 companies listed on the Fortune 500, Global 500 or Forbes List of Top Private firms. Hillwood is best known for its Alliance brand that includes the 17,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil Commerce Center and 2,000-acre AllianceCalifornia developments. For additional information about the company, please visit www.hillwood.com.
ABOUT INSIGHT RESEARCH CORPORATION
Insight Research Corporation performed the original economic impact report in 2000 and reviews it annually based on new data. Since its founding in 1981, Insight Research Corporation has become nationally known for its pacesetting analytical approaches in providing economic, employment, tax revenue impact and cost/benefits analysis. The company’s client list includes the UP, CSX and NS Railroads, the U.S. Department of Energy, several state Departments of Transportation, many cities including Fort Worth, New York and Chicago, as well as Fortune 500 companies, including 3-M, PepsiCo, American Express, AT&T and Dell.
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