FORT WORTH, Texas (March 7, 2023) – AllianceTexas, Hillwood’s 27,000-acre master-planned, mixed-use community in north Fort Worth, continues to be one of the state’s most formidable economic engines with approximately $111.5 billion generated in regional economic impact and over $3.4 billion in total taxes paid to local public entities during the past three decades. According to Insight Research Corporation’s annual economic impact report, more than $10.88 billion of the development’s economic impact was generated in 2022 alone.
See the full report and video of AllianceTexas here.
A driver for regional success, AllianceTexas is now home to 562 companies, with more than 55 million square feet of office, retail and industrial space built since 1989. Though the AllianceTexas project has seen unprecedented success during its history, 2022 was a watershed year. In a groundbreaking move, MP Materials Corporation selected AllianceTexas to construct a first-of-its-kind U.S. factory focused on rare earth metal, alloy and magnet manufacturing. MP Materials is the largest producer of rare earth materials in the Western Hemisphere, and the innovative new manufacturing facility, which encompasses 200,000 square feet, is a substantial component of a $700 million investment the company will make over the next two years to fully restore the U.S. rare earth magnetics supply chain. The project, which broke ground in June 2022, will create 150 high-skill manufacturing jobs and 1,300 indirect jobs and is slated to begin production operations in 2023.
Hillwood also leased its largest industrial speculative building to date to Target Corporation in May 2022 at Alliance Center East 1 (ACE 1). The 1,240,584-square-foot facility lease was ranked the largest industrial lease in the Dallas-Fort Worth market in 2022, according to CoStar.
The big wins continued when Gulfstream Aerospace Corp. officially opened its newest Gulfstream Customer Support service center at Fort Worth Alliance Airport in October 2022. Gulfstream invested more than $55 million in the 162,000-square-foot maintenance, repair and overhaul facility at Alliance. The building includes hangar space, back shops, support areas and employee and customer offices and can accommodate up to nine Gulfstream G650ER aircraft in the hangar space as well as six aircraft on the ramp.
Hillwood finished 2022 with the unveiling of a new fixed-based operation (FBO) facility at Perot Field Fort Worth Alliance Airport (AFW). The new state-of-the-art FBO was designed by Corgan Architects and Amaze Design and encompasses more than 20,000 square feet of offices, lounges and meeting facilities, along with an additional 68,000 square feet of attached hangar space.
“Our success at Hillwood over the years in developing AllianceTexas as a major job center and economic engine for North Texas is a result of a unique spirit of partnership that doesn’t exist anywhere else in the United States,” said Mike Berry, president of Hillwood. “AllianceTexas is primarily a private sector-led economic engine, but what excites us most about the report is the exponential return on public investment evidenced by taxes paid and jobs created now occurring on an annual basis. These are numbers nobody could have ever imagined in 1989.”
Widely considered one of the country’s most successful public-private partnership endeavors, total investment at AllianceTexas surpassed $14.2 billion in 2022, with a staggering $13.1 billion coming from the private sector. Public investment totaling $1.08 billion has been invested in the project to date, representing a 12-to-1 private-to-public-dollar investment multiple.
Geographically, AllianceTexas encompasses nine municipalities, five independent school districts and two counties. Since 1990, more than $3.4 billion has been paid in property taxes cumulatively to the Cities of Fort Worth, Haslet, Roanoke, Northlake, Westlake and Corral City; Tarrant and Denton Counties; and Northwest, Keller, and Argyle Independent School Districts (City of Denton, Denton ISD, the City of Justin, and the City of Argyle were not included in the 2022 report, as development is still forthcoming). In 2022 alone, the project contributed nearly $380.3 million in property taxes to these local entities.
“AllianceTexas is an absolute powerhouse in Fort Worth,” Fort Worth mayor Mattie Parker said. “By every metric — job creation, economic impact, property tax contribution, opportunities for innovation, and more — AllianceTexas proves itself year after year to be incredibly impactful not only locally, but also across the region, state, and country.”
In addition to its industrial, aviation and office core, AllianceTexas also features an array of shopping, dining, medical, recreational and entertainment options seamlessly integrated into its diverse and highly sought-after residential options. With a variety of single-family homes, townhomes and multifamily units, Alliance Town Center remains the leading regional retail and entertainment destination for the entire north Fort Worth region.
For a more detailed overview of AllianceTexas’ economic impact report and additional information about the development, including expansive sections covering available asset classes, sector locations and lifestyle amenities, please visit AllianceTexas’ online resources page at: www.alliancetexas.com/resources.
AllianceTexas is an unparalleled regional success story that has transformed the North Texas economy and connected the area to global industry. Consisting of 27,000 acres, the Hillwood development is anchored by the world’s first dedicated industrial airport, Perot Field Fort Worth Alliance Airport (AFW), and hosts one of the nation’s premier intermodal hubs. Today, AllianceTexas is home to 562 companies that have created more than 66,000 direct jobs and has approximately 55 million square feet of developed commercial real estate assets. The development’s cumulative impact since 1989 is an estimated $111.5 billion for the North Texas region. AllianceTexas boasts corporate headquarters, healthcare providers, higher education centers, shopping and entertainment destinations, and vibrant residential communities. From the newest homeowner to the most well-known of Fortune 500 companies, opportunity thrives at AllianceTexas. For additional information, please visit www.alliancetexas.com.
Hillwood, a Perot company, is a premier industrial, commercial and residential real estate developer and manager with projects throughout North America and Europe. With a diverse portfolio of properties which have become home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers and partners and the communities in which we serve. Hillwood also served as the lead developer of marquee projects nationwide, from the Air Force Memorial in Washington, D.C. to the Perot Museum of Nature and Science and the American Airlines Center in Dallas. For additional information, please visit www.hillwood.com.