Presentation to Central Area Council Robert Sturns Economic Development Director City of Fort Worth
Major Projects throughout the City
Walsh • 7,267-acres, will eventually feature as many as 15,000 homes • 1 st phase opened April 2017 • 587 homes across 1,700 acres • Projected build-out cost of $1.6 billion over 12 to 15 years • Walsh Elementary opened Fall 2017 • Two-story 100,000-square foot campus, built on 14 acres
River District • Centrally located in Fort Worth’s west side along the Trinity River. • Housing (both for sale and for lease) at multiple price points • Elan River District opened in 2017 • 325 unit luxury apartment community • Features restaurants such as Salsa Limon, Heim BBQ, and Lettuce Cook Gourmet plus retailers like a community art studio and florist • Outdoor and indoor entertainment options 4
Crystal Springs • Economic Development Program Agreement for annual grants of up to 85% of the City's $0.01 sales tax earned on the site • Phase One: • 62,500 square feet of commercial/retail space • At least 250 apartments • public open space and infrastructure improvements, • $41.5 Million • Completion deadline December 31, 2020. • Phase II: • Additional investment of $45 Million • At least 28,000 square feet of commercial or 350 multifamily units • Completion deadline December 31, 2023 • Minimum of 100 full time equivalent positions 5
Chisolm Trail Ranch • 600 acre master planned community • Over 1 million SF of retail and commercial space • The first phase of retail development is expected to open in Summer 2018 • 1,030 homes - 550 new homes projected to be complete 2019 Located on both sides of the new Chisholm Trail Parkway at McPherson • Future Crowley ISD Elementary school Boulevard
Rock Creek Ranch • 1,755 acres south of Chisolm Trail Ranch • Commercial, mixed use and residential spaces • Tarleton State University opening new 80-acre campus January 2019 • Expected to have 2,500 students
South Main Village • $8.6 million in infrastructure improvements were recently completed • Funded by City of Fort Worth, Tarrant County, North Central Texas Council of Governments and the TIF • Infill Mixed use • 411 S. Main St., 601 S. Main, SoMa • Multifamily focused on adaptive reuse • Highpoint , The Miller Lofts, Sawyer Grocery • 110,000-square-foot Monty and Tex Moncrief Medical Center opened June 2017, bringing more UT Southwestern Medical Center doctors to Fort Worth
American Airlines Headquarters • 1.8 million SF new corporate headquarters on 300-acre campus • $350 million Investment, $200 million in real property • Slated for completion in 2019 • Will house over 6,500 employees • Amenities to include a town square, bike trails and two green parking garages • Economic Development Grant agreement to rebate 75% to 90% of the incremental value on real and business personal 9 property taxes
Renaissance Heights Renaissance Square • Purpose Built Community with mixed income and mixed age residential Renaissance Heights • Integrated cradle-to-college education, medical, grocery, parks, and YMCA • YMCA and Phase One Multifamily now under construction • $4 million TIF funds supporting infrastructure for the development 10
Upon completion of the Gateway Park Master Plan, the park will be larger than Central Park in New York City, at just over 1,000 acres. Gateway Park Renaissance Square • Major flood storage improvements using TIF funds • New trails and amenities through City Parks Department • In August the excavation in Phase 1 of Gateway Park West completed and the area was seeded for grass • Phase 2 of the continued excavation will occur in the central area of the park and is expected to begin during the first quarter of 2018 • Upon completion of the Gateway Park Master Plan, the park will be larger than Central Park in New York City, at just over 1,000 acres 11
IKEA • 48 acres at the southwest corner of Interstate 35W and North Tarrant Parkway • $100 Million Investment • 480,000 square feet of space, which includes the 289,000-square-foot Ikea store (2019) • 75,000 square feet of Class A office space • 48,000 square feet of restaurant space • 66,000 square feet of other commercial space, for such things as a hotel • Economic Development Grant agreement to rebate up to 80% of the incremental value of the City $.01 Sales Tax
Champion’s Circle • $400 Million, 500 acre development • Marriott hotel and conference center • Tanger Outlets - Now Open! • Churchill Apartments: 137-units, recently completed and now leasing • Buc-ee’s –1st Metroplex location for the popular Texas travel center • Another 750 apartments are planned as is 900,000 square feet of office space
Central Area Activity
Burnett Lofts by Catalyst • Mixed-use, residential development on Lancaster Avenue on property currently owned by City adjacent to Cherry St. • 254 residential rental units • 601 space parking garage • 6,000 sf of retail space • Construction start expected 4Q 2017, to be completed by December 2019 • $38 Million investment • $4.7 TIF funds
AC Hotel • Corner of 5 th St. & Main St. • 168,000 SF Full-Service Hotel • 16 Stories • 246 Rooms • 5,500 SF Retail • 2,250 SF Breakfast & Lounge • 3,240 SF Meeting Space • 1,600 SF Rooftop Patio 16
Economic Development Strategic Plan
Stakeholders • Meetings with City leadership & staff • Roundtable discussions • Stakeholder interviews Data • Economic assessment (city, county, MSA) • Benchmarking vs. competitors & peer cities • Industry & occupational analysis Experience • Strategies & initiatives • Best practices • Trends in economic development
Project Steering Committee • Lisa McMillan, Tarrant County Administrator’s Office • Bob Jameson, Fort Worth Convention & Visitors Bureau • Darlene Boudreaux, TECH Fort Worth • Janet Black, BNSF Railway Company • Brandom Gengelbach, Fort Worth Chamber • Marie A. Holliday, DMD, Sundance Square Dentist • Stacy Marshall, Southeast Fort Worth, Inc. • Robert Folzenlogen, Hillwood Properties • Andy Taft, Downtown Fort Worth, Inc. • Don Boren, Don Boren And Company Inc. • Paul Paine, Near Southside, Inc. • JJ Cawelti, Bell Helicopter-Textron, Inc. • Cintya Segoviano, Fort Worth Hispanic Chamber • Kevin Davies, Hulen Mall • Devoyd “Dee” Jennings, Fort Worth Metropolitan Black Chamber Of Commerce • Matt Robinson, Walton Development and Management, Inc. • David Walters, CBRE • Judy McDonald, Workforce Solutions of Tarrant • Nina Petty, Tarrant County College District County
Project Leadership Team • Paul Ballard, Fort Worth Transportation Authority • Mike Berry, Hillwood Properties • Jay Chapa, Assistant City Manager • John Terrell, DFW International Airport • Victor Boschini, Texas Christian University • Michael Branum, NAS Fort Worth Joint Reserve Base • Dr. Kent Paredes Scribner, Fort Worth ISD • Eugene V. Giovannini, Tarrant County College District • J.D. Granger, Trinity River Vision Authority • Johnny Campbell, Sundance Square • Lillie Biggins, Texas Health Harris Methodist Fort Worth
VOLUM E 1: COM PETITIVENESS (assessment, engagement, & analysis) VOLUM E 2: OPPORTUNITY (labor & industry analysis, identification of targets) VOLUM E 3: STRATEGY (strategic plan and implementation)
Key Findings • Fort Worth is the fastest growing , among the 20 largest US cities. • Dallas-Fort Worth is a talent magnet , drawing new residents from across the US. • The city has a vast reserve of land to drive growth, but residential uses dominate the tax base. • Fort Worth residents are increasingly dependent on jobs in other cities. • The city’s jobs-housing balance is eroding. • Fort Worth has districts at different stages , which can drive economic development. • Investment in the urban core (downtown & surrounding areas) benefits the entire city. • Fort Worth has relatively low external visibility among large US cities, but has unique assets available to raise the city’s profile . • Fort Worth has key occupational strengths : • General: transportation, installation, production • Specific: aerospace & geotechnical engineering 22
Emerging Opportunities : Established Sectors : • Aerospace Manufacturing & Design • Transportation & • Transportation Innovation Warehousing • Manufacturing • Life Sciences Delivery & Innovation • Oil & Gas • Geotechnical Engineering • Healthcare • International Business • Hospitality & Tourism • Corporate & Regional HQs • Professional Services • Financial Services 23
Vision: To compete successfully on the national and international stage for creative, high-growth businesses and the talented individuals who fuel them. 24
Strategic Plan Framework Goal 1. Establish Fort Worth’s competitive edge. Goal 2. Become a hub for creative businesses. Goal 3. Ensure community vitality. Tools & resources. Implementation. Measuring performance.
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