Presentation to Central Area Council Robert Sturns Economic - - PowerPoint PPT Presentation

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

• 1st 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
• ptions

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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

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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

• Future Crowley ISD Elementary school

Located on both sides of the new Chisholm Trail Parkway at McPherson 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
• n 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 property taxes

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Renaissance Heights

• Purpose Built Community with mixed

income and mixed age residential

• 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

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Renaissance Square Renaissance Heights

Gateway Park

• 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
• ccur 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

• ver 1,000 acres

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Renaissance Square

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.

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 5th 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

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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

• Lisa McMillan, Tarrant County Administrator’s Office
• Darlene Boudreaux, TECH Fort Worth
• Brandom Gengelbach, Fort Worth Chamber
• Stacy Marshall, Southeast Fort Worth, Inc.
• Andy Taft, Downtown Fort Worth, Inc.
• Paul Paine, Near Southside, Inc.
• Cintya Segoviano, Fort Worth Hispanic Chamber
• Devoyd “Dee” Jennings, Fort Worth Metropolitan

Black Chamber Of Commerce

• David Walters, CBRE
• Nina Petty, Tarrant County College District
• Bob Jameson, Fort Worth Convention & Visitors

Bureau

• Janet Black, BNSF Railway Company
• Marie A. Holliday, DMD, Sundance Square Dentist
• Robert Folzenlogen, Hillwood Properties
• Don Boren, Don Boren And Company Inc.
• JJ Cawelti, Bell Helicopter-Textron, Inc.
• Kevin Davies, Hulen Mall
• Matt Robinson, Walton Development and

Management, Inc.

• Judy McDonald, Workforce Solutions of Tarrant

County

Project Steering Committee

• 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

Project Leadership Team

VOLUM E 3: STRATEGY

(strategic plan and implementation)

VOLUM E 2: OPPORTUNITY

(labor & industry analysis, identification of targets)

VOLUM E 1: COM PETITIVENESS

(assessment, engagement, & analysis)

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

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Established Sectors:

• Transportation &

Warehousing

• Manufacturing
• Oil & Gas
• Healthcare
• Hospitality & Tourism

Emerging Opportunities:

• Aerospace Manufacturing & Design
• Transportation Innovation
• Life Sciences Delivery & Innovation
• Geotechnical Engineering
• International Business
• Corporate & Regional HQs
• Professional Services
• Financial Services

Vision: To compete successfully on the national and international stage for creative, high-growth businesses and the talented individuals who fuel them.

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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.

1. Brand & Image. Elevate the profile of Fort Worth at the regional, national, and international levels. 2. Marketing & Target Industry Recruitment. Attract new investments and businesses into the community, focusing on target industries that align with Fort Worth’s assets. 3. Business Retention & Expansion. Improve the competitiveness

• f existing businesses and help them remain and grow in the

community. 4. Workforce & Industry Partnerships. Expand collaboration between employers and training providers to address the needs of local industries and build a pipeline of talent to fuel future business growth.

Establish Fort Worth’s competitive edge.

Become a hub for creative businesses.

1. Near Southside Medical Innovation District. Enhance and expand the Near Southside’s role as a medical innovation district and position it to become the most livable medical district in the US. 2.

• Entrepreneurship. Build on the dynamic environment that embraces

and fuels high-growth business in Fort Worth. Ensure that expanding startups see the city as hospitable to their continuing growth. 3. Broader Promotion of the Arts. Expand the connection between the arts community and tech entrepreneurs as well as established businesses. 4. Establish a “Futures Forum” at the City. Create a formal working group, led by the mayor, that addresses city issues from a “futures perspective.”

Ensure community vitality.

1. Downtown Fort Worth. Accelerate downtown Fort Worth’s emergence as the premier mixed-use business district in Texas. 2. Neighborhood Alignment. Align neighborhood assets (people, businesses, and real estate) to benefit from and support citywide economic growth. 3. Small Business Support. Restructure small business assistance based on a community wide audit.

Target Areas

Tools & resources to support the initiatives

1. Economic Development Bond Package. Identify how the citywide bond package makes investments in livability, Smart City infrastructure, and business development. Elevate projects that do impact Economic Development Goals. 2. Citywide Incentive Program. Create new incentive tools to encourage business growth within target industries and to facilitate development and redevelopment in designated districts. 3. Organizational Alignment. Clarify the roles and responsibilities of Fort Worth’s economic development partners; build a shared framework for decision-making and ongoing collaboration.

New Performance Metrics

• High-wage job growth
• Number of jobs created/retained, average wages of jobs created/retained,

private employment

• Sustainable tax base
• Retail sales growth, growth of commercial property tax base, hotel occupancy

& revenues, new office & industrial space construction

• Creative industries & talented individuals
• Business creation, VC & angel investment deals, SBIR awards, patents,

academic R&D, population with bachelor’s degree, share of population 20-34, number of college students, unemployment, graduation rates of high schools

• Quality of place
• Share of workers working from home, home sales prices, apartment rental

rates

SPECIFIC TARGET STARTING POINT ANNUAL GROWTH TARGET (2018-2022) FINISH LINE (2022) Fortune 1000 HQs 2 Add 1 Fortune 1000 HQ each year 7 fortune 1000 HQs

• Inc. 5000 Firms

11 Add 5 Inc. 5000 firms each year 36 Inc. 5000 Firms Residential Development in CBD 1-mile radius 4,095 housing units Add 1,000 net new housing units per year 9,095 housing units Residential Development in CBD 2-mile radius 14,541 housing units Add 2,000 net new housing units per year 24,541 housing units Residential Development in CBD 4-mile radius 66,709 housing units Add 4,000 net new housing units per year 82,709 housing units

How will Fort Worth be different?

• Early 2018  Chamber fundraising to support implementation
• Throughout 2018  City begins implementation:
• Re-organize Economic Development Dept. staff around plan’s

priorities

• Revise City incentive policies to support initiatives
• Marketing
• Business Retention and Expansion
• Recruitment and Attraction – both businesses and talent
• Entrepreneurship and Small Business Development
• Fall 2018  TIP conducts a summary evaluation of the City’s progress on

execution of the plan

What’s Next

Thank you