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DFWREALESTATEREVIEW.COM

HOW A DEAL GETS DONE BEHIND THE SCENES:

THE PROCESS BEHIND BRINGING A MAJOR COMPANY TO THE DALLAS REGION

FEATURE:

CATALYST SITES IN NORTH TEXAS

ANATOMY OF A DEAL:

MONARCH CITY

SUMMER 2019 | THE SITE SELECTION ISSUE

INNOVATION:

Aviation & aerospace

THE CRANE REPORT:

WHO’s building what, where


Empowering communities through design Supporting our communities from local offices in Dallas, Fort Worth, and Plano.

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Construction progress

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mass-timber office building, bringing unparalleled richness and warmth to 21st century workplace environments.

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Onward and Upward


Direct rail access to DFW Airport

13th-largest city in U.S.

State-of-the-art office space

Top 5 fastest growing city1

60+ area colleges and universities

Among best large cities to start a business2

Walk score 923

Discover DFW’s premier office address. To learn more, visit dfwi.org/more 1U.S.

Census 5/23/19, 2WalletHub, 5/6/19, 3Walkscore.com

DOWNTOWN

FORT WORTH the

FW IN DFW


SUMMER 2019 Cover Illustration: Antoniokhr via iStock

CONTENTS

15 THE CRANE REPORT

Welcome Letter . . . . . . . . . . . . . . . . . . . . . . . . . 6 Publisher’s Note . . . . . . . . . . . . . . . . . . . . . . . . .8

FOUNDATIONS DFW Market Statistics, Economic Indicators, and Commercial Real Estate News. . . . . . . . . 10

BUILDING TOMORROW TOGETHER Regional Matters . . . . . . . . . . . . . . . . . . . . . . 12

THE CRANE REPORT

26 BEHIND THE SCENES

Who’s Building What, Where . . . . . . . . . 15

SCORECARD DFW’s Top Office and Industrial Leases . . . . . . . . . . . . . . . . . 22

BEHIND THE SCENES How a Deal Gets Done. . . . . . . . . . . . . . . . . . 26

SUMMER 2019

D A L L A S - F O R T W O R T H R E A L E S TAT E R E V I E W / 3


E XC L USI V E LY P UB L ISHE D B Y D MAGAZINE PARTNERS

DFWREALESTATEREVIEW.COM

34 FEATURE

Catalyst Sites A look at the locations around North Texas that could change the trajectory of the region. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

PUBLISHER & EDITORIAL DIRECTOR Quincy Preston 214-523-5215 quincy.preston@dmagazine.com

INNOVATION

MANAGING EDITOR

Wings of Success

Lance Murray

Dallas-Fort Worth builds on its aerospace history with a future in vertical takeoff air taxis and aviation innovation. . . . . . . . . . . . . . . . 42

SENIOR EDITOR Alex Edwards

PROJECT EDITOR Payton Potter

CREATIVE DIRECTOR Michael Samples

CONTRIBUTING WRITERS Brandon Call Payton Potter Jim Fuquay Nicholas Sakelaris Sandra Engelland

50 ANATOMY OF A DEAL

INTERNS

Monarch City

India Edwards

10 million square feet of mixed-use development soon will rise into the sky above Allen . . . . . . . . . . . . . . . . . . . . . . . . . 50

SPECIAL ADVERTISING SECTION

Liz Goodwin Natalie Le Rachel Walters

BUSINESS DEVELOPMENT

City Profiles

Steve Reeves

Profiles of cities around the region . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

214-523-5259 steve.reeves@dmagazine.com Josie West 214-523-0384

COMMUNITY The Real Estate Council, Impact Investors . . . . . . . . . . . . . . . . 57 Dallas Regional Chamber, Top-Level Members . . . . . . . . . . . . . 58 Dallas Regional Chamber, Leadership Dallas . . . . . . . . . . . . . . . 80 Calendar of Events . . . . . . . . . . . . . . 81

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josie.west@dmagazine.com

The Real Estate Council Photos: We-Cycle Resource Center . . . . . . . 82 The Real Estate Council, TREC Leadership . . . . . . . . . . . . . . . 83 View From the Top: Chris Nielsen, Toyota Motor North America . . . . . . 84

Stephanie Mojonnet 214-523-0311 stephanie@dmagazine.com

Dallas-Fort Worth Real Estate Review® is published for The Dallas Regional Chamber and The Real Estate Council by D Magazine Partners, 750 N. St. Paul St., Ste. 2100, Dallas, TX 75201; www. dallaschamberpublications.com, 214.523.0300. ©2019 All rights reserved. No part of this publication may be reproduced or reprinted without written permission. Neither the Dallas Regional Chamber nor The Real Estate Council nor D Magazine Partners is a sponsor of, or committed to, the views expressed in these articles. The publisher is not responsible for unsolicited contributions.


@APImages @SoccerHOF

@alexandra.holmen

SEE YOURSELF IN FRISCO

Imagine living and working in Frisco, Texas. It’s 25 miles from DFW International Airport and downtown Dallas, and seven professional sports organizations call it home. Imagine working with a highly skilled and educated workforce, and sending your kids to one of the most sought-after public school systems in America. Can you see yourself in Frisco? You’ll fit right in.

Visit FriscoEDC.com to find out more.

Frisco Economic Development Corporation

972.292.5150 FriscoEDC.com


WELCOME

A letter from the Dallas Regional Chamber and The Real Estate Council 2019 CHAIRMAN OF THE BOARD Chris Nielsen

RECAPPING A SUCCESSFUL TEXAS LEGISLATIVE SESSION

Executive Vice President Product Support & Chief Quality Officer Toyota Motor North America PRESIDENT & CEO Dale Petroskey

DALE PETROSKEY President and Chief Executive Officer Dallas Regional Chamber

LINDA McMAHON President and Chief Executive Officer The Real Estate Council

We are pleased to share a few of the outcomes of the 86th Texas Legislative Session, which included several noteworthy successes for business in our state. The legislature adjourned

in May after 140 days—and nearly 11,000 house and senate bills, and resolutions were filed. The business community stood united in addressing many of our state’s most pressing issues. There is no better economic development tool for our state than our public education system. Texas’ ability to educate, train, and grow our own talent is critical to meeting our future workforce needs. Legislation passed this session provided the first step to building a more equitable and sustainable system. The passage of House Bill 3, also known as the Texas Plan, will provide more than $11.5 billion in funding towards formula updates, dynamic educator compensation, and property tax relief for Texans. This was a crucial first step forward for the more than 5.4 million students in Texas schools. Another win for the business community was the preservation of one of our state’s key economic development tools, a chapter of the Tax Code that allows cities and counties to provide temporary property tax exemptions to attract major new economic development projects. Extended for another 10 years, this tool is critical for communities to “close deals” on new business investments.

Representing a region that adds more than 100,000 people annually, we are keenly aware that our state can’t fall behind in the investment and development of transportation infrastructure. That is why our business leaders were unified in the effort to prevent harmful legislation that could have halted the Texas high-speed rail project. We need the Texas Central Partners train that will connect Dallas and Houston in under 90 minutes, and we’re proud it remains on track. Separately, nearly $3.3 billion from the Economic Stabilization Fund, or “Rainy Day Fund,” will be used to aid Hurricane Harvey recovery, and the newly created Infrastructure Resiliency Fund will help cities mitigate the impacts of future natural disasters. Finally, three additional bills will directly impact the real estate community. One limits local regulation of building materials in new construction, preventing rules that go beyond national standards published within the last three code cycles. Exceptions are provided for historically, culturally, and architecturally significant areas. Another increases the number of votes required for municipal bodies to designate properties as historic without the property owner’s consent. The third makes additional clarifications on who has the standing to make appeals to Boards of Adjustment on certain rezoning cases. Now that the legislative session is behind us, we are intensifying our focus on the 2020 U.S. Census. With more than $800 billion in federal dollars at stake and the potential to add three or four congressional seats in Texas, making sure every person in Texas is counted is imperative. We challenge our business leaders to continue to stay engaged with our organizations. Together, we will keep fighting for policies that keep the Dallas Region the best place in the U.S. to live, work, and do business.

CHIEF OPERATING OFFICER & CHIEF FINANCIAL OFFICER Angela Farley COMMUNICATIONS & MARKETING, SENIOR VICE PRESIDENT Scott Goldstein RESEARCH AND INNOVATION, SENIOR VICE PRESIDENT Duane Dankesreiter RESEARCH AND INNOVATION, MANAGING DIRECTOR Eric Griffin

2019 CHAIRMAN Jim Knight FM Engineering & Design VICE CHAIRMAN Bill Cawley Cawley Partners PRESIDENT & CEO Linda McMahon VICE PRESIDENT, LEADERSHIP & CULTURE Holland Morris CFO Carla Brandt

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SUMMER 2019


CENTER STAGE IN THE ARTS DISTRICT SINCE 1985.

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UPFRONT QUINCY PRESTON Publisher Dallas-Fort Worth Real Estate Review

A letter from the Publisher

Uber is one of the biggest names in tech and transportation, and in this issue you’ll find out how it’s also becoming one of the most notable names in Dallas-Fort Worth real estate. Best known for its rideshare app, Uber just made one of the biggest North Texas real estate announcements in recent years—that it would be taking a sizable amount of space at The Epic, a new mixed-use development on the eastern edge of downtown Dallas in Deep Ellum. Uber is bringing 3,000 jobs to The Epic with a move that will happen in two phases and take a couple of years to complete. You’ll get more details on Uber’s new hub in our feature on site selection and how deals get done, beginning on Page 26. Uber also is becoming a leader in futuristic air travel in Dallas-Fort Worth and the world. Our Innovation feature on the aviation and aerospace industry in North Texas begins on Page 54. We tell you about how aviation’s local roots date back to World War I, sprouted with the growth of commercial air travel, and went into full bloom with North Texas’ major role in building military aircraft from World War II to the present. Now, companies such as Uber Elevate and its fleet of air taxis plan to lead Dallas-Fort Worth into the future as one of three launch markets in the world for Uber Elevate. In chemistry, a catalyst is something that instigates or speeds up a chemical reaction. In real estate, a catalyst site is a place that could change the trajectory of an entire region. Brandon Call takes a deep dive into where those catalyst sites are in North Texas and what potential impact they could have, beginning on Page 38. Yes, you’ll find Uber’s Deep Ellum home among them. Our Anatomy of the Deal feature, beginning on Page 46, tells us how The Monarch, a mixed-use development in Allen, is inspired by nature and designed to remain relevant 100 years from now. The 10-million-square-foot Howard Hughes project is located on one of the largest undeveloped parcels of land at a major intersection in the region, U.S. Highway 75 and State Highway 121. Of course, you’ll find our usual features, such as the region’s biggest lease transactions in Scorecard, beginning on Page 22, and the latest in North Texas construction, beginning on Page 17. You can find extended content on our website, www.dfwrealestate.com, and in our Facebook feed. We enjoy hearing from you, so stay in touch.

Quincy Curé Preston Publisher

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SUMMER 2019


A

TEXAS DESTINATION FOR

Keri Samford, Executive Director of Development 972.624.3127 • edc@thecolonytx.org • www.TheColonyEDC.org


FOUNDATIONS

A baseline for the region’s future

MULTIFAMILY

INDUSTRIAL

DALLAS-FORT WORTH LEADS THE NATION IN NEW APARTMENT CONSTRUCTION Dallas-Fort Worth continues to show real strength in the multifamily sector, according to a couple of new reports from industry experts. Driven by strong employment and the resulting migration into the area, DFW continues to rank as the nation’s No. 1 market for new apartments, according to a new report from RealPage. And, as the number of apartments appears to grow for the foreseeable future, apartment rents in Dallas-Fort Worth are growing at less than the national average, with local renters seeing a slight increase in what they pay on average for a place to live in July, according to a new study by Yardi Systems Inc. Nationwide apartment rents rose 3.4 percent in July from a year ago. Dallas-area rents were

APARTMENT UNITS CURRENTLY UNDER CONSTRUCTION IN DFW

43,941 up 3 percent year over year, the report says. “Multifamily rents continued their impressive and consistent performance, increasing by $3 in July to $1,469,” Yardi analysts say in the nationwide report. “Metros known for their concentrations of technology industries—Boston, Portland, and Seattle—have had the fastest-growing rents in recent months.”

Yardi says its analysts forecast that Dallas-area apartment rents will increase 3.3 percent in the coming year. Elsewhere in Texas, apartment rents in Austin rose 4.6 percent in the last year, while rents in Houston grew by a mere 0.8 percent. In its new report, RealPage says that developers are expected to add another 19,632 new apartment units in North Texas. In 2020, 24,309 additional rental units are scheduled for completion, according to the forecast by RealPage. In DFW, more than 43,000 apartments are under construction—the most of any U.S. metro area, RealPage says. The Washington, D.C., metro is No. 2 with about 29,000 apartments on the way. —Lance Murray

INDUSTRIAL VACANCY RATES REMAIN NEAR ALL-TIME LOW Vacancy rates in the Dallas-Fort Worth industrial real estate sector remain near all-time lows, keeping the sector forging ahead, according to a research snapshot from real estate firm JLL. In the shapshot, Walter Bialas, vice president of research at JLL, says that small, medium, and large companies are looking for space to take advantage of the region’s growing status as a logistics hub. JLL says that average vacancy has fluctuated slightly, depending on quarterly deliveries. It stood at close to an historic low of 7 percent as of the second quarter. Good space in popular locations is hard to find, with fi ve of DallasFort Worth’s submarkets having vacancy rates below 6 percent: Greater Southwest | Arlington, South Fort Worth, East Dallas, Northwest Dallas, and South Stemmons, Bialas says. —LM

DATA CENTERS

DFW’S DATA CENTER MARKET SHOWS NO SIGN OF SLOWING DOWN Dallas-Fort Worth has assumed a position near the top of the data center industry nationally, and a new CBRE study indicates that will continue into the future. The wholesale colocation market in Dallas-Fort Worth is as competitive as its ever been, says CBRE, which noted 17 facilities in DFW having at least 1 MW of available vacant capacity. Dallas is one of the nation’s Top 3 Data Center markets, and CBRE said the region has a lull in the first half of 2019, with colocation supply at an alltime high and demand lagging development. Tenants will find the competitiveness of the DFW market as good news, whether it is an enterprise requirement looking for a state-of-theart, hybrid environment or a hyperscale cloud provider seeking

DATA CENTER MARKET AT A GLANCE INVENTORY

479 MW (M16 MW)

NET ABSORPTION

UNDER CONSTRUCTION

OVERALL VACANCY

11.2 MW

34.6 MW (q2.8 MW)

28.1%

speed to market, CBRE says. Dallas-Fort Worth’s data center providers off er many options, and users are leveraging competitive supply to achieve attractive pricing and deal terms, CBRE says. And, userowned data center construction is still driving separate supply in the market with a Fortune 500 bank delivering a new facility in north Fort Worth, and tech giant Google breaking ground on its $600 million data center in Midlothian.

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While no new buildings were delivered in North Texas in the first half of the year, CBRE says that QTS, Stream, and Equinix are under construction with campus expansions. CBRE says the longterm planned pipeline of data center construction exceeds 400 MW for DFW, not including those under construction. CBRE reports that tenant activity picked up slightly near the end of the second quarter, but that the median deal size is well below 1 MW and is driven mostly

CLASS A WHOLESALE VACANCY

49.8 MW (16%)

WHOLESALE RENTAL RATES

$95-$125/kW + E SOURCE: CBRE

by local enterprise activity. Dallas continues to be a top tier market from a data center investment standpoint as well, CBRE says. It’s a target market for acquisitions via sale leaseback, where users sell owned data centers, convert them into a lease structure and continue operating the centers. Drivers for the Dallas-Fort Worth market include low power costs, abundant fiber connectivity, and attractive tax incentives. —LM

SUMMER 2019


F FOUNDATIONS RETAIL

TECH

There may be significant changes in real estate for purveyors of food and beverage in Dallas-Fort Worth and the nation, according to a CBRE analysis of consumer spending and demographic patterns that was recently released. What will affect real estate for the U.S. restaurants and grocery industries? A greater push for convenient, prepared foods; a rise in the influence of millennials; and emerging inner-ring suburbs, CBRE says in the first part of its multipart Food In Demand series. Those industries in the food-and-beverage sector will undergo rapid evolution because of demographic shifts, economic factors, and automation. Millennials are on track to be the biggest spenders at grocery stores and restaurants within the next 10 years, CBRE says. “The food-and-beverage category claims nearly 25 percent of retail sales in the U.S., and few other sectors have expanded their presence in shopping centers as quickly as restaurants and grocery stores,” Melina Cordero, CBRE Global Head of Retail Research, says. “But this sector is just as susceptible as others to sweeping demographic changes, which we’ll see influence

real estate through formats such as grocery-restaurant combinations, more kitchenonly outlets and delivery services.” CBRE’s predictions include: Neighborhoods on the edge of the urban core will become even hotter food and beverage destinations. Densification is occurring in inner-ring suburbs, and in turn, restaurants, bars, and grocery stores are ideal anchors for mixeduse developments in these neighborhoods, serving as gathering points for residents and employees alike. Millennials dedicate the highest percentage of their income to food and drink, but don’t spend as much as previous generations did when they were 25 to 35. As they earn more, they will spend more. And, restaurant spending has now surpassed grocery store spending—likely because consumers, especially millennials, want to spend less time cooking, CBRE reports. Consumers seem willing to pay a premium for the convenience of prepared food. Restaurants and grocers are ramping up their catering both in stores and online, as well as investing in new tech to keep costs down, CBRE says. —LM

COWORKING

NEW AND NEXT COWORKING SPACES FORMATION

Inside the Cowboys World Headquarters campus at The Star in Frisco

VENTURE X

New 30,000 SF location to open early 2020 at Offices at The Realm, Lewisville

KINGS CLUB

Dallas High School building in Downtown Dallas has been transformed into a collaborative space for business-minded creatives

WEWORK

New locations: > NorthPark Central tower in North Dallas > Weir’s Plaza in the Knox Henderson neighborhood of Dallas > Legacy Business Park in Plano

SPACES

173,395 SF of new coworking space in the region over the next six months, including The Epic in Deep Ellum and three locations in Plano.

SUMMER 2019

PHOTO: RACHEL WALTERS

RAPID CHANGE AHEAD FOR THE FOOD-AND-BEVERAGE SECTOR

ESPORTS SET TO CHANGE THE LANDSCAPE OF THE REGION From large stadiums to repurposed mall spaces, esports is having a pronounced eff ect on real estate in North Texas and the nation. Its eff ect on placemaking is a plugged in, future-forward look at real estate as young gamers turn to more outlets for their passion. The Wall Street Journal recently reported that real estate owners are turning to esports arcades, lounges, and stadiums as a way to breathe new life into hotels, malls, and a variety of other properties. The Journal cited Esports Stadium Arlington as a prime example. Complexity Gaming’s move to The Star in Frisco is another. Esports Stadium Arlington is a $10 million, 100,000-square-foot esports stadium described as the “largest gaming and esports events facility in North America.” Located in Arlington’s entertainment district, the stadium—the redeveloped half of the city’s convention center—hosted FACEIT’s Esports Championship Series 6 Finals in November. The stadium was designed by architectural firm Populous. “We applied 35 years of creating event venues to bring Esports Stadium Arlington to life, and it will undoubtedly be the place where people will love to gather for esports events,” Brian Mirakian, senior principal at Populous, says. “The energy in the venue, being able to feel the excitement and pulse of the game, and having the ability to powerfully connect players and fans signifies a new era for esports.” Arlington city officials embrace esports as a way to help grow the city: “Arlington is always on the forefront of economic development

trends and opportunities,” Arlington Mayor Jeff Williams says. “With Esports Stadium Arlington, we have positioned ourselves as both a national and international leader in the emerging esports industry. I can’t wait for people to see this state-of-the-art facility— the largest and most-flexible esports stadium in the country. The opportunity to provide jobs combined with growing tourism is phenomenal.” Complexity Gaming, one of the most elite and the longest-standing esports organization in the nation, opened the GameStop Performance Center at Frisco’s The Star in May. It’s an 11,000-square-foot esports facility with all the swagger of being at the world headquarters of the Dallas Cowboys. Complexity founder and CEO Jason Lake says the move was made to further the team’s vision to professionalize esports. “We are creating a world-class facility that will engage fans both in person and online, and positively impact the entire industry for decades to come,” he says. Urban Land Institute recently called the esports phenomenon a burgeoning industry—one that needs more places where competitors can watch and play competitions, and where company events can be held. Even universities, such as the University of North Texas, have rededicated campus space to the pursuit of esports. As esports grows across North Texas and the nation, watch for even more locations to rise and take root in the Dallas-Fort Worth real estate landscape. —LM

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B BUILDING TOMORROW TOGETHER

REGIONAL MATTERS In a recent meeting with a visiting company, one of the hosts described Dallas-Fort Worth as “a giant community grouped into smaller communities.” Each community is unique,

but residents also use the same airports, drive the same roads, and attend the same sporting events. We at the Dallas Regional Chamber know this to be one of our greatest strengths. Companies often start by examining the full region when considering a move here. Our corporate recruitment efforts are most successful when our approach is regional. For our customers—the visiting corporations—regional matters. When interested companies or their consultants visit, they are surprised by the sheer size of the Dallas-Fort Worth region and the options available for location and for their employees. This includes hundreds of communities across the 20 counties that the DRC supports in economic development.

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ILLUSTRATION: MICHAEL SAMPLES

Taking the full region into consideration gives companies confidence about our assets, including a strong workforce. About 73 percent of the region’s 7.4 million residents are working age. Dallas-Fort Worth ranks at the top for job growth, adding more than 100,000 jobs annually, on average. The Dallas region consistently ranks as a top U.S. metropolitan area by both actual job growth and percentage growth each year. In May 2019, our region posted the second-highest percent BY MIKE ROSA growth in employment among the 12 largest SENIOR VICE PRESIDENT, U.S. metros. ECONOMIC DEVELOPMENT, DALLAS REGIONAL CHAMBER It is no surprise, then, that real estate and site consultants are showing interest in Dallas-Fort Worth. While the DRC is promoting the region, we are also working with city economic development teams across the region—our allies. A quick check of our project files reveals that, in the past three years, 55 cities in the region were considered at least once by inbound companies with whom we worked. The cities that have participated in our projects are located in all parts and corners of the region, not just in the geographic heart of Dallas-Fort

SUMMER 2019


B BUILDING TOMORROW TOGETHER Worth. Such a high level of engagement by regional cities in DRC projects is a testament to their professionalism and ability to market their cities effectively. Cities in the region are well-represented by outstanding economic development professionals, and through our ongoing collaboration, we put the region’s best foot forward, together. Responding to inbound opportunities is just one of the ways we work to attract companies and jobs to the area. We also travel and market together as a regional team. The DFW Marketing Team, whose members include all cities in the region with economic development offices, plans and takes multiple domestic trips each year. Over the past five years, 30 regional cities have joined us on these trips to meet with site consultants, national brokers, and companies. From a branding perspective, people both inside and outside Dallas-Fort Worth understand that this is a region of incredible opportunity. From our central location and great quality of life to our growing talent base, the region can compete at the highest level. When we collaborate to win deals and elevate the brand of the region, we all win, no matter which city gets the prize.

WANT TO LEARN MORE ABOUT HOW TO GET INVOLVED IN BUILDING TOMORROW TOGETHER?

Contact Mike Rosa, Senior Vice President, Economic Development, Dallas Regional Chamber 214-746-6735 | mrosa@dallaschamber.org

BUILDING TOMORROW TOGETHER The Dallas Regional Chamber’s economic development program, Building Tomorrow Together, provides organizations in DallasFort Worth with an accelerated investment opportunity that helps advance our region’s success. This additional investment made by more than 130 organizations, in addition to annual chamber membership dues, allows organizations to increase their support of our efforts to further economic prosperity throughout the region. This initiative funds efforts related to direct contact with corporations and location consultants examining the DFW region.

Giving Gala

Build The City You've Imagined Help TREC Foundation celebrate 25 years of good works in the Dallas community and support the Dallas Catalyst Project

Entertainment from award-winning singer-songwriter Phil Vassar Thursday, October 24 • 6:00 p.m. • Hilton Anatole Sculpture Park

Imagine. Empower. Impact. SUMMER 2019

Tickets, tables, and sponsorships are now available. RECOUNCIL.COM 214.692.3600: PHONE 3100 McKinnon Street No. 1150, Dallas, TX 75201 D A L L A S - F O R T W O R T H R E A L E S TAT E R E V I E W / 1 3


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BY LANCE MURRAY

CONSTRUCTION HAS BEGUN ON VICTORY COMMONS NEAR AMERICAN AIRLINES CENTER.

RENDERING: HILLWOOD

Rising costs of materials and the availability of labor are having an impact on construction in North Texas, regardless of sector. In the office sector, architects and developers are striving to meet the challenge of producing quality projects amid an intense pace and pressure to deliver, says Jo Staffelbach Heinz, of DLR Group | Staffelbach. And with an election year looming in 2020, how will construction planning be affected? Maps for the office and industrial markets are provided by Transwestern. Data for the multifamily market is provided by Axiometrics, a RealPage company.

THE CRANE REPORT

Summer 2019

ON-TH E-G RO U N D I N SI G H TS

OFFICE

JO STAFFELBACH HEINZ

INDUSTRIAL

BRAD BLANKENSHIP

Principal | Regional Workplace Leader DLR Group | Staffelbach

Executive Managing Director of Project and Development Services, Cushman & Wakefield Dallas

“Change is extensive! Office design is adapting to the evolving methods of working, new jobs, new industries and technology. Increased demand for construction materials and the availability and cost of labor has raised prices and expanded lead times. Quality remains challenging to obtain with the intense pace and pressure to deliver.”

“We expect the escalation of construction costs to peak and begin to moderate, similar to standard inflationary increases. Labor constraints will continue to be the primary limiting construction factor in stretching out this growth cycle. With an election year approaching, we will probably see some brake-tapping on project launches while the world waits to see what happens.”

SUMMER 2019

MULTIFAMILY

CALEB MCCOY

JOHN ORFIELD

Senior Associate, JLL

“The overall rising cost of delivery is the biggest trend. Tight labor, increased construction and material costs, along with elevated land prices are driving up overall project costs that are creating significant challenges to reach return thresholds by institutional owners/developers.”

LEED AP, Partner, BOKA Powell

“Apartment dwellers want access to urban amenities that enhance their quality of life. Scooters, bikes, and ridesharing apps make travel simpler. Since cars are less important, developers are weighing options for future repurposing of structured parking. They are also favoring more affordable single-bed units, including micro units of 300 to 450 square feet.”

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THE CRANE REPORT:

OFFICE

RAYZOR RANCH MEDICAL PARK

DUCHESS OFFICE PARK

ANNOUNCED + UNDER CONSTRUCTION

RIVER WALK MEDICAL PARK IV

ANNOUNCED DEVELOPMENTS 1

RIVER WALK MEDICAL PARK IV LAKESIDE CROSSING

VICTORY COMMONS

SIZE: 365,000 square feet LOCATION: Victory Park, Dallas DEVELOPERS: Hillwood Urban, USAA Real Estate DETAILS: Construction has begun on this 15-story building on Victory Avenue across from the American Airlines Center arena. It’s next door to DART’s Victory Park commuter rail station and a new one-acre public plaza. Dallas-based architect BOKA Powell designed the project.

DIAMOND CLUB AT WILLOW SPRINGS

6

STONEGLEN OFFICE BUILDING

CHARLES SCHWAB CORPORATE CAMPUS

CHAPEL PHASE 1 CROSSING KRIYA OFFICE BUIDLING CARILLON COURT SOUTHLAKE MEDICAL OFFICES

THE TRAD HEADQUA FREEPOR COMMON

THE BRAUN ON BELT LINE

HILLWOOD COMMONS II

LAS COLINAS CORPORATE CENTER III USCIS BUILDING AMERICAN AIRLINES CORPORATE CAMPUS VIRIDIAN TOWN CENTER BUILDING I

THE OFFICES AT HAMPDEN WOODS

THE OAKS AT WEATHERFORD FAIRWAY CENTRE

SHOPS AT HUDSON OAKS

BROOKHOLLOW COMMONS II

MUSEUM PLACE III

LOCKE TRIANGLE

WATERSIDE 107-113 LARSON LANE

OVERTON CENTRE TOWER III

CHISHOLM TRAIL PROFESSIONAL PLAZA

CHISHOLM TRAIL PROFESSIONAL CENTER

2

BARDIN ROAD CENTER PHASE II

WADDELL EXCAVATING

MANSFIELD WEBB AND LAFRONTERA TRAIL

BROAD STREET PLAZA

MANSFIELD MEDICAL OFFICE

KEURIG DR PEPPER

SIZE: 350,000 square feet LOCATION: The Star in Frisco DETAILS: The beverage company has broken ground on its new headquarters building in Frisco, after announcing in February that it’s relocating the company from Plano. The new headquarters will be ready to occupy in 2021 and will serve as one of two company headquarters. The other is in Burlington, Massachusetts.

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3

WEIR’S PLAZA

SIZE: 250,000 square feet LOCATION: Dallas DEVELOPER: Four Rivers Capital DETAILS: The mixed-use retail and office development in the Knox-Henderson area already has signed the law firm Kirkland & Ellis as its anchor tenant on the top three floors, and coworking company WeWork has taken three other floors. The retail component will be anchored by a Weir’s Furniture store.

SUMMER 2019


UNDER CONSTRUCTION 380 COMMONS PLAYFUL CORP HEADQUARTERS COBB FARM WEST OFFICE PARK FRISCO MEDICAL ELDORADO PAVILION STONEBRIDGE OFFICE CONDOS MEDICAL CONDOS FAIRVIEW LEGACY MCKINNEY RANCH EXECUTIVE VILLAGE PROFESSIONAL CENTER PARK STONEBROOK MONARCH STEWART CREEK CITY OFFICE OFFICE CENTER V INDEPENDENCE PKWY ALLEN MEDICAL OFFICE BUILDING WADE PARK ANGEL & OFFICE/RETAIL ALLEN PLACE NATIONAL EXCHANGE THE MEDICAL CENTER STAR MUSTANG ALLEN DUKE BRIDGES V WATTERS SQUARE & MAIN CREEK STONEBRIAR NORTH COMMONS LEGACY 1000 CENTRAL AT PRESTON PARC II WATTERS CREEK CENTRE PLAZA AT THE COLONY LEGACY BUSINESS PARK CHASE OAKS PROFESSIONAL CONDOS PLAZA THE REALM AT LEGACY PARK C CASTLE HILLS LEGACY WINDHAVEN TWO LEGACY CENTRAL 5 PLACE ONE WEST THE OFFICES AT WILLOW BEND CROWN INTERNATIONAL CENTRE BUSINESS PARK HERITAGE CREEKSIDE TOWERS

4

2

7 6

OAKBEND CENTRE

NORTH DALLAS MEDICAL CENTER PHASE II

THE RIDGE AT 121 TRINITY MILLS BENT TREE URBAN VILLAGE AT THE DE GROUP PARKWAY ARTERS RT NS POINT THE INWOOD FOUR WEST II LINCOLN AT ALPHA WEST CENTRE

HIDDEN RIDGE

WEST LOVE BAYLOR SCOTT & WHITE MEDICAL CENTER MOB III

THE DESIGN DISTRICT TOWER PARKLAND KNIGHT

5 1

GATEWAY OFFICE TOWER THE UNION

3

QUADRANGLE

6

LEGACY IN PLANO

7

TWO LEGACY WEST

THE DISTRICT

N PLANO RD & ARAPAHOE

VILLAGE ON THE PARKWAY

INFINITE PROSPECTS MIDTOWN MEDICAL TOWER OFFICE TOWER IN THE GLEN AT PRESTON HOLLOW HILLTOP PLAZA

THREE HICKORY CENTRE PIONEER NATURAL RESOURCES

7 CITYLINE

THE POINTS THE GRID AT WATERVIEW

5

SIZE: 335,000 square feet LOCATION: Uptown Dallas DEVELOPER: Stream Realty DETAILS: Stream plans to add a new 12-story office tower at the north end of the existing Quadrangle site, home to an 8-story structure, Theater Three, and existing retail space. The new structure will include additional retail space, too. Omniplan is the architect on the project. Construction is set to begin in the middle of next year, and the tower is expected to be ready for tenants by 2022.

KE ANDREWS

PHASE ONE OFFICE CONVERSION

OGH MEDICAL CENTRE ROWLETT

MEADOW GREEN MEDICAL CENTER

SWC SH 205 & FM 549

BOOKMARK CENTER

WEIR’S PLAZA

THE FAIRMOUNT BUILDING BAYLOR, SCOTT & WHITE HEALTH THE EPIC DEEP ELLUM THE DREVER

PHYSICIANS SPECIALTY CENTER SUNNYVALE MEDICAL CENTER

SOLA ON LAMAR DAVIS STREET MARKET OFFICE PARK

REDBIRD OFFICE

● ANNOUNCED ● UNDER CONSTRUCTION MAP COURTESY OF TRANSWESTERN

4

ONE BETHANY WEST

SIZE: 200,000 square feet LOCATION: Allen DEVELOPER: Kaizen Development Partners DETAILS: Kaizen Development Partners has broken ground on its 200,000-square-foot, 8-story office building in Allen. Known as One Bethany West, the building is designed by BOKA Powell, with Balfour Beatty serving as general contractor. Completion is expected in 2020.

SUMMER 2019

SIZE: 300,000 square feet LOCATION: Legacy business park in Plano DEVELOPER: Cawley Partners DETAILS: The 15-story high-rise on Legacy Drive will be on a 100-acre mixeduse site in the Campus at Legacy West development, a part of the old J.C. Penney headquarters site.

SIZE: 300,000 square feet LOCATION: Plano DEVELOPER: Gaedecke DETAILS: The 16-story, 300,000-squarefoot office building will be constucted next to Gaedecke’s first-phase building, which has such tenants as NTT Data, coworking firm Venture X, Softweb Solutions Inc., and Tokio Marine Holdings.

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US 380 BUSINESS PARK BLDGS 3-5

TYSON FOODS

THE CRANE REPORT:

INDUSTRIAL

GATEWAY BUSINESS PARK AIP EAGLE COURT

ANNOUNCED + UNDER CONSTRUCTION

SPEEDWAY LOGISTICS CROSSING ALLIANCE NORTHPORT ALLIANCE CENTER NORTH 3

3 1

ANNOUNCED PROJECTS

WESTPORT 11

DFW NORTH IV

NORTH PORT 4

LAKESIDE RANCH 1001

WESTPORT LOGISTICS

1

ALLIANCETEXAS

SIZE: 1.3 million square feet LOCATION: Fort Worth and Northlake DEVELOPER: Hillwood DETAILS: The developer will build two new spec industrial buildings totaling approximately 1.3 million square feet in the AllianceTexas development in Denton County. Alliance Center North 7 will have 810,908 square feet of space in Fort Worth, and Alliance Northport 2 will have 459,762 square feet in Northlake. Construction will start in September, with with completion scheduled for mid-2020.

MUSTANG PARK

LOG CE

FOSSIL CREEK BLVD PHASE II INTERNATIONAL AVIATION COMPOSITES

PASSP

PEDREGAL

PARC NORTH

PAK QUALITY FOODS

OAKDALE LOGISTICS CENT

MARK IV COMMERCE PARK

H

GENERAL MOTORS ASSEMBLY PLANT EXPANSION

GSW 77

HO

360 COMMERCE PARK

CHAMPIONS BUSINESS PARK

PARK TWENTY THREE-SIXTY

MARKUM BUSINESS PARK

FIRST ARLINGTON COMMERCE CENTER III

5 MOUSER ELECTRONICS EXPANSION

2

● ANNOUNCED ● UNDER CONSTRUCTION

MCKINNEY LOGISTICS CENTER

SIZE: 1 million square feet LOCATION: McKinney DEVELOPER: Core5 Industrial Partners DETAILS: The Atlanta-based developer plans the industrial park to have four buildings on 65 acres. The buildings will range from roughly 130,000 to 385,000 square feet of space, according to filings with the city. The first 129,914-squarefoot building is expected to be ready in the middle of next year.

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KLEIN TOOLS EXPANSION

#12 LONG HORN

MIDLOTHIAN BUSINESS PARK 1

MAP COURTESY OF TRANSWESTERN

UNDER CONSTRUCTION 4

3

STANLEY BLACK & DECKER

SIZE: 1.2 million square feet LOCATION: Northlake DEVELOPER: Hillwood Properties DETAILS: The new facility will serve as a regional distribution hub for the tool manufacturer and will bring 300 new jobs to North Fort Worth in the AllianceTexas development owned by Ross Perot Jr.’s Hillwood. The building is near Fort Worth Alliance Airport, the BNSF Railway Alliance Intermodal Facility, FedEx Express Southwest Regional Hub, and the UPS and FedEx ground shipping centers. Completion is expected by the end of the year.

THRIFTBOOKS

SIZE: 178,000 square feet LOCATION: Dallas DETAILS: The largest reseller of used books online is tripling the size of its Dallas fulfillment center, with officials saying the bigger facility and new automation will allow it to process 50 million books a year in Dallas.

SUMMER 2019

FIRS DIS


COWBOYS MERCHANDISING DISTRIBUTION CENTER

2

MCKINNEY INDUSTRIAL CENTER

GARAGES OF TEXAS AT FRISCO CYRUSONE PHASE II & III

FIRST PARK 121

DFW VII DATA CENTER PHASE I

DIGITAL REALTY

VALWOOD CROSSROADS

NUTRIBIOTECH

GISTICS ENTER

CORE LOGISTICS CENTER HORIZON BUSINESS CENTER BUILD TO SUIT

PORT PARK SOHCO LAKESIDE VILLAGE III

TER

GRAND LAKES COMMERCE CENTER EXETER BUCKNER

WILDLIFE BLDGS 7-11

GOODYEAR DISTRIBUTION CENTER

4

HOME DEPOT

GOODYEAR TIRE & RUBBER CO DISTRIBUTION CENTER

OME DEPOT 2

STEELWAY INTERNATIONAL INC

LIBERTY PARK MOUNTAIN CREEK

POINTSOUTH SOUTHFIELD PARK 35

ST MOUNTAIN CREEK STRIBUTION CENTER

FIRST 20/35 LOGISTICS CENTER

SOUTHLINK II

MELTON TRUCK LINES

VISTAPRINT STONERIDGE

SUNRIDGE BUSINESS DUKE INTERMODAL III PARK TEXPORT LOGISTICS CENTER DALPORT TRADE CENTER CORE5 LOGISTICS CENTER AT BONNIE VIEW OLLIE'S

MIDPOINT LOGISTICS CENTER

DFW INLAND PORT I & II

DATA SOURCE: REAL ESTATE REVIEW RESEARCH / DALLAS REGIONAL CHAMBER / VARIOUS REAL ESTATE

5

CARTER DISTRIBUTION CENTER

SIZE: 1 million+ square feet LOCATION: South Fort Worth DEVELOPERS: Crow Holdings Capital Real Estate and Rob Riner Cos. DETAILS: Construction is underway on the project at Joel East and Oak Grove Road. The companies are building a 394,000 square-foot, a 294,000-square-foot and two 187,000-square-foot buildings on the the site. Construction began in the first quarter of 2019. Holt Lunsford Fort Worth is handling the leasing.

SUMMER 2019

D A L L A S - F O R T W O R T H R E A L E S TAT E R E V I E W / 1 9


THE CRANE REPORT:

PALLADIUM DENTON

MULTIFAMILY

DISCOVERY PARK

THE MAJESTIC ON M

LIVE OAK 13 UNDERWOOD

ANNOUNCED + UNDER CONSTRUCTION

MILLENN OXFORD AT LAKE VIEW

ANNOUNCED DEVELOPMENTS

ALTA CHAMPIONS CIRCLE

● ANNOUNCED ● UNDER CONSTRUCTION

1 THE REALM AT CASTLE HILLS, PHASE II

THE BYRON

SIZE: 312 units LOCATION: Lewisville DEVELOPER: Bright Realty DETAILS: This expansion is the second phase of the current 423-unit Discover at The Realm, a multifamily complex underway in the mixed-use community that includes office, retail, entertainment, single-family, multifamily, and condos. This phase will feature two four-story over podium buildings with high-end amenities.

TH JEFFERSON SILVERLAKE ENCLAVE AT THE PARK TACARA VILLAGE THE PRESERVE AT ELAN THE LANDING AT CROSS CREEK

CORTLAND RIVERSIDE

GRAND ON BEACH

THE MILLENNIUM AT HOMETOWN

TRINITY UNION

PROVISION AT NORTH VALENTINE

THE VIEW OF FORT WORTH I THE UNION AT RIVER EAST I

THE PRESIDIO AT RIVER EAST JEFFERSON RIVER EAST ENCORE PANTHER ISLAND 311 NICHOLS STREET MAGNOLIA

THE PALMER

SIENNA HILLS PALLADIUM

ELAN CROCKETT ROW ALEXAN SUMMIT ROSEDALE

RIVERSIDE PLACE

MAGNOLIA AT UNIVERSITY HEIGHTS ALTA WATERSIDE

2

ALTA 289

UNITS: 288 units LOCATION: Plano DEVELOPER: Wood Partners DETAILS: The development is located at 7950 Preston Road and is Wood Partners’ second development in the Plano area in the past five years. The development is near State Highway 121 and Dallas North Tollway.

THE TERRACE

THE QUADRANGLES ON TWENTY

TAVOLO PARK THE DYLAN AURA 3FIFTY-ONE

MANSIONS LAKE RIDG

THE TRAILS AT SUMMER CREEK

DATA SOURCE: REALPAGE

3

4302 ROSS AVE.

SIZE: 240 units LOCATION: Dallas DEVELOPER: Pollack Shores Real Estate Group of Atlanta DETAILS: The developer was to break ground in July on the apartment community just east of downtown Dallas on a site that was previously vacant automotive sales lots. The complex is expected to open in early 2021.

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AVILLA HERITAG

M

SUMMER 2019


PROVISIONS AT MELISSA

UNDER CONSTRUCTION 5

MCKINNEY THE CLIFFS AT RIDGE CREEK

NEWMAN VILLAGE EDISON ADLEY AT AT FRISCO THE CRAIG RANCH CANTERRA

NIUM PLACE

THE KILBY THE ATHERTON 7005 SOUTH DOMAIN AT CUSTER ROAD THE GATE

JEFFERSON AT THE GATE

5

2

MONTGOMERY RIDGE I

ALTA 289

LVL29

1

CITRON ALLEN STATION 729 JUNCTION DRIVE

CIRCA FRISCO

STAR HOUSE TOWER BAY LOFTS

LIVE GRANDSCAPE LAKEYARD DISTRICT

THE KINSTEAD

FOUNDRY

ALEXAN LEGACY CENTRAL I

THOUSAND OAKS AT STAG'S LEAP

1980 LENOX EAST TX-121 CASTLE BUSINESS HILLS

FRANKFORD STATION LOFTS

HE ASHER

CITYLINE PARK

ELAN AMLI ADDISON ADDISON GROVE

WATERWALK NORTHSIDE AT THE WOODLANDS

HARPERS BAY AT THE SOUND OLYMPUS ON MAIN MUSTANG STATION II

6

THE CAROLYN

EMBRY URBAN LOFTS

AURA BLUFFVIEW

SHOREVIEW

MAIN STREET VILLAGE

THE JEFFERSON WEST LOVE II HUDSON

JEFFERSON TEXAS PLAZA

HARMONY HILL II

THE FLORENCE AT THE HARBOR

PARK HERITAGE

SIZE: 300 luxury units LOCATION: Dallas DEVELOPERS: KDC, Toll Brothers Apartment Living, Seritage Growth Properties DETAILS: The luxury apartments will be part of a 21-acre, 2 million-square-foot mixed-use developent at the intersection of Preston Road and LBJ Freeway. It eventually will include 1.8 million square feet of office space inside two office towers in partnership with Seritage.

THE TOWERS AT BAYSIDE

THE CROSSING BROADSTONE COLE AVENUE

47 3

AMLI FOUNTAIN PLACE ALTA TRINITY GREEN MAGNOLIA OFF SYLVAN

ONE90 FIREWHEEL

THE MANSIONS AT BAYSIDE

MODERA DALLAS MIDTOWN ELAN THE DOMINION AT MERCER CROSSING INWOOD JEFFERSON PROMENADE JEFFERSON EASTSHORE

SEVENTY8 AND WESTGATE

JEFFERSON VANTAGE

SWITCHYARD

THE LUXE AT MERCER CROSSING

6

MORADA PLANO SOCIETY 190

HEBRON 121 STATION V

ECHELON AT THE SUMMIT II

SIZE: 373 units LOCATION: Frisco DEVELOPER: Lincoln Property Co. DETAILS: The project will feature one- and two-bedroom apartments. The complex will be at 3033 Ohio Drive, and the facility is expected to have a WeWork shared workspace.

SKYLINE TRINITY 727 ZANG LOFTS

FITZHUGH URBAN FLATS ENCORE SWISS AVENUE NOVEL DEEP ELLUM AMELIA AT FARMERS MARKET THE CROSBY

THE PARC AT WINDMILL FARMS

BISHOP NORTH

A GE

PRAIRIE GATE CLARK RIDGE CANYON

S AT GE

THE MARK AT MIDLOTHIAN I

ASPIRE AT PRESTON TRAIL

PALLADIUM GLENN HEIGHTS

4

7

KAIROI RESIDENTIAL

SIZE: TBA LOCATION: Dallas DEVELOPER: Kairoi Residential DETAILS: The San Antonio-based developer announced plans for a 12-story high-rise residential building on the former site of the Old Warsaw restaurant on Maple Avenue at Mahon Street. The site is next door to the The Crescent complex.

ALEXAN OAK GROVE

SIZE: 185 units LOCATION: Uptown Dallas THE MARK ON 287 DEVELOPER: Trammell Crow Residential PARK PLACE DETAILS: The 13-story, 185-unit high-rise tower is being built on Oak Grove Avenue near Hall Street. Units will range from 600 to 2,600 square feet.

SUMMER 2019

D A L L A S - F O R T W O R T H R E A L E S TAT E R E V I E W / 2 1


S SCORECARD

RIBBON COMMUNICATIONS INC. SIGNED A DEAL TO LEASE 107,000 SQUARE FEET OF OFFICE SPACE AT THE LEGACY CENTRAL CAMPUS IN PLANO.

SCORECARD

Summer 2019

The industrial and office sectors continue to see strong leasing demand with companies expanding in or entering the North Texas market. Small, medium, and large industrial properties are attractive, real estate experts say. “The industrial occupiers are focused not only on finding the right building, but making sure they’re in an area with a good labor pool so they can adequately staff the facility,” says George Curry, executive vice president of JLL. Maps are provided by CBRE. BY LANCE MURRAY

ON-T H E-G RO U N D I N SI G H TS

OFFICE

INDUSTRIAL

SHANNON BROWN

CHRIS JOYNER

GEORGE CURRY

BRETT OWENS

“The exponential growth of flexible space is the biggest trend I’m seeing. The longterm impact on investors offering direct space for lease is still unclear. Many landlords have a positive outlook and view flexible-space operators as partners who offer ‘plugand-play’ solutions for smaller users who could grow into larger space in the building.”

“The emergence of coworking space provided by landlords and third-party coworking providers has allowed corporate occupiers to plan their space utilization to higher occupancies. When there may be a demand beyond capacity, the overflow can be accommodated by the coworking spaces within the same building. This has put a higher premium on properties that provide coworking options.”

“Accessibility to quality labor is one of the biggest items influencing industrial leasing in North Texas. The industrial occupiers are focused not only on finding the right building, but making sure they’re in an area with a good labor pool so they can adequately staff the facility.”

“Strong consumer demand and new product deliveries will continue to fuel North Texas leasing activity in the second half of the year. The region’s consistent population growth will keep consumer demand high, while new deliveries are expected to top 30 million square feet in 2019.”

Senior Vice President, CBRE

Executive Vice President, Fischer

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Executive Vice President, JLL

Principal/Managing Director, Transwestern

SUMMER 2019


S SCORECARD

14014,684 SF 14,68542,252 SF 42,25388,520 SF

OFFICE LEASES

4

88,521205,000 SF 205,001535,731 SF

3

2

5

1

MAP COURTESY OF CBRE RESEARCH

LARGEST OFFICE LEASES

1

UBER TECHNOLOGIES INC.

SIZE: 618,000 square feet LOCATION: Dallas TENANT REPS: CBRE’s Phil Puckett, John Ellerman, and Harlan Davis LEASING AGENTS: CBRE’s Dennis Barnes, Tommy Nelson, and Ben Davis represented owner Westdale Real Estate Investment DETAILS: The transportation technology giant will take 90 percent of a second planned tower at The Epic mixed use development in Deep Ellum, totaling 450,000 square feet in Q4 of 2022. Prior to that, Uber will occupy 168,000 square feet in the existing Epic tower covering seven floors. It’s all part of a two-step, multi-year move-in process for Uber.

SUMMER 2019

2

TENET HEALTHCARE

SIZE: 372,000 square feet LOCATION: Dallas TENANT REPS: Younger Partners’ Kathy Permenter and Moody Younger LEASING AGENTS: Cushman & Wakefield’s Chris Taylor, Trey Smith, Matt Schendle, and Lauren Napper DETAILS: The hospital company will occupy the entire International Plaza I off the Dallas North Tollway in Dallas under a longterm lease, moving from its previous headquarters location in Fountain Place in downtown Dallas.

3

AMERICAN SPECIALTY HEALTH INC.

SIZE: 164,000 square feet LOCATION: Fort Worth TENANT REPS: Altschuler and Co.’s Jenny Schreiner and Jon Altschuler LEASING AGENTS: Hillwood’s Steve Aldrich and Ian Kinne DETAILS: The Indianabased healthcare company has leased space in the Heritage Commons office complex near Interstate 35W in the AllianceTexas development in North Fort Worth. MercedesBenz Financial Services previously occupied that office space before moving to a new building.

4

RIBBON COMMUNICATIONS INC.

SIZE: 107,000 square feet LOCATION: Plano TENANT REPS: CBRE’s Baron Aldrine, Steve Rigby, and Layne Mayfield LEASING AGENTS: Transwestern’s Nathan Durham and Duane Henley DETAILS: The cloud communications software firm signed a deal to lease 107,000 square feet of office space at the Legacy Central campus. The company will consolidate several DFW-area locations at the new space, as well as an on-site research and development lab and customer support center. Ribbon said it expects to move in early in 2020.

5

ORIX USA

SIZE: 100,000 square feet LOCATION: Dallas TENANT REPS: Colliers International’s Travis Ewert and Jihane Boury LEASING AGENTS: Stream Realty Partners DETAILS: The U.S. subsidiary of the Japanbased financial services firm Orix Corp., has signed a lease for 100,000 square feet of office space at Trammell Crow Center on Ross Avenue in the Museum District of downtown Dallas. Orix USA plans to move 300 workers there in 2020 from its current location at Comerica Bank Tower, less than a mile away.

D A L L A S - F O R T W O R T H R E A L E S TAT E R E V I E W / 2 3


S SCORECARD

INDUSTRIAL LEASES

1

4

3

5

520-67,860 SF 67,861176,000 SF 176,001362,670 SF

2

362,671920,275 SF 920,2762,307,591 SF

MAP COURTESY OF CBRE RESEARCH

LARGEST INDUSTRIAL LEASES

1

CALLAWAY GOLF CO.

SIZE: 783,465 square feet LOCATION: Fort Worth TENANT REP: CBRE’s Steve Berger DETAILS: The California-based sporting goods company is nearly quadrupling its national distribution center with a new warehouse lease for a speculative industrial building called Alliance Center North 3 on North Beach Street in the AllianceTexas development of North Fort Worth. The shipping hub will open early next year and reportedly will add a significant number of jobs.

3

2

UNITED NATURAL FOODS

SIZE: 589,870 square feet LOCATION: Lancaster TENANT REP: Savils LEASING AGENTS: CBRE’s Kacy Jones and John Hendricks DETAILS: The Providence, Rhode Island-based national distributor of natural, organic, and specialty foods has renewed and expanded its lease at Park 20/35 Building 2, at 2100 Danieldale Road in Lancaster.

EXPEDITORS INTERNATIONAL OF WASHINGTON INC.

SIZE: 180,000 square feet LOCATION: Irving TENANT REPS: Fischer & Co.’s Jeff Kernochan and David Ginther LEASING AGENT: Cushman & Wakefield’s Kurt Griffin, Nathan Orbin, and David Eseke DETAILS: The company leased the space in Liberty Park GSW North Building 2 at 951 Valley View Lane in Irving. Expeditors is a global logistics company based in Seattle.

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4

GULF RELAY

SIZE: 134,000 square feet LOCATION: Coppell TENANT REPS: JLL’s Chris Stout and Elizabeth Jones DETAILS: The logistics firm agreed to a 134,000-square-foot sublease at 330 South Royal Lane, where it is backfilling space vacated by Panasonic after it relocated some of its operations.

5

REHRIG PACIFIC CO.

SIZE: 127,000 square feet LOCATION: Dallas TENANT REP: JLL’s Craig Jones LEASING AGENT: Holt Lunsford Commercial’s Canon Shoults DETAILS: Rehrig Pacific renewed its lease at 613-625 Mockingbird Lane in Dallas. The company makes and delivers plastic pallets and containers serving the agriculture, bakery, beverage, dairy, and materials-handling industries. SUMMER 2019


FACTORY SIX•03 West End Innovation District

FOR LEASING INFORMATION 972.731.2300 FACTORYSIX03.COM

graniteprop.com


F FEATURE

HOW A DEAL GETS DONE BEHIND THE SCENES:

ILLUSTRATION: ANTONIOKHR VIA ISTOCK

HOW DALLAS-FORT WORTH REELS IN THE RELOCATION KEEPERS BY JIM FUQUAY

Year in and year out, the Dallas-Fort Worth region wins more than its fair share of corporate relocations and new corporate projects. Last year, the Dallas-Fort Worth metropolitan area ranked No. 2 in the nation for corporate investments in new and expanded facilities as compiled by Site Selection magazine. The year before, DFW ranked No. 3 in the magazine’s list—for decades a widely recognized scorecard for business activity. The year before that, DFW was No. 2. You get the picture. “They’re always in the Top 5,” Mark Arend, editor-in-chief at Site Selection, says of the DFW region. “Texas regularly wins in total projects, and a lot of those go to the big metropolitan areas.” The magazine’s list is based on data such

2 6 / D A L L A S - F O R T W O R T H R E A L E S TAT E R E V I E W

as total projects, dollar value, jobs, and three other criteria. The Dallas-Fort Worth metro area in 2018 racked up 207 qualifying projects. (To be counted, projects must be worth at least $1 million, add 20 jobs, or entail at least 20,000 square feet of headquarters, manufacturing, research, or logistics facilities. The magazine also tracks job growth and corporate retention.) How does the region maintain such a high ranking so consistently? Clearly, Texas is a world-beater when it comes to attracting business investment. The state regularly tops the Site Selection ranking of U.S. states. In the 10 years ending in 2018, Texas led all states with 6,415 projects that met the Site Selection criteria. But Houston, Austin, San Antonio, and other Texas cities also vie for new businesses, meaning DFW can’t rely only on the state’s powerhouse reputation. That’s where the Dallas Regional Chamber (DRC) comes into play. “When companies want to relocate to DFW, this organization can support that,” says Mike Rosa, the Dallas Regional Chamber’s senior vice president of economic development. Rosa heads a seven-person department that conducts local visits with companies and their location consultants, makes outreach trips around the United States and the world, and provides important regional data,

SPRING 2019


Texas regularly wins in total projects, and a lot of those go to the big metropolitan areas. — MARK AREND Editor in Chief, Site Selection

such as workforce availability, site availability, and municipal incentive programs, to keep DFW prominent on the relocation radar. At any particular time, the DRC is tracking two or three dozen corporate projects—either relocations or expansions—pertinent to the DFW area, Rosa says. “In a typical week, we will have at least one new project—either a company official or a consultant working on a project—where we are preparing to host and execute a visit. Some weeks we might have three or four,” he says. Additionally, the DRC typically fields 10 to 20 inquiries a week.

‘BUSINESS IS GOOD’ Corporate moves and expansions to the DFW area aren’t slowing down, either. The latest are Uber Technologies’ just-announced hub in Dallas, creating 3,000 jobs, Baswood’s announced headquarters relocation to Allen, bringing 40 corporate jobs, and Panoramic Doors’ announced relocation to Fort Worth, bringing 100 jobs with a new headquarters and manufacturing facility by 2020. The Panoramic Doors move was the 136th headquarters relocation to DFW since 2010, according to the DRC’s database. That’s just projects that have come to fruition. The DRC this year has engaged in about 40 projects, which already tops the total last year. “Business is good,” Rosa says. The DFW region will be hard-pressed to better its record for landing major relocations in 2018. For example: ■ McKesson Corp., a Fortune 500 pharmaceuticals distributor that is the nation’s sixth-largest company by revenues, in November said it was moving its headquarters to Irving’s Las Colinas from San Francisco. ■ Core-Mark Holding, a distributor for convenience stores and a Fortune 500 company, in September said it would move its headquarters to Westlake, also from San Francisco. ■ The PGA of America, which directs professional golfing, in December said it would move its headquarters to Frisco from Florida, a move accompanied by a planned 600-acre development of golf courses, a hotel, and office space. “Two Fortune 500 announcements in one year is fantastic,” Rosa says of the McKesson and Core-Mark moves, both of which involved long-term contacts by the Dallas Regional Chamber. “The DRC’s initial engagement with McKesson was in 2015 on a California marketing trip. We learned the company was evaluating its U.S. footprint, and that we’d likely have an opportunity to recruit a larger presence here,” he says. In 2016, after looking at multiple U.S. locations, McKesson picked Irving for a new regional hub, and ultimately its headquarters.

DRC’S FIRST CONTACT WITH CORE-MARK DATES TO 2014 “Our targeting research indicated Core-Mark might be a prime candidate for a headquarters move at some point,” Rosa says. “We kept in touch, meeting them twice while on California marketing trips.” Recruiting trips are a regular occurrence at the DRC. “Our goal is 15 activities this year,” Rosa says. That includes trips of DRC staff alone or together with city and state economic development officials. “We usually take between 10 and 15,” Rosa notes, adding that the number of the region’s cities that send their own representatives on those tours is surprising.

SPRING 2019

F FEATURE MARKET INSIGHT

STEVE EVERBACH President, Central Region, Colliers International Colliers has completed such corporate headquarters deals as CyrusOne, MCS (Mortgate Contracting Services), OneSource Virtual, and Zix Corp. WHAT’S THE NO. 1 DRIVER IN THE SITE SELECTION PROCESS? It depends on the industry, amount of client visits, desire for visibility in the market, competitors, where we are in the market cycle, etc. My top six drivers are below, and the order may vary based on each company’s unique needs—one reason you need a team of experienced, dedicated, and trusted real estate advisers. 1. TALENT RECRUITMENT – Locate where the people you want to hire want to be. 2. NEAR CLIENTS – If your clients visit you, locate where they want to go. 3. VISIBILITY AND PRESTIGE – Good neighborhood + Good building + Signage = Branding 4. NEAR TRANSPORTATION – Public, automobile, safe parking 5. NEAR AMENITIES – Vibrant neighborhood, fitness center, access to outdoors, food, shopping, etc. 6. MEETS BUDGET – Balance of all of the above to achieve financial goals. WHAT ROLE DOES A BROKER PLAY IN SITE SELECTION? (It’s) much more than basic market knowledge. A true adviser partners with their clients to first assess the business prior to drawing conclusions or making any real estate recommendations. This analysis includes an extensive study and understanding of the client’s business goals, financial situation, operational standards, and company culture. A process is then agreed upon to establish selection criteria and start ranking options. ONCE YOU’RE CONTACTED BY A CLIENT, IS THERE A TIMEFRAME FOR A SELECTION, OR DO MOST COMPANIES SEARCH UNTIL THEY FIND THE PERFECT SITE? It’s better to start as early as possible—two to four years before a move. Time = leverage. Having the proper time allows one to get a better real estate solution to help meet the business objectives. HOW COMPLEX ARE THESE TYPES OF DEALS VERSUS A NON-SITE SELECTION DEAL? Every client assignment today involves some component of site selection.

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EXAMPLES OF MAJOR HEADQUARTERS RELOCATIONS TO DALLAS-FORT WORTH SINCE 2010 Here’s a sample list of new corporate national or regional headquarters that moved to Dallas-Fort Worth since 2010. The year is when each company announced their relocation.

Executive Managing Director at Ginovus Indianapolis, Indiana

WHAT’S THE NO. 1 DRIVER IN THE SITE SELECTION PROCESS? Our clients are asking us to evaluate talent in a couple of ways. Absolutely, we are analyzing both educational attainment and training programs/ initiatives that yield skilled labor. Another critical factor that we evaluate is the amount of people currently working in a specific job classification in a market—this provides us with a strong indication of aptitude for skill sets and the overall availability of talent in a location. HOW DO YOU USUALLY BECOME INVOLVED IN A SITE SELECTION PROCESS FOR A COMPANY? Most often, companies hire us because of our work on behalf of other clients. Our team has developed a reputation for top quality analysis. WHAT’S THE FIRST QUESTION YOU ASK YOUR CLIENT? What are you trying to achieve by implementing this project? ARE SITE SELECTIONS USUALLY VERY COMPLEX, OR DO SOME COME TOGETHER EASILY? Projects are complex for many reasons. In the current environment, the competition for talent is intense, and as a result, the amount of labor market analysis associated with a project is more detailed and custom than in an economic slowdown/recession. In addition, the timeline associated with the process to select a site and then become operational has become shorter. This is partially driven by changes in customers wanting services and products immediately and partially driven by companies wanting to allocate operational risk across multiple geographies. IS THERE AN AVERAGE TIMEFRAME FOR A SITE SELECTION PROCESS? As time has moved forward, project timelines have become shorter and shorter. Most projects take about six months for us to complete our work before a company makes a decision. WHAT’S THE MOST SATISFYING PART OF YOUR JOB? Knowing that when a client decides to locate in a community and state, you know that people are getting jobs and the area is benefitting from capital investment.

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ORIGIN/DESTINATION

YEAR

PANORAMIC DOORS CORE-MARK INTERNATIONAL MCKESSON CORP. THE PGA OF AMERICA SMOOTHIE KING BOEING GLOBAL SERVICE COGNIZANT TECHNOLOGY SOLUTIONS JACOBS ENGINEERING GROUP OKI DATA AMERICAS FARMER BROS. CO. KUBOTA TRACTOR TOYOTA NORTH AMERICA CVE TECHNOLOGY ACTIVE NETWORK RAYTHEON SPACE & AIRBORNE SYSTEMS COPART INC. HMS HOLDINGS CORP.

Oceanside/Fort Worth San Francisco/Westlake San Francisco/Irving Palm Beach, Fla./Frisco Metairie, LA./Dallas Chicago/Plano Teaneck, N.J./Irving Pasadena, Calif./Dallas New Jersey/Irving Torrance, Calif./Northlake Torrance, Calif./Grapevine Various/Plano Riverdale, N.J./Allen San Diego/downtown Dallas El Segundo, Calif./McKinney Fairfield, Calif./Dallas New York City/Irving

2019 2018 2018 2018 2018 2017 2017 2016 2016 2015 2015 2014 2014 2014 2013 2011 2010

SOURCE: DALLAS REGIONAL CHAMBER

Larry Gigerich has worked on such prominent North Texas site selection projects as Charles Schwab’s campus in Westlake, Saleforce’s location in Uptown, Oracle’s office in Frisco, and United States Cold Storage’s and Genco’s distribution centers, both in Dallas.

COMPANY

“As we have taken our domestic marketing trips to California, Illinois, or elsewhere, 30 different regional cities have taken part in recent years,” Rosa says. In the same period, 55 different DFW cities have engaged in at least one DRC corporate recruitment project. For example, on its most recent international trip to Australia, DRC staffers traveled with the mayors of Dallas and Fort Worth, board members and officials of Dallas Fort Worth International Airport, and members of the Fort Worth Chamber of Commerce.

MAKING ‘REGIONAL’ MORE THAN JUST A NAME One thing that continues to surprise observers, Rosa says, is just how much of the DRC’s activities have a regional focus. But it’s an important part of DRC’s operations. Ray Perryman, the noted Waco economist who has built a career out of tracking business conditions and developments in Texas, says he has worked with the DRC frequently in past years and agrees with that broad approach. “One of the best things the Dallas Regional Chamber does is take the word ‘regional’ very seriously. In the current environment, it is often necessary to pull together resources and build alliances across a broad spectrum to attract the most desirable corporate locations. The DRC facilitates this process and enhances success for communities across the Metroplex,” Perryman says. Rosa says a regional approach of city, county, and state players—public and private—is the right way to succeed. “We don’t have an exclusive first ‘point of touch,’’’ he says. The organization added “Regional” to its name in 2008 as part of a branding campaign to distinguish itself as representing more interests than those within the city or county of Dallas. Potential corporate residents “can approach one organization” if they choose, Rosa says, or deal with multiple parties as they scout for new locations. Even when the DRC isn’t a first contact on a relocation, it’s still a player in the process, says Ron Patterson, who heads the Frisco Economic Development Corp., whose board is appointed by the city council of the fast-growing city in Collin and Denton counties. For example, Patterson says a Frisco resident long involved with

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ILLUSTRATION: ANTONIOKHR VIA ISTOCK

LARRY GIGERICH


the PGA got the ball rolling on the professional golf organization, but the Dallas Regional Chamber serves a big role in such moves. Whether first contact is through a city, the DRC, or the state, “the Dallas Regional Chamber becomes a clearinghouse. That allows the municipality to look for what a particular client is looking for. At the end of the day, you’ve got to be able to work together if it’s truly going to happen,” Patterson says. Imagine being a decision maker for a company looking for a new location for a headquarters or new facility. You’ve heard about Dallas-Fort Worth, but it’s a huge area. Where do you go after that? “Early on, we want them to include this region in their examination,” Rosa says. “They’ve got to buy the region first. We need them to say, ‘Yes! Dallas-Fort Worth, that will work for us.’ Then they can get down to the fine points. And there comes a point where there’s no better spokesperson for that city or building or development than its own officials.”

MEETING THE NEED FOR ONLINE DATA Rosa says that as internet resources have expanded, sometimes there’s no initial contact between a company considering a move and any local, county, or state economic development entity. The research is all done online. Rosa got an upclose look at this new world in March, when he attended the annual meeting of the Site Selection Guild in Salt Lake City, Utah. There, he attended a panel discussion on the possibilities of clients turning to a so-called “site selection in a box” app or online tool when scouting new locations. “The availability of Big Data, coupled with user-friendly analytical and visualization tools, has transformed the way consultants examine states, regions, and cities before advising companies where to move or grow,” he says. “It has also shifted the point of entry for state, regional, or community economic development teams” working on relocations. Right after that conference, Rosa took a call from a site selection consultant who told Rosa a client already had zeroed in on the Dallas area for a big corporate office. The client wanted a meeting to discuss details of the search. At stake were thousands of jobs and facilities covering hundreds of thousands of square feet.

F FEATURE MARKET INSIGHT

WAN KIM CEO, Smoothie King Smoothie King relocated its headquarters from Louisiana to Cypress Waters in Irving last year. CEO Wan Kim, a Smoothie King master franchiser, took the reins of the company in 2012, and he’s built it to more than 800 locations with expansion ongoing across three continents. WHAT’S THE NUMBER ONE DRIVER IN THE SITE SELECTION PROCESS? Smoothie King has experienced tremendous growth over the last couple of years, which called for relocation to an area that would adequately support and correspond with our brand’s continued development—Smoothie King 3.0. The No. 1 driver was to find a city that not only had a rapidly expanding talent pool where people wanted to live and work, but one that would also attract talented workers who would be just as excited and committed to our brand and its mission and vision as we are. HOW DOES A COMPANY INITIATE A CORPORATE RELOCATION? For Smoothie King, I discussed the idea with my team and then thought about the costs and risks versus the reward. Ultimately, we came to the decision that corporate relocation was worth the costs and risks. These are difficult decisions, and they take both a disciplined process to execute and a team that’s excited about the future. WHAT IS THE MOST IMPORTANT THING A COMPANY CAN DO TO ENSURE A SMOOTH SITE SELECTION PROCESS? The most important thing a company can do is consider all the factors that go into it and get some local experts involved. We involved the chamber, as well as a very talented and connected real estate team. They helped us narrow the search area and find a great site to build our new corporate location. As it relates to other factors, of course everyone thinks of cost— and that’s a big one—but there is so much more to think about, like traffic, amenities, proximity to good neighborhoods, etc. My advice to others is: Don’t underestimate how important and time consuming this decision-making process will be. WHAT WAS THE MOST IMPORTANT FACTOR FOR YOUR COMPANY IN A SITE SELECTION? Would it align with our vision statement? The way we saw it, it would be inauthentic to say we want to be an integral part of every health and fitness journey if our site didn’t provide the same kind of environment and experience for the people working for the brand. Where our headquarters is situated now, we overlook a beautiful lake wrapped inside a running and bicycle path, which encourages team members to go outside and be active during the workday.

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The availability of Big Data, coupled with user-friendly analytical and visualization tools, has transformed the way consultants examine states, regions, and cities before advising companies where to move or grow.

MARKET INSIGHT

SALLY BANE Executive Director, Plano Economic Development

— MIKE ROSA Senior Vice President of Economic Development Dallas Regional Chamber

In recent years, Plano has landed some of the most high-profile relocations and headquarters deals in North Texas, including Toyota Motor North America, Boeing Global Services, Liberty Mutual, Chase, and others.

“What was unusual about this project is that prior to that call, which was the DRC’s first touch, the consultant had already advised the search down to just two regions in the U.S., and within those regions had narrowed to a specific area, with availability and cost of talent driving the analysis,” he says. “I can’t recall a site selection process for a project of this magnitude already so close to the goal line before state, regional, and local economic developers were engaged.” In response to that trend, the DRC’s website has a number of analytical tools that companies can use to do their own scouting. One online calculator compares business costs in DFW to other metropolitan areas around the nation. Another compares living expenses to show how a salary in another metro area would compare in terms of its buying power in Dallas, Fort Worth, or Denton. One of Rosa’s favorite online resources diagrams the number of jobs in 11 major DFW employment centers, from Fort Worth’s Alliance Airport area to the Dallas downtown-Uptown area to Plano’s Legacy development. Also shown are where those workers commute from and how long their commutes take. And that’s just the start of what the DRC can provide. “We can do that with any point” in Dallas-Fort Worth, Rosa says of the jobs and commuting feature. “We can dial it right in.” The DRC offers that information because the labor force is an increasingly important factor in corporate relocations and expansions. “I really like the way we are able to provide information about how the talent base moves around,” he says.

WHAT’S THE NO. 1 DRIVER IN THE SITE SELECTION PROCESS? The quality, education level, and volume of workforce talent. HOW DOES THE CITY GET INVOLVED IN ATTRACTING A COMPANY? The City of Plano positions itself for the consideration of relocation or retention/ expansion projects by emphasizing its abundant and talented labor pool, world-class business parks, and as a safe and costeffective location. ARE THERE CERTAIN TYPES OF COMPANIES FOR WHICH YOU’RE LOOKING? Some of our targets include headquarters and regional operations, business and professional services, and companies in the clusters that represent software and information technology, financial services, and telecom. IS IT MORE COMMON FOR YOU TO FIND A COMPANY OR FOR THEM TO FIND YOU AS PART OF A RELOCATION OR SITE ACQUISITION? Projects are developed from a wide variety of pathways—everything from a tip from a wellconnected neighbor to contact with a highlevel C-suite decision maker. Our community’s relationship with the real estate, development, and site selector network is also invaluable in facilitating Plano’s consideration for projects.

A BIRD’S EYE VIEW ON GROWTH

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One of the most surprising population figures to many outsiders is the number of DFW cities with more than 100,000 residents, Rosa says. So, the DRC’s website shows just where those and other large cities are located. Dallas, Fort Worth, and Arlington may lend their names to the metropolitan area’s official government designation, but what about Plano, closing in on 300,000 residents, or Irving and Garland, each with about 240,000? Allen, Carrollton, Denton, Frisco, Grand Prairie, Lewisville, McKinney, Mesquite, and Richardson are the others. That’s 15 DFW cities with at least 100,000 residents each, more than the Houston and Austin metro areas combined. “This twin city and large suburban construct is unmatched” in the state as well as the nation, Rosa says. And if the numbers don’t quite sink in, an invitation to the DRC’s offices on the 26th floor of Ross Tower in downtown Dallas offers a bird’s eye view of all the action. The DRC moved to those offices in 2011. “Wow! I had no idea all this was going on here,” is a common response from first-time visitors witnessing the view from the office’s bay windows, Rosa says. During one recent corporate visit, “we were able to give the lay of the land, from Fort Worth’s distant but visible skyline and AT&T Stadium to Oak Cliff, Fair Park, Trinity Groves, and the George W. Bush Presidential Library and Museum. It helped our guests see the present and envision the future,” he says.

SPRING 2019


F FEATURE MARKET INSIGHT UBER’S NEW DALLAS HUB WILL BE ESTABLISHED IN THE EPIC DEVELOPMENT IN DEEP ELLUM.

MARY YORK Deputy Director of Economic Development & Tourism, Office of the Governor Attracting new businesses to Texas helps create jobs and expand business opportunities to the state. The Governor’s Business and Community Development Division works to bring business expansion and relocation to the state.

WITH UBER DEAL, DALLAS SHOWS HOW IT’S DONE

WHAT’S THE NO. 1 DRIVER IN THE SITE SELECTION PROCESS? When it comes to site selection, each corporation and industry has different needs and priorities in finding the optimal site. One of the most common drivers of the process is access to a quality workforce [with] a high quality of life and low cost of living for employees. Although no business can succeed without a capable workforce, most site selection processes involve research and analysis of a wide range of business decisionmaking factors, including: ■ Availability of a suitable site ■ Site access and geotechnical considerations for facility construction ■ Business logistics issues impacting both customers and suppliers ■ Infrastructure needs, including transportation and utility capacities ■ Availability and ongoing pipeline of qualified labor ■ Total startup and regulatory cost considerations ■ Ongoing operational costs including labor, utilities, taxes, and other operational liabilities ■ Market and competitor analyses, including geo-political risks ■ Economic incentives and negotiation

BY LANCE MURRAY

Incentives can be an important factor, but only after the more essential business criteria is evaluated and sites are asked to distinguish themselves, all other matters being equal. Companies determine the importance of incentives in each project’s overall success formula. WHAT ROLE DOES THE STATE PLAY IN ATTRACTING NEW BUSINESSES TO TEXAS? Economic Development and Tourism (EDT) is tasked with the responsibility of promoting Texas as the premier business destination. EDT assists with domestic and international business relocation and expansion efforts, providing various services to assist companies and their legal representatives with the process. This is accomplished through a variety of program activities including: ■ Recruiting business expansions, relocations, and consolidations to Texas by providing site selection assistance through lead generation and dissemination. ■ Organizing domestic and international business recruitment missions and hosting informational forums showcasing the advantages of doing business in Texas.

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In one of the largest real estate deals in years, Uber Technologies announced in August that it is headed to Dallas in a big way. Gov. Greg Abbott announced that Uber is establishing a U.S. General and Administrative Hub at The Epic mixeduse development in Deep Ellum, bringing with it at least 3,000 new jobs, more than $75 million in capital investment, and a place where Uber can house various corporate functions. The Deep Ellum hub will be Uber’s second largest outside of the ridesharing giant’s headquarters in San Francisco. Uber is bolstering its presence in a city where it has a long history, and CEO Dara Khosrowshahi said Uber is excited to bring the major investment to Texas and increase its commitment to Dallas. “Dallas became the first city in Texas where the Uber app was available in 2012, and since then, Texas has been a hub of innovation for our platform,” Khosrowshahi said. “We are grateful for our partnership with Gov. Abbott, Mayor Johnson, and Judge Jenkins and their leadership in making this a reality.” Uber will move into an office tower that’s part of The Epic, an eight-acre development that currently is composed of 251,000 square feet of office space; 55,000 square feet of restaurant and retail space; The Pittman Hotel, a 164-room full-service Kimpton property; and The Hamilton’s 310 luxury apartment homes. Uber plans to occupy around 450,000 square feet in a second planned 23-story office tower, according to Westdale Real Estate Investment and Management, The Epic’s master developer. That

tower is expected to add 470,000 square feet of office space and an additional 15,000 square feet of retail space to the development. The second tower is designed by Perkins+Will and is slated to begin construction in the fourth quarter of this year. The tower will include a 45,000 square foot amenity deck that is an assemblage of meeting space, a commissary, and more. Before the new office tower is complete, Uber will move by next July into an existing Epic tower (a LEED Gold certified building). Uber will occupy 168,000 square feet throughout seven floors, holding roughly 700 employees. Uber intends to begin tenant improvements and build-out of the new tower in the second quarter of 2022. Employees are expected to start migrating there in the fourth quarter of 2022 for an estimated total of 3,000 employees. Uber will hire or relocate around 400 employees to Dallas by the end of 2019, Chris Miller, senior manager of public policy in Texas, told The Dallas Morning News. Temporarily, Uber will move into a coworking space—followed by the two stage, two-year move into The Epic. Most of the employees in Dallas will work in finance, human resources, and sales and will support Uber’s transportation-related businesses, including ridesharing, food delivery, and urban air taxis that could be flying in North Texas skies in the coming years. It’s a huge win, says Dale Petroskey, president and CEO of the Dallas Regional Chamber. “The whole project represents the future,” he says. “It’s the future of work. It’s the future of mobility, and it’s the future of Dallas as well.”

SPRING 2019


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F FEATURE

Catalyst Sites A look at the locations around North Texas that could change the trajectory of the region. BY BR ANDON CALL

The Nucleus Rewind back to the end of last year when Amazon was on the hunt for its HQ2 site. Local developers were able to amass more than 28 million square feet of potential urban office space in its bid—more than three-times what Amazon had asked for in its request for proposal. According to Dallas-based architecture firm HKS, which compiled some of the urban bids located in downtown Dallas, the so-called “Super Site” included plans for a massive new deck park over Interstate 30, the gateway to Dallas overlooking the Trinity River, and a host of other office and residential buildings. Though Amazon

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ultimately chose HQ2 sites elsewhere, the parcels and projects assembled for Dallas’ bid remain actively in play, just waiting for its next big relocation tenant. CEO Mike Hoque of Dallas-based Hoque Global was one of those bids. His 20-acre site in downtown, nicknamed the Dallas Smart District, got a lot of press as a contender for Amazon HQ2. More recently, though, Hoque obtained zoning approvals for his site in the Cedars, which includes a derelict Pilgrim’s Pride plant. He named the project SoGood @ Cedars, in a nod to South Dallas and Good-Latimer, where the property exists. Designed by Hoque Global and Plano-based

RENDERING: WESTDALE REAL ESTATE INVESTMENT & MANAGEMENT CO.

Flash back to your high school chemistry class, and you’ll perhaps recall that all matter is made up of atoms; all elements are organized—by atomic number and electron configuration—into the periodic table; and a catalyst is a substance that is used to spur on and speed up a chemical reaction. Likewise in commercial real estate, a catalyst site can be considered one that is ready to boom. With public and private improvements already in place (the atoms, if you will), these locations duel and dance with one another to find financing, dazzle developers and brokers, and, ultimately, attract tenants. Dallas-Fort Worth is home to a number of these catalyst sites, which could potentially change the trajectory of the entire region.

SUMMER 2019


F FEATURE UBER JUST MADE ONE OF THE BIGGEST NORTH TEXAS REAL ESTATE ANNOUNCEMENTS IN RECENT YEARS—THAT IT WOULD BE TAKING 450,000 SQUARE FEET OF SPACE IN A PLANNED TOWER AT THE EPIC MIXED-USE DEVELOPMENT ON THE EASTERN EDGE OF DOWNTOWN DALLAS IN DEEP ELLUM. UBER IS BRINGING 3,000 JOBS TO THE EPIC WITH A MOVE IN THAT WILL BE IN TWO PARTS AND TAKE A COUPLE OF YEARS TO COMPLETE.

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DALLAS’ PROPOSED “SUPER SITE” FOR AMAZON’S HQ2 INCLUDED PLANS FOR A MASSIVE NEW DECK PARK OVER INTERSTATE 30, AS WELL AS ADDITIONAL OFFICE AND RESIDENTIAL BUILDINGS.

RENDERING: HKS

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RENDERING: HKS

multifamily architecture firm Domus Studio Group, initial plans include 260 units and 50,000 square feet of retail, which will add much-needed apartments and residents to the already bustling daytime crowd and be a driver for contined growth in downtown Dallas. Hoque says assembling the many individual tracts and parcels for development was no small feat. “For four years, I spent every waking hour on this mission,” he says. “I was like a mad man, going after all of these little pieces of property, one at a time. It was all-consuming.” Another potentially game-changing announcement for downtown Dallas is the May 2019 announcement that Charlotte, North Carolina-based real estate investment firm Asana Partners would acquire 421,617 square feet collection of retail and office properties in the heart of Victory Park. Within walking distance of American Airlines arena and at the intersection of downtown and Uptown, Victory Park is home to more than 3,500 apartments and an additional 1.5 million square feet of existing office space, not including the newly announced projects like Hines’ 39-story luxury tower The Victor and Kaizen Development Partners’ 300,000 square-foot office project The Link. Both projects, combined with the infusion of investment capital in Victory Park, make the neighborhood an attractive one for continued development in the coming years as fresh capital is infused into the walkable neighborhood

THIS PROPOSED REUNION SITE FACADE WAS PART OF THE 28 MILLION SQUARE FEET AMASSED FOR DALLAS’ AMAZON HQ2 PITCH.

at the center of it all. Another neighborhood in downtown Dallas that is prime for continued expansion is Deep Ellum. In addition to Uber’s exciting announcement to bring 3,000 jobs to the area and office from the 26-story building, The Epic, developed by KDC, Asana Partners made its first foray into Dallas real estate with its acquisition of some 30 buildings and parking lots from Dallas-based 42 Real Estate in the summer of 2017. “Asana has a lot of really good ideas for Deep Ellum—to put in sidewalks, better lighting, parking lots, landscaping—all of the things I’ve been wanting to do but needed someone to come alongside to do it,” 42 Real Estate Owner Scott Rohrman said at the time. The bustling Deep Ellum is on the upswing with its flurry of restaurants, retail, and night life that make it a popular hangout for many millennials and Gen Zers. Finally, after three years of starts and stalls on the project, the 52-story, 1.5

SUMMER 2019


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F FEATURE

PHOTO: LEGACY WEST

LEGACY WEST, PLANO

RENDERING: GENSLER

million-square-foot First National Bank Tower will get its redevelopment by Dallas-based Todd Interests. The project marks a milestone for downtown Dallas, too. By the end of 2020 when the project is set to complete, downtown Dallas will have gone from 42 vacant buildings in 1990 to zero. It all adds up to a robust urban core with more than 135,000 daytime employees, an average Walk Score of 97, and a submarket that was No. 1 in net office leasing in 2018, according to Downtown Dallas Inc. statistics. “Fast forward through two decades of redevelopment—catalyzed by public-private partnerships, the introduction of urban dwellers, the return of business, and evolution of a livable downtown with parks, restaurants, arts, and amenities—and our last albatross has turned,” says Downtown Dallas Inc. president Kourtny Garrett. “The redevelopment of our last major vacant building in downtown Dallas is most certainly a milestone to celebrate, but it’s not the end of the story. It will serve as a catalyst for more bold, new projects that will turn the market’s focus to complementary infill development throughout several major opportunity sites.”

HIDDEN RIDGE, IRVING

Headquarters of headquarters

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PHOTO: CIY OF FRISCO

Any conversation about developments that are spurring activity in DFW must include visionary Fehmi Karahan’s 250-acre Legacy West. The iconic mixed-use development along the 121 Highway corridor is one of the most successful in the country, attracting corporate headquarters and regional hubs such as Toyota Motor North America, Liberty Mutual, JP Morgan, Boeing, J.C. Penney, and Pizza Hut— to namedrop just a few of the larger corporate tenants residing in the Plano development. The estimated $2 billion Legacy West mixed-use project has spurred The Shops at Legacy and three-story Legacy Hall Food Hall, in addition to much-needed multifamily housing for Plano and in-fill projects for the city. Karahan, who was deservedly inducted into the North Texas Commercial Association of Realtors and Real Estate Professionals Hall of Fame this year for his work at Legacy West, is unsurprisingly playing an integral role in the development of Frisco’s mixed-use development anchored by the PGA of America’s new headquarters and the 2,500-acre Hunt Realty master planned Fields in Frisco—another catalyst site in the region for the influx of more

THE STAR, FRISCO

than $2.5 billion over the next 20 years based on a city commissioned tourism feasibility survey. The PGA of America will invest $30 million to build its new 100,000-square-foot global headquarters and education facility and has pledged to bring major golf competitions to the region in the not-so-distant future—earning Frisco the new “Sports City, USA” designation with the advent of The Star, an unprecedented 600,000 square feet of mixed-use space and home of the Dallas Cowboys. “Not only will this signature development change the future of Frisco’s northern landscape, it will transform the sport, growing a new generation of pros, fans, and golf enthusiasts,” says Frisco Mayor Jeff Chaney on the estimated $530 million public-private project. Certainly in the same catalyst site conversation is Irving’s corporate headquarter stronghold in the region. Thirteen Fortune 1000 companies call Irving

SUMMER 2019


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F FEATURE

REDBIRD, DALLAS

PHOTO: HILLWOOD

ALLIANCE AIRPORT, FORT WORTH

RENDERING: OMNIPLAN

home—about one-third of all those located in DFW, according to JLL research. Most notably, McKesson, the nation’s sixth-largest company, moved its headquarters from San Francisco to Las Colinas and brought with it 1,000 jobs to the region beginning in November 2018. A catalyst development in Irving to keep an eye on as it continues buildout is Hidden Ridge, a $1 billion, 5G-enabled mixed-use campus being developed between John Carpenter Freeway and MacArthur Boulevard by Verizon and Dallas-based KDC. The 150-acre site will also house the new 1.2-million-square-foot headquarters for Pioneer, which is slated for move in later this fall. Finally, in Allen is where you’ll find the master-planned Monarch City, a 270-acre development with plans for 9 million square feet of Class-A office, retail, and residential space, plus a luxury hotel. The Howard Hughes Corp. is the developer (and you can read more about its catalytic development beginning on Page 50).

Westworld

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TEXAS LIVE!, ARLINGTON

PHOTO: CORDISH COMPANIES

On the western edge of Dallas-Fort Worth, as AllianceTexas turns 30 years old this year, it continues to be a catalyst for development and innovation. In fact, its 26,000 acres of master-planned space will be leading North Texas and the nation forward with the development of futuristic ground and air transportation technologies, developer Hillwood announced this year. Hillwood wants to turn the vast spread into an “AllianceTexas Mobility Innovation Zone” to develop and deploy new transportation technologies, from autonomous cars and trucks to high-flying drones. Hillwood says it intends to leverage the development’s national prominence and name to create a cutting-edge center of innovation and a global catalyst for the future of mobility. “Dallas-Fort Worth is regarded as one of the world’s premier transportation hubs, and for the last 30 years AllianceTexas has played a significant role in the region’s growth and success,” Hillwood Chairman Ross Perot Jr. says. “With more than 500 corporations in residence at AllianceTexas, including many of the world’s leading transportation and logistics companies, the development continues to be an epicenter of growth and ingenuity that will provide top innovators with everything they need to succeed, from transportation

infrastructure to world-class amenities, and access to a highly skilled workforce.” The development has more than 160 miles of major roads and federal and state highways, which gives it plenty of space to test autonomous cars and trucks. Its vast sky will accommodate the latest technology in autonomous aviation. The development is an inland port and is home to Fort Worth Alliance Airport, BNSF Railway’s Alliance Intermodal Facility, FedEx Southwest Regional Sort Hub, Amazon Air’s new regional air hub, and more than 500 global and regional brands.

Shopping and entertainment meccas Just as corporate headquarter relocations and expansions infuse jobs into the region to catalyze development, so, too, does the expansion of shopping and entertainment venues across the region. Look no further than Arlington’s shiny,

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F FEATURE

GRANDSCAPE, THE COLONY

The Warren Buffett-backed $1.5 billion Grandscape in The Colony has attracted 8 million shoppers a year. Its 433 acres has more than a mile of frontage on Sam Rayburn Tollway. Announced dining, residential, and entertainment locations will join marquee tenant Nebraska Furniture Mart into 2021. new $250 million Texas Live! dining, entertainment, and hospitality district, which was completed last year by Major League Baseball’s Texas Rangers, the city of Arlington, and Baltimore, Maryland-based developer The Cordish Companies. The development is the perfect game-day attraction for Globe Life Park, which will become home to DFW’s new XFL team the Dallas Renegades next year; the under-construction $1.1 billion Globe Life Field, which will be completed by spring 2020; and the Dallas Cowboys’ AT&T Stadium. Professional sports are often catalytic in attracting mass spectators for one-time events. However, with Texas Live! and additional retail and restaurant options around the stadiums, Arlington will continue to benefit from its central location in the region to draw from population bases in both Dallas and Fort Worth. DFW’s newest concert venue is also a game-changer for the region. The 8,000-capacity Toyota Music Factory, which opened last year, was projected to do 60 shows in 2018. Instead, it hosted 100 performances. According to Noah Lazes, president of The Ark Group, which developed and manages the facility, Toyota Music Factory drew 3 million people to Irving to various shows last year, boosting the retail and restaurants in the 500,000-square-foot complex. Popular Austinbased movie theater company Alamo Drafthouse debuted a new North Texas location at Toyota Music Factory—and with it the development continues to add amenities for both daytime workers and residents in Las Colinas. Not to be outdone, The Billngsley Cos.’ The Sound in Far North Dallas debuted its amphitheater venue mostly as a one-acre, park and retail amenity at the center of the larger 1,000-acre Cypress Waters project. Today, the mixed-use development boasts more than 14,000 workers for companies including CoreLogic, 7-Eleven,

SUMMER 2019

Nationstar Mortgage, and Nokia. Its newest 250,000-square-foot building is expected to be completed later this year and is located across the street from the new lakefront amphitheater. Destination shopping at Warren Buffettbacked Grandscape in The Colony has seen that project balloon to $1.5 billion and 433 acres along the Sam Rayburn Tollway with marquee tenant Nebraska Furniture Mart. With IKEA opening less than a mile way in 2015, it has paved the way for more entertainment options, like Top Golf, which opened its successful 121 location in April 2014, and, more recently, Hawaiian Falls water park in 2018 near corporate tenants at Legacy—and beyond. Finally, aging malls are finding new life in projects in Midtown near the Galleria, Collin Creek in Plano, and Redbird in South Dallas, with large-scale planned mixed-use communities by Beck Ventures, Centurion American Development Group, and private investors. All three projects will be pivotal in energizing the communities they’re in. And energy, after all, is something found all around the region.

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I INNOVATION: AVIATION & AEROSPACE

PHOTO: ROLLS ROYCE

ROLLS ROYCE’S ENGINE TESTING FACILITY AT ALLIANCE IN FORT WORTH

WINGS SUCCESS OF

AIRPORTS, AIRLINES, AND AIRPLANES. DALLAS-FORT WORTH BUILDS ON ITS AEROSPACE HISTORY WITH A FUTURE IN VERTICAL TAKEOFF AIR TAXIS AND AVIATION INNOVATION.

BY NICHOL AS SAKEL ARIS

As the aviation and aerospace industries have grown in North Texas, cities have benefited from corporations and businesses making the region their home, bringing with them new residents and a thriving economy. From fighter jets and giant commercial airliners to luxurious corporate aircraft and technologically advanced helicopters and air taxis, Dallas-Fort Worth is at the forefront of the aviation industry. Aviation is a driving force of the North Texas economy, credited with helping attract Fortune 500 companies, high-tech startups, and massive logistics hubs. By most accounts, it’s a linchpin in the region’s booming real estate sector. Dallas Fort Worth International Airport alone pumps an estimated $37 billion into the local economy each year. Add in Dallas Love Field, Fort Worth Alliance Airport, a network of roughly 20 municipal and corporate airports, and some of the biggest aerospace manufacturers in the world, and it’s easy to see how aviation is in the captain’s seat of the region’s economic well-being. “DFW grew up on aerospace. A lot of people don’t realize that,” Hillwood

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Executive Vice President Bill Burton says. “For many years, we had the third largest aviation employment base in the country. To us, it’s really not surprising that this would be a place where you see innovation in aerospace because it’s part of the history and evolution of aerospace.” When the word aviation is attached to DallasFort Worth, it conjures up a lot of famous names. Think American Airlines, Southwest Airlines, Lockheed Martin, Bell Helicopter, Airbus, Rolls Royce, and Boeing, to name a few. Boeing Global Services CEO Stan Deal tells the Real Estate Review that the region’s aviation community was a major reason the company located its headquarters in Plano. “Global Services has about 20,000 employees

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I INNOVATION: AVIATION & AEROSPACE

“DALLAS IS GROWING, AND AIR TRAVEL IS GROWING. AS A RESULT, WE SEE ANNUAL UPTICKS IN THE NUMBER OF CUSTOMERS WE ARE SERVING.” — MARK DUEBNER DIRECTOR OF AVIATION, CITY OF DALLAS

in more than 40 states and 70 countries around the world, so the fact that we are centrally positioned and can reach them efficiently via the Dallas hub from this location is important to us,” Deal says. From the F-35 Lightning II assembly line in Fort Worth to Uber Elevate’s plans for an on-demand air taxi network connecting Dallas Fort Worth International Airport to Frisco and downtown Dallas, North Texas continues to be on the cutting edge of aviation innovation. Here are the stories behind some of the industry’s biggest names.

AIRPORTS HELPED NORTH TEXAS TAKE OFF

Dallas Fort Worth International Airport opened for commercial flights in January 1974 at a cost of roughly $700 million. The previous September, an open house and dedication ceremony was held featuring the first landing of a supersonic Concorde airliner in the United States and an Air France aircraft en route from Venezuela to Paris. Since its opening, DFW Airport has grown into the fourth-busiest airport in North America by number of passengers. It is the largest hub of Fort Worthbased American Airlines, which has flown out of the airport from its first days. Today, more than 80 airlines and freight carriers operate from the airport, bringing people and commerce into North Texas. Like Kubota Tractor Corp. in Grapevine, many companies have located their headquarters, logistics, and fulfillment operations near DFW Airport, which covers 17,207 acres and is larger than the island of Manhattan. It’s the second-largest airport in the United States by land area. As big as it is, DFW Airport is still growing—planning to build a sixth terminal (Terminal F) and renovate Terminal C to the tune of $3 to $3.5 billion by 2025. Airport CEO Sean Donohue said the new terminal will add up to 24 more gates at DFW. At the expansion announcement in May, then-Dallas Mayor Mike Rawlings lauded American Airlines’ support for the airport’s growth because it is good for North Texas. “To have a partner like American Airlines that believes in this region—that believes in this airport—says that the growth cycle of this town is going to continue to grow,” Rawlings said. Along with the expansion, DFW Airport is evolving new technologies to meet demand and industry trends. “A couple of early innovative projects are paying dividends for our customers,” Donohue says. “We have installed dynamic glass in Terminal A. This technology automatically tints windows, [thereby] reducing heating, saving air-conditioning loads, and creating more comfortable gate rooms for our passengers.” Also, DFW Airport is in a pilot program testing first-of-its-kind robotic

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KEY AVIATION AND AEROSPACE PLAYERS IN NORTH TEXAS

TRIUMPH GROUP

ROLLS-ROYCE

HEADQUARTERS: Berwyn, Pa. LOCAL LOCATIONS: Arlington, Grand Prairie, Red Oak TYPE OF COMPANY: Aircraft overhauls and repairs 2019 FISCAL YEAR REVENUE: $3.4 billion (company wide) PRODUCTS: Aircraft control systems, electronics, parts MAJOR CUSTOMERS: Boeing, General Electric, Airbus, Rolls-Royce, Delta, Gulfstream, Northrup Grumman, and Lockheed Martin RECENT DEAL: Selling Triumph Fabrications unit, including the Fort Worth location, to a Maryland private equity group RECENT CONTRACT: Red Oak facility won a contract to build components for a military training jet.

HEADQUARTERS: London, United Kingdom LOCAL LOCATIONS: Alliance Airport, Fort Worth TYPE OF COMPANY: Aircraft engine manufacturing and testing PRODUCTS: Conducts endurance test runs for aircraft engines MAJOR CUSTOMERS: Boeing and Airbus HISTORY: The Alliance Rolls-Royce jet engine test facility opened in 2018. Prior to that, there was a joint venture maintenance, repair, and overhaul facility with American Airlines there.

AMAZON AIR’S REGIONAL AIR HUB HEADQUARTERS: Seattle, Wash. LOCAL LOCATIONS: Alliance Airport, Haslet TYPE OF COMPANY: Will provide sortation capability for Amazon Air with multiple daily flights SECOND QUARTER NET INCOME: $2.6 billion (company wide) RECENT DEAL: The Regional Air Hub was announced in December 2018.

BOEING GLOBAL SERVICES HEADQUARTERS: Plano TYPE OF COMPANY: Finds solutions to supply chain, digital analytics, engineering, training, and other aircraft-related challenges YEAR FOUNDED: 2017

SAFRON SEATS USA HEADQUARTERS: Gainesville TYPE OF COMPANY: Manufactures seats for aircraft PRODUCTS: Manufactures, tests, certifies, and produces parts for aircraft seats PRODUCTION: More than 1 million seats in service CUSTOMERS: More than 150 aircraft company customers worldwide EMPLOYEES: 6,500 in five countries YEAR FOUNDED: 1961

EXOS AEROSPACE SYSTEMS & TECHNOLOGIES INC. HEADQUARTERS: Greenville TYPE OF COMPANY: Develops and launches reusable rockets for private space flight and launches payloads for research into space. WHY THEY’VE BEEN SUCCESSFUL: Payloads are launched and spend time in zero gravity, then the rocket returns so the payload can be accessed quickly.

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I INNOVATION: AVIATION & AEROSPACE

AIRBUS HELICOPTER’S GRAND PRAIRIE FACILITY PHOTO: RACHEL WALTERS

technology to help customers get their bags with a minimum of hassle. The Vanderlande autonomous vehicle solution can handle up to 450 bags an hour. To the east, sits Dallas Love Field, once the dominant airport in the region before DFW Airport was opened. Six miles northwest of downtown Dallas, the airport is convenient for businesses and people who live and work in Dallas’ urban core. “Dallas is growing, and air travel is growing. As a result, we see annual upticks in the number of customers we are serving,” city of Dallas Director of Aviation Mark Duebner tells the Real Estate Review. “With our proximity to downtown Dallas, ease of use, and customer-first hospitality, we’re always aiming to create an experience where customers want to choose Dallas Love Field. As they do that, we’ll continue to be a contributor to one of the country’s largest economies.” Love Field is important to the region’s growth because of its urban location and because it is the biggest hub of the world’s largest low-cost air carrier, Southwest Airlines, which maintains its headquarters at the airport. Its large training center is adjacent to Love Field. The history of Love Field dates back to 1917, when the U.S. Army announced it would create camps to train prospective pilots after the nation entered World War I. Indeed, the airport is named for Moss L. Love, an Army aviator who

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died in 1913 in an airplane crash near San Diego, California. Besides Southwest Airlines, American used to fly from the airport, as did Pioneer Airlines, Braniff International, Continental, Delta, Pan Am, and Trans Texas. As Love Field grew, so did the area around it. Businesses, hotels, and restaurants have found the neighboring streets to be inviting locations. When it comes to real estate, however, you need to look no farther than Fort Worth Alliance Airport to see the impact aviation can have on the land around it. Opened in 1989 as the world’s first purely industrial airport, Alliance is owned by the city of Fort Worth and managed by Ross Perot Jr.’s Alliance Air Services, a subsidiary of Hillwood. The airport is at the heart of the massive AllianceTexas development that is home to large residential, retail, and industrial properties. And, the airport is the centerpiece of an intermodal facility that ties aviation, rail, and trucking into a logistics megahub. Amazon Air announced in late 2018 that it plans to open an innovative Regional Air Hub at the airport. The facility is planned to be operational this year and could lead to hundreds of jobs for North Texas, Amazon says. Earlier this year, Hillwood announced that it plans to turn the 26,000-acre AllianceTexas development into the “AllianceTexas Mobility Innovation Zone,” where new transportation technologies can be developed and deployed, including autonomous cars and trucks and high-flying drones and air taxis.

AIRLINES AT THE CORE OF DFW AVIATION

If you took a time machine back to April 15, 1926, you’d see Charles Lindbergh flying the first flight of what would become American Airlines carrying U.S. mail from St. Louis, Missouri, to Chicago. That early incarnation of the airline flew mail routes for eight years before forming into the world’s largest airline. Headquartered in Fort Worth, American Airlines formed in 1930 through the union of more than 80 small air carriers. The actual name of the airline dates to 1934, when new laws and the attrition of mail contracts led many airlines to reorganize.

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I INNOVATION: AVIATION & AEROSPACE

ROLLS ROYCE MAKES CLOSED ALLIANCE FACILITY HOME, SWEET HOME

FLIGHT SIMULATOR AT AIRBUS HELICOPTER’S GRAND PRAIRIE FACILITY

PHOTO: RACHEL WALTERS

In June 1936, American Airlines was the first airline to fly the legendary DC-3 in commercial service from New York to Chicago. In 1953, the airline pioneered nonstop transcontinental service across the nation using the Douglas DC-7. American Airlines relocated its headquarters in 1979 from New York City to Fort Worth, where today the company is constructing a massive new headquarters facility not far from Dallas Fort Worth International Airport to accommodate its growing workforce. The airline also announced it is building a $250 million hotel on the headquarters campus that will have 600 rooms and a conference and training center. It’s intended for employees who live outside the DFW area to reside in while they attend training. While Dallas-based Southwest Airlines’ saga isn’t as long as American’s, its more-than-50-year history is one filled with larger-than-life characters, a high-flying business plan, and a string of catchy advertising slogans, such as, “Love is Still Our Field,” “You’re Now Free to Move About the Country,” and the current “Low Fares. Nothing to Hide. That’s TransFarency.” Southwest was formed in 1967 by the late Herb Kelleher and Rollin King as an air carrier that operated wholly in the state of Texas, flying between Dallas, Houston, and San Antonio. Today, it is the world’s largest low-cost airline operating more than 4,000 flights a day during peak travel season. In 1979, the U.S. Congress passed what was known as the Wright Amendment to protect Dallas Fort Worth International Airport from competition. The amendment effectively limited Southwest’s direct flights from Love Field to Texas and the four adjoining states. After years of legal and legislative battles over the amendment, Congress allowed it to expire in 2014, letting Southwest to fly nonstop from Love Field to any city in the nation.

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Even when the North Texas economy has been handed lemons, it finds a way to make lemonade. Stir in an equal mixture of available resources and talent, and you have a solution for nearly any problem. For example, American Airlines used to test Rolls Royce aircraft engines at a maintenance facility at Alliance Airport, but that ended when Fort Worthbased American merged with US Airways and the facility was closed in 2016. Hillwood’s Bill Burton says UK-based Rolls Royce liked being in North Texas, so it leased the 440,000 square-foot facility back, turning it into a turbine overhaul facility and engine test cell that can diagnose problems on new, larger jet engines. “There’s just not many places in the country you can do that,” Burton says. “It was already here because of the American maintenance base.” Rolls Royce will use the facility to carry out endurance test runs for its Trent engines, allowing the company to continue to support its growing fleet. The company is introducing three new large civil aero engines into service, so the facility will carry increased importance. The Trent 1000 TEN entered service in 2017, powering the Boeing 787 Dreamliner, and the Trent XWB-97 and Trent 7000 will power the Airbus A350-1000 and Airbus A330neo, respectively. By the early 2020s, Rolls Royce says one in two modern widebody passenger aircraft will be powered by Trent engines. “This additional testbed helps us improve the capability and flexibility of our global test network and will provide us with additional capability to run endurance analysis, accruing valuable data on our latest engine programs,” says Gareth Hedicker, Rolls-Royce’s Head of Experimental– Civil Aerospace. Nearby, Burton says Tarrant County College just opened a dedicated aviation training and logistics program at Alliance Airport that will draw thousands of students. That, combined with low unemployment and strong engineering schools at area universities, will keep the talent pool rich in North Texas.  “It’s stunning to see how much talent there is here,” Burton says. “I think oftentimes we don’t realize how much talent we have in a number of different sectors.”  Managing Editor Lance Murray contributed to this article.

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I INNOVATION: AVIATION & AEROSPACE DEFENDING A NATION

The biggest name in the DFW defense industry is Fort Worth-based Lockheed Martin Aeronautics and its massive plant in West Fort Worth, which has a history as storied as the city in which it sits. In the years before the attack on Pearl Harbor, Fort Worth and Dallas were competing to see who could entice the War Department to build a plant and air base in their city. It was a running battle between Fort Worth and Dallas, Lockheed Martin F-35 Development Manager Kevin McCormick says. “It all started with the Fort Worth Star-Telegram. There were a lot of things that played back and forth between Washington, D.C., and here to get the war department to build here.”  Fort Worth leaders pulled out all the stops, first offering to lease the land to the war department and eventually deciding to donate it outright. Fort Worth’s gamble paid off when President Franklin D. Roosevelt approved the construction of an airfield. Around that same time, Fort Worth booster and Star-Telegram publisher Amon Carter Sr. urged airplane manufacturer Consolidated Aircraft to build a 1.25-mile long plant, known at the time as United States Air Force Plant 4. The airfield was built, and the factory was constructed next to it. Since everything is bigger in Texas, the plant boasted an extra 25 feet on one end just so it could be bigger than its sister plant in Tulsa, Oklahoma. It was the largest air-conditioned facility in the world at the time. Ironically, the location wasn’t widely publicized during World War II because it was so critical to the war effort. In April 1942, the first Consolidated B-24 Liberator bomber rolled off the assembly line.   The B-24 became a workhorse for the U.S. Army Air Forces in World War II. Consolidated, Consolidated Vultee, Convair, General Dynamics, and Lockheed Martin have operated from the plant, which over the years produced the short-lived B-32 bomber, the massive B-36 Peacemaker, the B-58 Hustler— the world’s first supersonic bomber—and the Vietnam-era stalwart F-111 Aardvark. Most famously, however, the plant built 4,588 F-16 Fighting Falcon fighter jets from the 1980s until 2017.  Now, nearly 80 years after the plant opened, the legacy lives on as Lockheed’s Fort Worth plant produces three variations of the stealthy F-35 Lightning II, the world’s most

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“TEN THOUSANDTHS OF AN INCH ISN’T MUCH TO ANYBODY, TWO OR THREE HAIRS ON YOUR HEAD, BUT IT’S A BIG DEAL TO US. EVERYTHING ABOUT A STEALTHY AIRPLANE HAS GOT TO BE PRECISION.”

— DON KINARD

SENIOR FELLOW AT LOCKHEED MARTIN

advanced—and expensive—fighter jet. Production is in full swing with about 11 F-35s rolling off the assembly line every month, McCormick says. The goal is to produce up to 14 F-35s a month at a cost of $70 million to $90 million. The plant has produced more than 400 F-35s for the United States and allies around the world. While other sites produce the F-35, either in parts or final assembly, Fort Worth’s location is the only one that makes all three variants. Technology plays a large role in the plant’s ability to coordinate parts, tools, and fasteners for a 1.25-mile-long plant where the tiniest fraction of an inch matters.  “Ten thousandths of an inch isn’t much to anybody, two or three hairs on your head,” says Don Kinard, a senior fellow at Lockheed Martin. “But it’s a big deal to us. Everything about a stealthy airplane has got to be precision.”  Each workstation has a screen that displays vital information about the progress of that particular aircraft, potential problems, percent complete, and who the customer is.  “The cool part is, not only do we display it out here, but I can get all this data on my phone,” Kinard says.  The assembly line will get 60 new robotic systems in the next four years. That doesn’t mean they’ll be cutting jobs, though.  Kinard says the machines are focused on jobs that are dangerous, dull, or dirty, such as drilling holes and installing rivets.  “Those things we do try to automate,” Kinard says. “Most of the automation, I would say our mechanics love it.”  The plant also uses augmented reality projections to show where parts go on the plane.  During World War II, Grand Prairie also was at the heart of the nation’s air power efforts. In 1940, North American Aviation broke ground on its new plant in the city, just west of what later would be known as Dallas Naval Air Station. Such famous aircraft as the AT-6 Texan and the legendary P-51 Mustang were made by North American. At peak production in 1944, North American employees were working 24 hours a day in three shifts to meet demand for the aircraft. During the Korean Conflict, the Vought aircraft company used the facility to produce its iconic gull-winged F4U Corsair fighter. You’d recognize them from the Black Sheep Squadron. During the Vietnam War, LTV Corp. used the plant to build its highly successful Corsair and Crusader aircraft.

VERTICAL LIFT

Fort Worth-based Bell, a Textron company, and Grand Prairie’s Airbus Helicopter are two of the world’s leading makers of advanced commercial, public safety,

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I INNOVATION: AVIATION & AEROSPACE DALLAS FIRMS UNVEIL UBER SKYPORT DESIGNS Dallas is one of three cities that will be test markets for the air taxi program planned by Uber Elevate to begin in 2023. Dallas-based architecture firms Beck Group, BOKA Powell, Corgan, Gensler, and Humphreys & Partners revealed design concepts for skyports, including these, in June at the third annual Uber Elevate Summit in Washington, D.C.

THE BECK GROUP’S DESIGN WITH MODULAR ELEMENTS

CORGAN’S CONNECT | EVOLVED CONCEPT

GENSLER’S CITYSPACE DESIGN

HUMPHREY & PARTNERS’ VOLARY CONCEPT

BOKA POWELL’ S UBER VILLAGE IN FRISCO CONCEPT

SUMMER 2019

and military helicopters. Bell—which dropped “Helicopter” from its name last year—moved its headquarters to Fort Worth from Buffalo, New York in 1951, after Bell Aircraft Corp. founder Lawrence Bell decided to separate his helicopter operations from his airplane business. According to Vertical Flight Society (VFS), Bell made the move for several reasons, including reducing the friction between the airplane and helicopter divisions in New York. “I want an organization that thinks helicopters morning, noon, and night … we have a great variety of projects in Buffalo. The staff doesn’t have time to give more than a lick and a promise to the helicopter,” Bell reportedly told his board of directors at the time, according to a report by VFS. Bell needed room to expand, according to VFS, and the company liked Fort Worth’s warm weather and the friendly reception from Fort Worth’s civic and business leaders. Ground was broken on Bell’s Fort Worth plant on May 21, 1951, with 300 military and business leaders in attendance. The new site covered 55 acres and became home to the first factory in the world specifically designed for the manufacture of helicopters, VFS says. Last year, Bell announced a $114 million expansion of the Fort Worth headquarters that includes a $16 million, 300,000-square-foot “Factory of the Future,” and the creation of 400 jobs over five years. Further west in Grand Prairie, Airbus has established itself as one of the world’s top manufacturers of helicopters. Airbus already is a mecca for training pilots and mechanics worldwide, but a new $40 million facility under construction will bring even more pilots to the facility for state-of-the-art training. The 17,000-square-foot Helisim LLC Simulation Center will house two giant, eggshaped simulators that can accurately simulate flying the Airbus H145 and H175 helicopters. Helisim—a joint venture with Airbus Helicopter, Thales AVS, and Defense Conseil International—is expected to bring several thousand pilots to Grand Prairie per year starting in 2020 when the first simulator arrives.  The simulator projects the entire range of vision for the pilot in all directions, including a spinning whirl at the top to simulate the propeller blades going around. A second identical simulator will go online in 2021. Each simulator costs $15 million and requires several feet of concrete foundation to

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I INNOVATION: AVIATION & AEROSPACE support the hydraulics that allow it to simulate the forces of a real helicopter. Even after their initial training, pilots have to come back for refresher courses every so often to stay up-to-date.  Lindsey Cunningham, Airbus’ head of customer training for North America, says its longest class runs for four weeks, and with the new simulators thousands of additional pilots will come every year.  That’s great news for the hotels, restaurants, and other economic development that’s centered around the President George Bush Turnpike on Arkansas Lane in Grand Prairie.  Airbus Helicopter in Grand Prairie also does completions for specialized helicopters. They do luxury completions for VIPs, including Dallas Cowboys owner Jerry Jones; police applications, including the Israeli police; and surveillance like the U.S. Customs and Border Patrol, which has 120 Airbus helicopters in its fleet, Cunningham says. 

AIR TAXIS COULD PROPEL OUR FUTURE

North Texas will be among the first places in the world to have Uber Elevate’s air taxis shuttling people over rush hour traffic to their destinations. Five Dallas design firms—Beck Group, BOKA Powell, Corgan, Gensler, and Humphreys & Partners—have unveiled their concepts for the heliport stations for the future VTOL (vertical take-off and landing) aircraft.  Dallas-based Hillwood is an early Uber Elevate partner, and Hillwood’s AllianceTexas is home to the Federal Aviation Administration’s Southwest Regional Headquarters. While it sounds futuristic, Samantha Flores, who leads the innovation and research team at Corgan, says air taxis are coming to North Texas.  “We definitely looked at Frisco and downtown Dallas as having a great population for early adopters,” Flores says. The most popular Uber route in North Texas is going from the Frisco area to DFW Airport, so a heliport at DFW Airport also makes sense, she says.  The heliports would gravitate toward highways. Some will be built above highways and others along the highway frontage, which solves several problems. Because helicopters typically fly in sky lanes that follow highways, they’ll be following that route anyway. And, the highway frontage makes it convenient for passengers. Building a skyport on top of an elevated highway also provides development opportunities

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“WHEN SOMEONE LANDS ON THE FLIGHT DECK ABOVE, IT ALREADY CONNECTS THEM TO THE UBER GROUND FLEET—OR THEY CAN GRAB A SCOOTER, A BIKE, OR WALK, OR CONNECT TO DART.” — SAMANTHA FLORES,

CORGAN

underneath a highway, Flores says. “All that land is completely underutilized, marginalized space that’s in every city,” she says. “I think we have local developers that are willing and able to help us look for land and help us gather the available property to do it. We also have two major airports that are willing, able, and excited about the future of the economy in this market.” Because it’s Uber, the skyports will seamlessly connect to other transportation options.  “You land and instantly get connected to an autonomous fleet of electric vehicles,” Flores says. “When someone lands on the flight deck above, it already connects them to the Uber ground fleet. Or they can grab a scooter, a bike, or walk, or connect to DART (Dallas Area Rapid Transit).”  Someday, the Uber Elevate traveler could connect to the proposed bullet train for a 90-minute, 200 mph trip to Houston.  DFW Airport to Frisco flights could start in 2023. At least initially, they’ll be using existing parking garages at the airport. And the vertical take-off and landing (VTOL) aircraft will have pilots. Fort Worth-based Bell Helicopter is developing its own hybrid VTOL aircraft for Uber Elevate. The goal is to migrate to an all-electric version that would have fewer moving parts and need less maintenance with autonomous technology eventually eliminating the need for pilots. All this combines to drive the price down for consumers so the average commuter can afford a ride. 

QUALITY IN WORKFORCE & PRODUCTS

The specter of World War II brought aircraft manufacturing to Fort Worth, but it’s the quality of the workforce that has kept companies such as Lockheed, Bell, and Airbus Helicopters thriving in North Texas. “They have to be mechanics first of all,” Lockheed Martin’s Don Kinard says. “They are people that are trained to be mechanics in school or in the military.”  In addition to the 4,000 jobs at its plant, Lockheed creates jobs throughout North Texas with its suppliers and others who indirectly work on the aircraft. The same holds true for Bell and Airbus. “The F-16 for this area of Fort Worth has been the economic driver for about 40 years,” Kinard says. “And this program [F-35] is going to last about another 30 to 40 years, too. You’ve got other people who have been supplying into that chain. And that draws in talent. People who aren’t involved see all this talent around it attracts more talent. It’s not just having a mile-long factory. It’s having the right people to come in and work it.”  Managing Editor Lance Murray contributed to this article.

SUMMER 2019


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A ANATOMY OF A DEAL

MONARCH

CITY

Across 261 acres, some 10 million square feet of mixed-use development soon will rise into the sky above Allen, bringing long-term impact to an area primed for growth.

RENDERING: OMNIPLAN ARCHITECTS BUTTERFLY: THAWATS/ISTOCK

SUMMER 2019

BY PAY TON POT TER

It’s hard to say what trends will dominate mixed-use development 100 years from today, but Monarch City, Howard Hughes Corp.’s soon-to-break-ground development in Allen, is prepared. A 261-acre greenfield site situated at the intersection of U.S. Highway 75 and State Highway 121 is slated to house the first incarnations of Monarch City. And, it’s from the earliest settlers in the area that the development derives its name. The region that is now Allen is fed by small waterways crisscrossing the terrain. The land was fertile—pregnant with wildlife, natural grasses, and Monarch butterflies by the thousands—the settlers noted in letters back home.

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A ANATOMY OF A DEAL Though the natural features today are largely obscured by above-grade highways and treetops, developers at Monarch City are working to again reveal the splendor and reintroduce native pollinators to the area. Described by its tagline, “Inspired by nature; ready for tomorrow,” Monarch City is a mixeduse development created by The Howard Hughes Corp., the developer behind master-planned communities such as Circle T Ranch in Westlake and The Woodlands, north of Houston. Jim McCaffrey, Howard Hughes’ senior vice president of development, describes the project as an example of placemaking, “creating an identity, and identities, that go beyond a single use.” McCaffrey says Monarch City’s 20-plus acre central park will be larger than Dallas’ Klyde Warren Park and notes the impact of the park in the city’s Arts District. “Klyde Warren Park has become one of the most desirable places in Dallas and has had a positive impact on the surrounding city blocks because of the way it has successfully integrated an active central gathering space into an urban area,” he says. “Monarch City provides us the opportunity to create a similarly successful destination.” While the park is at the heart of Monarch City’s placemaking efforts, the development’s reach goes beyond outdoor spaces.

MONARCH CITY KEY PLAYERS DEVELOPER: THE HOWARD HUGHES CORPORATION MASTER PLANNING ARCHITECT: OMNIPLAN LANDSCAPE ARCHITECT: STUDIO OUTSIDE CIVIL ENGINEER: KIMLEY-HORN FORM-BASED CODE CONSULTANT: GATEWAY PLANNING LAND USE ATTORNEY: JACKSON WALKER McCaffrey says the community is expected to support some 20,000 onsite office jobs and provide roughly $300 million to $500 million in tax revenue to the city of Allen over the next 30 years. Overall, developers say they estimate around 10 million square feet of space will be developed across roughly 50 buildings. When broken down, the vision for Monarch City estimates 5 to 6 million square feet of office, more than 3,000 residential units, 300,000 to 400,000 square feet of retail, and two hotels. Months of work paid off in June when developers were granted form-based zoning on the project. The zoning gives developers significant flexibility within a specific framework for design, allowing the community to evolve alongside the needs of its users. Scott Polikov, CEO of Gateway Planning and a consultant on the project, says the code will allow Monarch City to evolve and meet the changing needs of the public far into the future. “We should be doing something that, in 100 years, is going to be here and is going to be great,” Polikov says. “As the project, the community, and the neighborhoods evolve, it will always be thriving, and it will maintain the original vision of what it’s going to be. And that’s the world of form-based code.”

— Scott Polikov, CEO of Gateway Planning

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RENDERING: OMNIPLAN ARCHITECTS

WE SHOULD BE DOING SOMETHING THAT, IN 100 YEARS, IS GOING TO BE HERE AND IS GOING TO BE GREAT.


PEOPLE AREN’T LOOKING FOR A CONCRETE JUNGLE.

A ANATOMY OF A DEAL

PHOTO: NEIL ARONSON VIA ISTOCK

— JIM MCCAFFREY, SENIOR VICE PRESIDENT OF DEVELOPMENT, HOWARD HUGHES

PRAIRIE TO PARKS: ALLEN’S GRASSY ROOTS Green space will dominate Monarch City, but the impact of its natural wealth dates back centuries Wild mustang horses, buffalo, grizzly bears, and Monarch butterflies by the thousands once dominated the landscape that makes up present day Allen in Collin County. And, early settlers took note of the region’s lush landscape, writing home to their family members about the lively ecology they had found there. Tom Keener, cultural arts manager for the Allen Public Library, says the region falls in Texas’ Blackland Prairies, an area known for its fertile black soil. Because of the soil, settlers noted a unique phenomenon. “When the pioneers came to Allen, their children would get lost in the grasses like you would get lost in the forest.” he says. The grasses, he says, contributed to the area’s fertility, thanks to the gigantic flocks of Monarch butterflies that passed through the area during their migration from Canada to Mexico. “The soils were perfect because of the grasses and the role of the butterflies in pollinating,” Keener says. “The waste of the buffaloes would also help put nutrients in the soil.” Keener, who has consulted on past developments in Allen, says he saw Howard Hughes’ developers’ eyes light up when he mentioned the butterfly migration. “I always give people the natural history of the area,” Keener says. “And usually that’s when people’s eyes start glazing over. But these people were getting their pencils out and writing everything down.” Mark Bulmash, senior vice president of development of Howard Hughes, says the development intends to reinstate green spaces and pollinator-friendly vegetation to attract Monarch butterflies and other native species, back to the area. “As the area was settled, many of these [natural] features were removed to accommodate farmland and the establishment of civilization,” Bulmash says. “Much of the flora that formerly supported migratory paths spanning from

SUMMER 2019

Canada to Mexico has been destroyed over the past decades.” Howard Hughes worked with Dallas-based architecture firm Omniplan to provide vision-casting and site-planning for Monarch City. Tipton Housewright, principal at Omniplan, says, “the plan is to create a walkable urban environment that is based on a very, very robust green space and parks plan. That’s just sort of unprecedented in North Texas.” Dominating the center of the development is a central park, which Howard Hughes’ Jim McCaffrey says will contribute to the community’s walkability. “People aren’t looking for a concrete jungle,” McCaffrey says. “With the scale of Monarch City, we can create various areas of density accentuated by pocket parks and a spacious 20-acre central park, which will serve as a public gathering space. By providing this range of spaces and amenities, we can enhance the quality of life for office tenants, residents, and visitors ... create true value and great placemaking—profitability follows from there and will endure the test of time.”

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A ANATOMY OF A DEAL

FROM HUMBLE BEGINNINGS A FORGOTTEN OUTLET MALL SETS ALLEN’S LARGEST DEVELOPMENT INTO MOTION

THE BELZ OUTLET MALL WAS DEMOLISHED IN 2010.

PHOTO: RANDY A CARLISLE/RAC PHOTOGRAPHY

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LAY OF THE LAND

MAP: HOWARD HUGHES

More than a century after pioneers first arrived in Allen, the Belz Outlet Mall was built on some 43 acres near the intersection of U.S. Highway 75 and State Highway 121, then a two-lane road used mostly by farmers living in the rural areas that now make up Frisco, Allen, and surrounding communities. The mall was only open from 1983 to 1987. After its closure, the outlet mall was acquired by General Growth Properties (GGP), a purveyor of malls across the United States. When GGP filed for Chapter 11 bankruptcy protection in 2009, Dallas-based The Howard Hughes Corp. was spun off from GGP, and it inherited the land. The Belz Outlet Mall was demolished in 2010, leaving behind one of North Texas’ largest undeveloped parcels of land at a major intersection. “As the area is being built out, opportunities are becoming increasingly rare,” says Howard Hughes’ Mark Bulmash. “Monarch City has the unique opportunity to support the next wave of corporate relocations. We also have the advantage of such a large undeveloped parcel in which to establish a new walkable urbanism, which will redefine an area that people have previously just driven through, as opposed to driven to.” Allen mayor Steve Terrell agrees with Bulmash, citing congestion and urban sprawl in areas such as Dallas and Plano as the impetus for Allen’s future success as a major employment hub. “The Dallas North Tollway and the 121 corridor out in that area—it keeps getting more and

OFFICE

RESIDENTIAL

RETAIL

HOTELS

more congested,” Terrell says. “It just pushes more of the economic development in this direction, so that’s a big plus.” The City of Allen is working to build out what its calls its “121 Corridor,” a largely undeveloped stretch of highway in Allen that connects the city to Dallas Fort Worth International Airport. The city’s strategic growth plan outlines intentions for the corridor. “The primary focus for this area is the development of high-quality office, tech, and light industrial employment centers along the Highway 121 corridor,” the plan states. “The S.H. 121 corridor from the western city limits to U.S. 75 should be developed as quality employment centers to include high- and low-rise offices, selected high quality technology and light industrial uses, and campus-type corporate development, similar to what has been developed in some areas along the U.S. 75 corridor.” The strategic plan goes on to state single-family development is discouraged, instead favoring dense multifamily residential areas that include structured parking and are integrated into mixed-use projects. Marc Kurbansade, director of community development in Allen, says Monarch City aims to do what the Belz Factory Outlet could not: namely, to activate the 121 corridor in Allen and draw other developments and employment centers to the area. “We expect that this will serve as a catalyst along the 121 corridor to start to attract other employment areas,” he says. “It starts to create a place, and it starts to create something that people can identify with right now.”

SUMMER 2019


A ANATOMY OF A DEAL

RENDERING: OMNIPLAN ARCHITECTS

A SPECIALIZED ZONING ENTITLEMENT ALLOWS MONARCH CITY TO MEET THE CHANGING NEEDS OF ITS POPULATION, EVEN 100 YEARS INTO THE FUTURE Monarch City is unique not only in its size, but also in its flexibility. In order to create what its developers are calling a “100-year city,” they had to apply for—and get approved— form-based zoning, a measure that allows flexibility in buildout within specific margins. The City of Allen’s Marc Kurbansade says form-based zoning code “is meant to develop a property that has its focus on just that—form—with the idea that buildings are going to outlive uses.” Monarch City is unique in that it does not currently have a rigid site plan. And because there’s no site plan, developers have the flexibility to build for the needs of its stakeholders. Form-based zoning allows them to do that while still meeting certain requirements laid out by the city. The zoning—which was approved by Allen City Council in June 2019—consists of a kit of parts that give developers significant flexibility as they build out the full 261 acres in multiple phases in the coming years, Kurbansade says. The kit specifies requirements that the developer must meet, including maximum and minimum density and height, specific architectural styles, certain streetscape widths, and more. “You’re building an area that has attention paid to detail, attention paid to open spaces, attention paid to the form of development, because those are timeless,” he says. Unlike the typical zoning process, which takes six to eight months and can hinder a developer’s timeline, form-based zoning eliminates red tape and expedites a development’s time to market. But significant time was spent on the front end educating the public and city council and garnering buy-in, Kurbansade says. Howard Hughes’ Mark Bulmash says the form-based zoning doesn’t solely affect the development in the short term: It also will give developers the flexibility to make changes in the future as expectations of mixed-use communities evolve alongside technologies. “Part of developing for the long-term means understanding that technology is advancing at an exponential rate, and we must plan today for how we can accommodate innovative technologies in the future,” Bulmash says. “As just one example, we know that 5G technology is fast arriving, so we are planning for the extra towers that will be required and designing buildings with the infrastructure to take full advantage of this exciting new innovation.” Kurbansade says he also foresees the form-based zoning created for Monarch City influencing other developments along the 121 Corridor. “I imagine this will provide some context for developers to consider in their zoning entitlements,” he says. “I think that from the perspective of planning and zoning, the zoning implementation for Monarch City may provide a template of sorts for those developers.”

SUMMER 2019

ZONING TIMELINE 2010 NOVEMBER: Howard Hughes acquires the Monarch City site from General Growth Properties.

2018 MAY: Howard Hughes publicly announces development plans. SEPTEMBER: Howard Hughes files a zoning application. SEPTEMBER: The Technical Review Committee meets for the first time. NOVEMBER: The Allen City Council holds a work session on formbased codes.

2019 JANUARY 8: The second Technical Review Committee reviews the development’s potential impact on stakeholders including the school district, utility companies, and other service providers. FEBRUARY 12: Allen City Council holds a public work session on Monarch City’s proposed use of form-based codes. FEBRUARY 19: The Planning & Zoning Commission holds a public work session on form-based codes. MAY 23: Allen City Council and the Planning & Zoning Commission together host a public workshop on form-based zoning codes. JUNE 4: In a public hearing, Allen’s Planning & Zoning Commission recommends approval of the proposed zoning. JUNE 25: Allen City Council approves form-based zoning in Monarch City.

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A ANATOMY OF A DEAL

RENDERING: OMNIPLAN ARCHITECTS

PLANNING A ‘100-YEAR CITY’ FLEXIBILITY IS AT THE HEART OF A SUSTAINABLE DEVELOPMENT, WHICH MUST EVOLVE TO STAY RELEVANT. Technological innovations beyond imagination are sure to shape the future. While it’s impossible to imagine what the year 2119 will hold, developers aim to meet the needs of future residents and commercial tenants in a mixed-use development. That’s where form-based zoning comes in. Howard Hughes’ Mark Bulmash says developing with a plan for the future begins with understanding the exponential rate at which technology evolves and leaving room for innovation. “We must establish an inherent flexibility within our process—the same idea behind our form-based zoning—so that we can provide our community members with the most effective and best lifestyle experience,” Bulmash says. Now, this means designing the buildings in Monarch City with 5G capability. In a future less reliant on cars, it could mean repurposing parking garages into commercial buildings—a possibility that developers already are accounting for. Creating a lasting development goes beyond creating a plan for future innovation. Jim McCaffrey, of Howard Hughes, says investing in environmental-conservation measures also

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MONARCH CITY BY THE NUMBERS TOTAL PROGRAM: 10 MILLION SQUARE FEET OFFICE: 5-6 MILLION SQUARE FEET RETAIL: 300,000-400,000 SQUARE FEET

RESIDENTIAL UNITS: 3,000-4,000 HOTEL ROOMS: 300-600 CENTRAL PARK: 20+ ACRES ADDITIONAL POCKET PARKS: 5

creates a long-term impact for the development. “Energy and water conservation are crucial for our environment and are increasingly an obvious choice for cost savings as well,” McCaffrey says. “We’re getting smarter as an industry about the regional impacts of stormwater management and how to engineer our systems in a more responsible and effective way.” “Countless design decisions add up to making a timeless place: the context within the surroundings, infrastructure backbone, form, function, structure, technology, materials, etcetera. But above all of these elements is a great team,” he adds. Scott Polikov, CEO of Gateway Planning and a consultant on Monarch City, says he coined the phrase “100-Year City.” To him, sustainability is all about making responsible choices today for the people of tomorrow. “We’re taking responsibility for the outcome 100 years from now,” Polikov says. “At the end of the day, the mayor and city council are making decisions on what is going to be, and Howard Hughes is making decisions on what it’s going to be.”

SUMMER 2019


C COMMUNITY

Jim Knight, Chairman Bill Cawley, Chairman-Elect

CHAMPION’S CIRCLE

Bank of America Merrill Lynch/ Bank of America Charitable Foundation, Inc. Bank of Texas CBRE Compatriot Capital, Inc. Deloitte. Federal Reserve (Community Development Financial Institutions Fund) HFF JLL JP Morgan/JP Morgan Chase Foundation NexBank SSB Stantec

CHAIRMAN’S CIRCLE

Balfour Beatty Construction Billingsley Company Corgan Crow Holdings Capital Partners, L.L.C. Cushman & Wakefield DPR Construction, Inc. Eastdil Secured EY Frost Bank Granite Properties Invesco Real Estate Jackson Walker KPMG LegacyTexas Munsch Hardt Kopf & Harr P.C. Republic Title of Texas, Inc. Stewart Title The Howard Hughes Corporation Wells Fargo Bank/ Wells Fargo Foundation Winstead PC

IMPACT INVESTORS

Each year, The Real Estate Council receives both financial and volunteer support from funding partners and member companies. Special thanks to each of you for contributing your time, talent, and resources to help us achieve our mission.

PRESIDENT’S CIRCLE

BB&T BBVA Compass/BBVA Compass Foundation Brasfield & Gorrie, LLC Cawley Partners Gables Residential GFF Goldman Sachs Grant Thornton Haynes and Boone, LLP Jackson-Shaw KDC NorthMarq Capital PGIM Real Estate Finance PUREPOINT Financial Simmons First Foundation StreetLights Residential Texas Capital Bank Thackeray Partners The Beck Group TIER REIT, Inc. Todd Interests Trammell Crow Company Transwestern US Bank/ Foundation Westmount Realty Capital, LLC

BENEFACTOR’S CIRCLE 42 Real Estate, LLC Acore Capital AG&E Structural Engenuity Alston Construction American National Bank of Texas Associated Bank Bank of America Plaza Bank of the Ozarks Benchmark Title Berkadia Commercial Mortgage Bradford Companies

CallisonRTKL Capital One Bank Chicago Title, NCS Dallas Citigroup Global Markets, Inc. Colliers International Corinth Properties Deutsche Bank Gensler Greenberg Traurig-Dallas HALL Group Hill & Wilkinson Hillwood Urban Hunt Real Estate Capital JPI Jones Day Kane Russell Coleman Logan PC Kennington Commercial KeyBank Kimley-Horn and Associates, Inc Lincoln Property Company Locke Lord LLP Matthews Southwest Merriman Anderson Architects, Inc. Mill Creek Residential Trust LLC MYCON General Contractors ORIX Real Estate Americas Pacheco Koch Consulting Engineers, Inc. Perkins+Will PlainsCapital Bank Primera Companies, Inc. Regions Bank Sarofim Realty Advisors Spirit Realty Capital Stream Realty Partners t. howard and associates architects, inc. (th+a) The Muse Family Enterprises The Retail Connection

Trammell Crow Residential Turner Construction Company VanTrust Real Estate, LLC VCC Construction Vinson & Elkins L.L.P. Walker & Dunlop Younger Partners, LLC

PATRON’S CIRCLE

AG&E Structural Engenuity Bay Miltenberger Benefit Cosmetics Boutique Preston Cherry Painting Company, Inc. Designer Draperies And Floors DPR Construction, Inc. Eastman Law Fairmont Hotel Fauxcades Gaedeke Group LLC Gemini Stage Lighting & Equipment, Co., Inc. Global Furniture Group HALL Group Hilton Anatole Hotel Imlach & Collins Brothers J&S Audio Visual Joel M. Eastman, PLLC Jones Day Lasco Acoustics and Drywall Legacy Hedgcoxe Office Partners, LP Performance Door and Hardware, Inc Polk Mechanical Co LLC Terracon Consulting Inc. The Demo Company The Ritz-Carlton - Dallas TX Office Installation Services Inc Wccw Western Rim Windsor Court Hotel

WHO WE ARE TREC is where 2,000 commercial real estate professionals spark community transformation, influence policy, and propel careers in DFW and beyond. Only TREC provides the road map for success and the platform to Build the City You’ve Imagined. SUMMER 2019

Learn more at recouncil.com or by calling 214-692-3600.

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C COMMUNITY The Dallas Regional Chamber recognizes the following companies and organizations for their membership investment at one of our top levels. Bolded companies are represented on the DRC Board of Directors. For more information about the benefits of membership at these levels call Diana Rivas-Smith at (214) 746-6744.

[x]cube LABS 1820 Productions 7-Eleven, Inc. A G Hill Partners LLC Accenture Acme Brick Company Active Network AECOM Aimbridge Hospitality Akin Gump Strauss Hauer & Feld LLP Alaska Airlines AlixPartners LLP Alkami Technology Alston & Bird LLP Altair Global Amegy Bank of Texas Amerant Bank, N.A. American Airlines, Inc. American Heart Association, Dallas Division American National Bank of Texas AMN Healthcare Andrews Distributing Company of North Texas Aon Arcosa Armstrong Relocation Ashford Hospitality Trust, Inc Associa At Home AT&T Atmos Energy Corporation Audi of America, LLC Austin College Austin Industries AustinCSI Axxess Bain & Company, Inc. Baker & McKenzie, LLP Baker Botts L.L.P. Baker Tilly Balfour Beatty Bank of America Bank of Texas Barnes & Thornburg Baylor Scott & White Health BB&T BBVA BDO USA LLP

BE&K Building Group Bell Flight Bell Nunnally BG Staffing, Inc. Big 12 Conference Billingsley Company BKD LLP bkm Total Office of Texas BLNelson Group LLC Blue Cross and Blue Shield of Texas Boeing BOKA Powell Borden Dairy Company Bottle Rocket Brasfield & Gorrie Brierley+Partners Briggs Freeman Sotheby’s International Realty Brinker International, Inc. BRP Business Jet Center Business Wise, Inc. Capital One Bank Carrington, Coleman, Sloman & Blumenthal, L.L.P. Cawley Partners CBRE Group, Inc. Centurion American Development Group CENTURY 21 Judge Fite Company Champion Partners Chickasaw Nation Children’s Health System of Texas Choctaw Nation of Oklahoma CHRISTUS Health CHRO Partners CiCi Enterprises, LP Cinemark Holdings (Cinemark USA, Inc.) Cisco Systems Citi City Electric Supply Clark Hill Strasburger Cleaver-Brooks Sales and Service ClubCorp USA, Inc. Coca-Cola Refreshments Colliers International Comerica Bank Commemorative Air Force

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Commerce Bank Consolidated Communications Copart Corgan Corinth Properties Corrigan Investments, Inc. Cousins Properties CP&Y, Inc. Crow Holdings Crowe LLP CSRS Cyber Group, Inc. CyrusOne Dallas Baptist University Dallas Business Journal Dallas County Community College District Dallas Cowboys Football Club Ltd. Dallas Mavericks Dallas Stars Hockey Club Dallas Summer Musicals Dallas Wings Dal-Tile Corporation Dannenbaum Engineering Corporation DeGolyer and MacNaughton Deloitte LLP DFW International Airport DHD Films Diodes Inc. DLR Group Staffelbach Dreien Opportunity Partners LLC E Smith Legacy Holdings EarthX East West Bank Ebby Halliday Real Estate, Inc. Egan Nelson LLP Eric Affeldt Ernst & Young LLP Estrada Hinojosa & Company, Inc. Ewing Automotive Group Exxon Mobil Corporation FASTSIGNS - Northeast Dallas FedEx Office Fidelity Investments Fluor Corporation Headquarters Foley Gardere LLP Forest City Texas Inc Fox Sports Southwest

Frito-Lay North America Frost Bank Frost Brown Todd LLC Furniture Marketing Group G6 Hospitality LLC Gaedeke Group Gensler George W Bush Foundation Goldman Sachs & Co, LLC Gordon Highlander Granite Properties Grant Thornton LLP Green Brick Partners Gulfstream Aerospace Corporation Gupta & Associates Inc. Hall Group Harness Dickey & Pierce Hartline Dacus Barger Dreyer LLP Haynes and Boone, LLP H-E-B/Central Market Hedera Hashgraph HFF Hill & Wilkinson General Contractors Hill+Knowlton Strategies Hillwood Development Company, LLC Hilti North America Hilton Anatole HKS Inc. HMS HNTB Corporation Hoar Program Management, LLC HOK Holdingham Group North America HollyFrontier Corporation Holmes Murphy HOLT CAT Howard Hughes Corporation HPI Real Estate Services & Investments/Ross Tower HR&A Advisors HSBC Bank USA HUB International Insurance Services Hunt Consolidated, Inc./ Hunt Oil Company Husch Blackwell LLP IBC Bank IBM Corporation

SUMMER 2019


C COMMUNITY Interceramic International Leadership of Texas Invesco Real Estate Invitation Homes Jackson Spalding Jackson Walker LLP Jacobs Engineering Group Inc. Jamba Juice JE Dunn Construction JLL Jones Day JPMorgan Chase & Co. Kane Russell Coleman & Logan PC KDC Real Estate Development & Investments Ketchum Public Relations Kilpatrick Townsend & Stockton LLP Kimley-Horn and Associates Kirkland & Ellis Kosmos Energy LLC KPMG LLP Kubota Tractor Corporation L.A. Fuess Partners Structural Engineers LegacyTexas Bank Life School of Dallas Linebarger Goggan Blair & Sampson, LLP Littler Mendelson, P.C. Live Nation Locke Lord LLP Lockheed Martin Lockwood, Andrews & Newnam, Inc. Bobby B. Lyle Lyft Inc M2 Studio MAPP Mary Kay Inc. Mbroh Engineering, Inc McCarthy Building Companies, Inc. McGinnis Lochridge McGough Construction McGuire, Craddock & Strother, PC McKissack & McKissack McKool Smith McLarty Capital Partners McRight-Smith Construction Medical City Dallas Hospital/ Medical City Children’s Hospital Methodist Health System MHBT, a Marsh & McLennan Agency LLC company MHT Partners LP Microsoft Corporation MidFirst Bank

SUMMER 2019

Mohr Partners, Inc. Munck Wilson Mandala LLP MV Transportation, Inc. NEC Corporation of America Networking Results Inc. Newmark Knight Frank Nicholas Residential Norton Rose Fulbright NTT DATA Inc. Oklahoma State University Omni Dallas Hotel Omniplan, Inc. Omnitracs, LLC Oncor Operation Kindness Options Clearing Corporation Origin Bank ORIX Corporation USA Pacific Builders Pape-Dawson Park Place Dealerships Parkland Foundation Patriot Truck Sales Paul Quinn College Penske Motor Group Perkins Coie LLP Perkins+Will Pierpont Communication Pioneer Natural Resources Company PlainsCapital Bank PNC Point B Polsinelli Preferred Freezer Services Premier Truck Group Prime 45 Development LLC PSA Constructors, Inc. PwC Qatar Airways RealCom Solutions Regions Bank Reimagine RedBird Reliant, an NRG Company Rent-A-Center Rosewood Property Co. RSM US LLP Santander Consumer USA Sbase Technologies Scheef & Stone, LLP SCHMIDT & STACY Consulting Engineers, Inc. Scovell Family Foundation Sendero Sewell Automotive Companies Shackelford, Bowen, McKinley & Norton LLP Sheppard Mullin

Sheraton Dallas Showcall Sidley Austin LLP Silicon Valley Bank Silverado Interests Simmons Bank Slalom Smith Group Asset Management Smith Limousine Smoothie King Southern Glazer’s Wine and Spirits Southern Methodist University Southwest Airlines Southwest Office Systems, Inc. Spectrum Enterprise Spectrum Reach Squire Patton Boggs St. Mark’s School of Texas Stantec State Farm Insurance Companies Steinhart Family Advised Fund Stewart Title Stinson Leonard Street Stout Suffolk Construction Sumitomo Mitsui Banking Corporation SMBC SunTrust Robinson Humphrey Inc Target Headquarters TBK Bank TD Ameritrade TDIndustries TDJ Enterprises Teladoc Telios Tenet Healthcare Texans Can Academies Texas A&M University Texas Capital Bank Texas Central Texas Health Aetna Texas Health Resources Texas Instruments Texas Mutual Insurance Company Texas Scottish Rite Hospital for Children Texas Star Alliance Texas Woman’s University Texas Women’s Foundation The Asset The Beck Group The Boston Consulting Group The Brierley Group LLC The Broaddus Companies The Commit Partnership The Crowther Group The Dallas Morning News

The Edelman Group The Fairmont Dallas The Freeman Company, LLC The Kroger Co. The Parvin Group The University of Texas at Arlington Thompson & Knight LLP Thompson Coe Thomson Reuters Thryv T-Mobile US Inc Tom Thumb - Albertsons Topgolf Torchmark Corporation Town of Addison Toyota Motor North America TracyLocke Transwestern Travelers Insurance Company Trinity Groves, LLC Trinity Industries, Inc. Turner Construction Company TXU Energy Uber Technologies, Inc. UBS Hawthorne Family Fund UBS Realty Investors LLC UMB Bank N. A. UnitedHealthcare University of Dallas University of North Texas at Dallas University of North Texas System University of Texas at Dallas UT Southwestern Medical Center Veritex Holdings Verizon Wireless South Central HQ Volunteers of America Texas Walgreens Company Weaver Weber Shandwick Weil, Gotshal & Manges LLP Weitzman Wells Fargo West Monroe Partners LLC WFAA-TV Whitebox Real Estate Whiting-Turner Contracting Company Whitley Penn Willis Towers Watson Winstead PC Women’s Foodservice Forum Zinwave Ztar Mobile, Inc.

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SPECIAL ADVERTISING SECTION

CITY PROFILES Looking for the best city in which to headquarter your business? Consider this the start to your search. When deciding to relocate your business, there are infinite factors to take into consideration. You already know that Dallas-Fort Worth is a great place to do business, with its attractive quality of life, strong regional and state economy, low cost of living, young and skilled labor force, and absence of corporate and personal income taxes. Did you also know that DFW ranks among the top three U.S. metropolitan areas for business expansions, relocations, and employment growth? So really, the question is, “Which DFW city is best for my company?� Let this compilation of some of the best and most rapidly-growing cities in DFW be your guide to helping you to make that all-important decision.

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SPECIAL ADVERTISING SECTION

SUMMER 2019


RENDERING: ALOFT HOTEL AND CONVENTION CENTER SPECIAL ADVERTISING SECTION

CEDAR HILL: WHERE BUSINESS + FUN GROW NATURALLY

SUMMER 2019 SPECIAL ADVERTISING SECTION

DALLAS PHOTO: SEAN FITZGERALD

Located at the highest elevation in Dallas County and just 20 minutes from city center sits the beautiful, family-friendly city of Cedar Hill, where opportunities grow naturally. A bustling and diverse community of just over 45,000 people, Cedar Hill combines the best of big-city living with natural beauty and outdoor recreation found nowhere else in the Metroplex. Culturally, economically, and geographically, Cedar Hill’s appeal is broad and palpable. “Our prime location within the metro area is a key strength, with easy access to major highways, airports, and the inland port,” says Cedar Hill Mayor Stephen Mason. “It provides companies a competitive advantage with regards to logistics, as well as various transit options for locals and visitors.” With its low cost of doing business, ample workforce, and attractive quality of life, Cedar Hill is experiencing an influx of both startups and established companies. Recent announcements include a public-private partnership on an Aloft Hotel and city convention center at Hillside Village lifestyle center, exciting plans for Historic Downtown with Lake Moreno Partners bringing adaptive reuse expertise to a 40,000 SF mix-used development of retail, restaurants, and more, professional office additions across the city, housing options among single-family and multi-family living, and the thriving retailer sector capturing regional market. Business owners operating in the city take pride being part of Cedar Hill’s growth, connecting with its principles in stewardship of the environment. Local business owner Abdiel Ruiz and wife Rosemary of Ruiz Financial Solutions share, “the best part of working in Cedar Hill is the people and daily interactions we are able to have. My wife and I have a long-term investment in the growth of our city and the relationships we have with the people

of Cedar Hill. That is why we live, work, and worship in this wonderful city.” In addition to the growing business climate, Cedar Hill corners the market on natural beauty. Its uniquely diverse geological area with abundant wildlife offers some of the most breathtaking views in North Texas. The scenic rolling hills are reminiscent of the Texas Hill Country, yet conveniently nearby, making it the preferred destination among nature enthusiasts, hikers, cyclists, mountain bikers, boaters, campers, and adventure-seekers alike. Whether it’s a visit to Dogwood Canyon Audubon Center, where the ecosystems of east, west, and central Texas converge, containing the widest variety of rare species in North Texas, or the Cedar Hill State Park, nearly 2,000-acres, located on Joe Pool Lake, Cedar Hill is an ideal location for learning about environmental science and nature. Add this to an extensive city park system, and outdoor recreational experiences that exist at every turn. “Cedar Hill has an entrepreneurial spirit like nowhere else in the region,” shares Shadi Awad, co-founder of Technagy. “That spirit combined with its natural beauty made it the perfect spot to launch our company. I really believe the eyes of the Metroplex will be on this city over the next ten years like never before.”

CEDAR HILL

CEDAR HILL REGIONAL TRADE AREA POPULATION

940,000+ MEDIAN HOUSEHOLD INCOME

$72,415 LAND AREA

36 SQUARE MILES DEVELOPED WITHIN CITY LIMITS

56% DEVELOPMENT INCENTIVES

YES CONTACT CEDAR HILL ECONOMIC DEVELOPMENT CORPORATION 972.291.5132 CHEDC@CEDARHILLTX.COM CEDARHILLEDC.COM

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ADDISON, TEXAS: URBAN OASIS AT THE CENTER OF IT ALL! Strategically situated on the Platinum Corridor between downtown Dallas and Plano, Addison is a leader in “live, work, and play.” With nearly 200 restaurants, endless year-round events and activities, an abundance of shopping, and top employers like Mary Kay Cosmetics, Concentra Health Services, and Bottle Rocket packed into 4.4 square miles, Addison is at the center of it all. Addison Circle Addison was considered an urbanism pioneer when the vision for Addison Circle became a reality twenty years ago. Today, Addison Circle is considered a Dallas-area classic with its emphasis on walkability, tasteful architecture, and green spaces. It manages to be simultaneously cutting-edge, cool, and comfortable. The new heart of the city, Addison Circle offers charming red-brick sidewalks, public art, and fountains, and all the amenities needed to make this contemporary gem a covetable place to call home. And, in 2022, Addison Circle will also boast a light rail station with service directly to DFW airport on DART’s new Cotton Belt rail line. Vitruvian Park On the southern edge of Addison lies a newer, but equally as impressive, urban venture. Less than a decade ago, the Vitruvian Park mixeduse development was born. Along with the namesake green space—home to everything

from volleyball leagues to outdoor concerts to the magnificent Vitruvian holiday lights—this desirable destination includes restaurants, retail, and a doggie daycare that rivals even the best youth summer camp. With plans for four distinct developments, this neighborhood is a model for metropolitan living with plenty of room to grow. Planning for the Future With a proven track record of developing sustainable mixed-use properties, Addison now turns its eye to 60 acres along Inwood Road

just south of Belt Line, an important gateway to the community. New plans for the area focus on creating a memorable urban village. Implementing the principles of new urbanism—pedestrian friendliness, diverse uses, and human scale—the city will redefine the area with retail, restaurants, and a variety of residences. And at Addison Airport, a third fixed-base operator will start construction on new corporate hangars in a couple of months. With the right partners, Addison will continue to lead the region in creating beautiful, unique, and complete neighborhoods.

ADDISON

DALLAS

ADDISON CONTACT ADDISON ECONOMIC DEVELOPMENT P.O. BOX 9010 ADDISON, TX 75001 PH: (972) 450-7076 ADDISONED.COM

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DFW METROPLEX

YOU FOUND THE SWEET SPOT. Welcome to Addison, where you’re 15 minutes from anywhere in Dallas. There are more than 1,600 businesses here, surrounded by 180 restaurants, 24 hotels and the top-ranked general aviation airport in Texas. With over 10 million square feet of office space, highly qualified workers in every field close by and a city government dedicated to helping you succeed, it’s no wonder NerdWallet voted Addison the #1 city in Texas to start a business. AddisonED.com • 972.450.7076


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ALLEN: WELCOME TO THE FAMILY WE KNOW YOUR BUSINESS IS YOUR BABY, AND THAT’S WHY WE’VE CREATED A GREAT ENVIRONMENT TO HELP YOUR BUSINESS GROW. We’re the place to raise your business right. Allen’s vibrant economy continues to attract businesses and residents to our city. We can rattle off the standard stats and accolades—like being named #2 Best Place to Live in the Nation by MONEY Magazine or being ranked as the Best Suburb for Millennials in Texas by CNBC—but we do things differently. And that is what makes us great—we are a vibrant and active community that can think outside the box to connect our companies, workers, and residents together to open the door for new opportunities. We’ve got excellent amenities. Great places to live also make for great places to work, allowing companies to leverage our abundant shopping and dining, entertainment and sports teams, and award-winning parks and trails as a valuable recruitment tool. Our Parks and Recreation Department recently won the National Gold Medal Award and for good reason: every location in Allen is only a five-minute walk to nearly 1,200 acres of parks and 68 miles of scenic nature trails. We’ve got a diverse, educated population. Companies in Allen have access to a highly-skilled

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workforce and a pipeline of future talent with over 1.5 million workers within a 30 minute drive. The Collin College Technical Campus—opening in 2020— will bring 7,000 students to Allen, making this the county’s hub for professional training and technical education. These are just a few of the reasons that MONEY Magazine named Allen as the #2 Best Place to Launch a Career. We’ve got space to grow. After a year of tremendous growth in 2018, Allen has moved into its next stage of evolution as companies are taking notice of the city’s growth. Nine million square feet of Class A office is being planned throughout the city. One Bethany West, an eight-story building delivering in fall of 2020, will be the third building in the One Bethany at Watters Creek campus. Located in the award-winning Watters Creek District, it is surrounded by walkable amenities—a 4-star hotel and convention center and more than 50 shops and restaurants mixed in with urban lofts—and direct access to over 60 miles of bike trails. Monarch City, a 261-acre development by The Howard Hughes Corporation at the hard corner of Central Expressway (US-75) and Sam Rayburn Tollway (SH121) is ready to host companies looking for a master-planned community that will include amenities like a central park, that are crucial to maintaining Allen’s amazing quality of life. We’re the place to raise your business right. To find out if this is the family for you, visit AllenEDC.com.

DALLAS ALLEN POPULATION

104,636

WORKERS WITHIN A 30 MINUTE DRIVE

1.5 MILLION

WORKFORCE WITH BACHELOR’S DEGREE OR HIGHER

56%

AVERAGE HOUSEHOLD INCOME

$109,978 CONTACT DANIEL S. BOWMAN 972-727-0252 900 WEST BETHANY DRIVE, SUITE 280 ALLEN, TX 75013

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Welcome to the family. Allen is home to many businesses, and we’re proud of every single one. From our diverse, well-educated population to our business-friendly economic development corporation, we give the companies that call us home the tools they need to succeed. To find out if this is the family for you, visit AllenEDC.com.

The Place to Raise Your Business


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FORT WORTH

DALLAS ARLINGTON

ARLINGTON: WHERE BIG DEALS DON’T STOP THE REGION’S PREMIER ENTERTAINMENT DESTINATION IS NOW LEADING THE REGION IN DEVELOPMENT PROJECTS.

ARLINGTON

BEST RUN CITY -WALLETHUB

DEGREE SEEKERS AT UTA:

45,000 VISITORS PER YEAR:

14 MILLION MILES FROM DFW AIRPORT:

8

CONTACT ARLINGTON OFFICE OF ECONOMIC DEVELOPMENT 101 W ABRAM ST, ARLINGTON, TX 76010 (817) 459-6155

Home to three professional sports teams, two world-class theme parks, and some of the largest concerts in the Metroplex, Arlington attracts over 14 million visitors each year. But it’s more than just tourists who are attracted to Arlington—a long list of high-profile businesses and developments have recently made Arlington their home. In fact, Arlington’s value of economic deals continues to rank amongst the highest in DFW. Recently, it has been hard to miss Arlington in the headlines. Since General Motors announced a $1.4 billion investment in its Arlington Assembly Plant in mid-2015, the city has hardly gone a month without another big announcement. Such announcements have included the headquarters of Fortune 500 homebuilder, DR Horton; a $1 billion new stadium for the Texas Rangers, Globe Life Field; a $400 million mixed-use entertainment district, Texas Live; a 14-floor luxury hotel, Live by Loews; a 1.6 million-square-foot industrial development, Park 20/360; and several major distribution centers for companies like UPS, Summit Racing, and Rent the Runway. Additionally, Arlington is now home to the largest Esports Stadium in the United States. All in, these deals have amounted to investments of more than $3.2 billion. Centrally positioned between Dallas and Fort Worth, Arlington is a convenient home base for companies doing business across the Metroplex.

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A mere eight miles from Dallas Fort Worth International Airport, Arlington executives can easily travel to either coast in no time at all. Arlington’s position along two major interstates and premier rail lines make the city a no-brainer for supply chain and distribution companies. These qualities are why Arlington was among the first DFW suburbs to develop, and why it was the site of one of the country’s first master-planned business parks, the Great Southwest Industrial District. While Arlington’s position in the community has always made it a prime location for business, businesses are increasingly being drawn for other reasons, chief among these being the University of Texas at Arlington. UT Arlington is now on its way to becoming the largest university in the University of Texas system. With 45,000 degree seekers in Arlington, companies are attracted by the educated workforce that Arlington has to offer. Now that UT Arlington is a tier-one research institution with nationally ranked science and engineering programs, the business case for Arlington is even more compelling. With all the recent capital invested, the booming job market, and the exponential growth of UTA, there’s a lot to be excited about in Arlington. Branded as “the American Dream City,” dreams are coming true, and the future is bright in Arlington.

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Arlington Automotive Logistics Center

T E X A S ARLINGTONTX

WHERE DEALS GET DONE

ARLINGTONTX

Globe Life Field (2020)

Esports Stadium

TEXAS

WHERE DEALS GET DONE Texas Live

Texas Live

Arlington Automotive Logistics Center

OFFICE OF ECONOMIC DEVELOPMENT arlingtontx.gov/business I ecodev@arlingtontx.gov I 817.459.6155

OFFICE OF ECONOMIC DEVELOPMENT arlingtontx.gov/business I ecodev@arlingtontx.gov I 817.459.6155


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DALLAS

DALLAS POPULATION GROWTH SINCE 2010:

+120,000 DAILY CITY WORKFORCE:

1.15 MILLION SMALL BUSINESSES:

72,800 BUSINESS ACCELERATORS / INCUBATORS / COWORKING SPACES

83 CONTACT CITY OF DALLAS OFFICE OF ECONOMIC DEVELOPMENT DALLAS CITY HALL 1500 MARILLA STREET ROOM 5CS DALLAS, TX 75201 (214) 670-1685 COURTNEY POGUE, DIRECTOR COURTNEY.POGUE@ DALLASCITYHALL.COM

DALLAS IS NORTH AMERICA’S CITY CENTER The City of Dallas is the urban core of one of the world’s most dynamic and diverse economies in the world. The city center is the hub of DFW’s talent, technology, culture, and infrastructure, and was recently ranked the top U.S. city for downtown development potential (per research from Yardi Matrix and PropertyShark). With a rich history of success, entrepreneurship, art, and family, Dallas is the perfect reflection of an increasingly interconnected world. Business. Dallas is home to diverse industry leaders, including AT&T, Texas Instruments, Southwest Airlines, Tenet Healthcare, Jacobs Engineering, and Neiman Marcus. From the tallest downtown high-rise to the modern custom corporate campus, Dallas is the city with a perfect place for any office. Skills. With access to a labor force of 3.7 million, Dallas is ranked the top metro in the country for talent attraction. Drawing the brightest and best for all business needs, it is also ranked the fourth fastest-growing metro for tech jobs. Ideas. In Dallas, ideas become industries. The city’s legacy of innovation includes convenience retail (7-Eleven), modern computing (Texas Instruments), information technology (EDS), casual dining (Chili’s), internet streaming video (Broadcast.com), and even the frozen margarita (Mariano’s). Today’s entrepreneurs build on this foundation in a vibrant and supportive startup community centered in downtown with one of the largest collections of coworking spaces,

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accelerators, forums, and funders in the southern U.S., all within walking distance. Networks. Dallas is globally connected, with two large airports, five major interstate highways, and three major freight railroads. 35% of the U.S. population is within a 48-hour truck haul, 98% within 48-hours by rail and all major North American business centers are within a four-hour flight. DFW’s transportation networks converge on Dallas, including major highways and the region’s only comprehensive mass transit system. Dallas Love Field is centrally-located for domestic air travel, within minutes of the City’s major business centers. Living. With diverse neighborhoods, lifestyles, and culture, Dallas provides a vibrant and high quality of life that only an urban center can provide. The City has over 23,000 acres of park land, 173 miles of trails, nationally ranked schools in nine different districts, eclectic and opulent retail choices, and a vibrant, innovative restaurant scene. Culture. Dallas has the nation’s largest arts district, world-class museums, sporting venues, and exciting nightlife. We’re home to the State Fair of Texas, White Rock Lake, the Great Trinity Forest, the PGA Tour Byron Nelson Championship, and the Dallas International Film Festival, not to mention the birthplace of Southwestern cuisine. Make Dallas the center of your business plan. For more information on how to partner with the City, visit us at www.dallasecodev.org.

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SUMMER 2019


DALLAS THE URBAN CORE OF ONE OF THE WORLD’S MOST DYNAMIC AND DIVERSE ECONOMIES

AND RANKED THE #1 U.S. CITY FOR DOWNTOWN DEVELOPMENT POTENTIAL

#1 U.S. METRO FOR TALENT ATTRACTION COMMITTED TO A GREEN & SUSTAINABLE CITY 3 AIRPORTS & 5 MAJOR INTERSTATE HIGHWAYS HOME TO THE LARGEST URBAN ARTS DISTRICT IN THE U.S. INNOVATION HUB WITH 59,000 SMALL BUSINESSES DALLAS ECONOMIC DEVELOPMENT

CONNECT WITH US

17 FORTUNE 1000 CORPORATE HEADQUARTERS RANKED #1 U.S. METRO FOR FAMILY-FRIENDLINESS 4TH FASTEST GROWING U.S. METRO FOR TECH JOBS PERFECT 100 SCORE FOR HUMAN RIGHTS CAMPAIGN MUNICIPALITY EQUALITY SCORE #1 U.S. MARKET FOR LOCAL PUBLIC & PRIVATE INVESTMENT (214) 670-1685

ECODEVINFO@DALLASCITYHALL.COM

W W W. D A L L A S E C O D E V. O R G

S U MPhotos: M E R 2 0 1Dallas 9 A L L A S - F O R T W O R T H R EBurton A L E S TAT E REVIEW / 69 Skyline-Urban Fabric Photography; Klyde Warren Park Book Kiosk, Office Workers, Southwest Airlines DHeadquarters-Kauwuane Photography


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GRAND PRAIRIE: TEXAS ISN’T THE ONLY ONE WHO IS ‘BOLDEST AND GRANDEST’

GRAND PRAIRIE

#6 BEST WORKFORCE DIVERSITY IN THE U.S. (WALLETHUB.COM)

#15 LARGEST CITIES IN TEXAS

LAND AREA 84 SQUARE MILES

OPPORTUNITY ZONE CENSUS TRACT 48113015304 (ENTERTAINMENT DISTRICT WEST TO SH 161)

CONTACT GRAND PRAIRIE ECONOMIC DEVELOPMENT 300 MAIN STREET GRAND PRAIRIE, TX 75050

National rankings are admittedly subjective, but at some point one has to stop and take note of Grand Prairie: The 2nd Happiest City in Texas (WalletHub.com) and 10th Happiest in the entire U.S. (MoneyWise), the 7th Safest Major City (those over 100,000 population) in the state according to the FBI, and the 11th Best City for Hispanic Entrepreneurs (WalletHub). Why all the happiness? Well, convenience for one. A home between Dallas and Fort Worth offers locational benefits to corporate citizens and residents alike. With a population of 193,837, Grand Prairie maintains a reputation as “the biggest small town in Texas”—yet it also now has almost 8 million “neighbors.” And Grand Prairie is only ten to fifteen minutes away from Dallas Fort Worth International Airport and Dallas Love Field. Look at a map, and you’ll notice a tic-tactoe grid of major highways. Passing east/west through Grand Prairie (and linking the City with major markets) are Interstate Highway 30 and Interstate 20. Newly extended State Highway 360, State Highway 161 (aka the President George Bush Turnpike), and nearby Loop 12 provide north-south highway access. Access helped attract employers like Flex-NGate, a Tier One vendor serving the neighboring General Motors Plant, Mission Foods, and more recently, the first Living Spaces in North Texas. Access to qualified labor is critical as well, and Grand Prairie is framed by quality universities on either side—to the benefit of Lockheed Martin’s Missiles and Fire Control Headquarters, which added 1,000 new employees in the past year.

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Downtown Grand Prairie (called out by D Magazine in 2018 as “poised for greatness”) was boosted in the past year by the purchase and improvement of a former bakery by Zavala’s Barbecue, improvements to a 6,400-square-foot former fire station and subsequent occupancy by Fire House Gastro Park, the start of a City Hall expansion, and a Main Street study which identified opportunities to further activate Downtown’s redevelopment. Meanwhile, the 172-acre EpicCentral Park fronting 161 near Arkansas Lane was an Urban Land Institute North Texas “Next Big Idea” finalist in 2018—as home to The Summit Adult Activity Center (tabbed as “America’s first baby boomer facility”), The Epic (a 125,000-square-foot recreation center), Epic Waters Indoor Water Park (80,000 square foot with a retractable roof), the GrandLawn amphitheater, and the first phase of an all-accessible PlayGrand Adventures Park. It also includes opportunities for two or more hotels, restaurants, and perhaps later, corporate offices. Over $150 million dollars will be invested into the site through sales-tax initiatives overwhelmingly passed by vote from the citizens of Grand Prairie—recognizing that this will be an all-inclusive destination appealing to every demographic. Still, Grand Prairie isn’t finished yet; tip-to-toe, the City stretches more than 30 miles—and includes an attractive peninsula onto Lake Joe Pool. This City is extending and expanding its two remaining Tax Increment Reinvestment Zones, is already benefitting from new frontage roads along both IH-30 and IH-20, is envisioning a new “front door” at IH-30 and Belt Line Road—and playing the long game.

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IRVING - LAS COLINAS, THE HEADQUARTERS OF HEADQUARTERS IRVINGLAS COLINAS FORT WORTH

DALLAS

IRVING-LAS COLINAS FOREIGN-OWNED COMPANIES OPERATING IN IRVING-LAS COLINAS

MORE THAN 100 FORTUNE 500 COMPANIES

54 IRVING-LAS COLINAS HAS ONE OF THE

HIGHEST CONCENTRATIONS OF STEM-EDUCATED WORKERS CONTACT IRVING ECONOMIC DEVELOPMENT PARTNERSHIP BETH A. BOWMAN, IOM, CCE 214.217.8484 BBOWMAN@IRVINGCHAMBER.COM 5201 N. O’CONNOR BOULEVARD SUITE 100, IRVING, TX 75039

A GLOBALLY RECOGNIZED BUSINESS HUB IN THE HEART OF NORTH TEXAS, IRVING - LAS COLINAS IS HOME TO THE GLOBAL HEADQUARTERS OF 12 FORTUNE 1000 COMPANIES. Location. Irving-Las Colinas is centrally located and commuting from anywhere in the DFW area is quick and easy. Both Dallas and Fort Worth are accessible on the Trinity Railway Express and the Dallas Area Rapid Transit (DART) system that provides easy commuter access to the heart of Dallas’ business district. Traveling domestically or internationally, only Irving – Las Colinas offers convenient access to both Dallas Fort Worth International Airport and Love Field. Workforce. Irving-Las Colinas is the 2nd largest employment center in North Texas with an estimated 255,000 jobs (Source: Jobs EQ Q1 2019). Employers have access to a young, diverse, and well-educated workforce. The median age is approximately 32 years old. Nearly 40 percent of residents over 25 have earned a two-year college degree, and 35 percent have at least a bachelor’s degree. Companies can access over 3.3 million highly educated employees within a 30-minute commute. Lifestyle. It’s easy to get out and enjoy yourself with more than 80 parks (2,000 acres) and Campion Trail, a 22-mile greenbelt trail system. The City offers picnicking, hiking/biking trails, and sports of all kinds. When the sun goes down, it’s just as easy to kick up your heels and hit the town. From cultural events at the Irving Arts Center or the Heritage Crossing District, to great bars and restaurants at Water Street, to a live concert at the Toyota

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Music Factory — the region’s newest entertainment, retail, and restaurant destination — Irving Las Colinas is rich with incredible places to enjoy. Relocating or expanding your business. Irving-Las Colinas is the 2nd-largest office submarket in the Dallas MSA. Here you can have a Local Address with Global Access! The city, with its immediate proximity to DFW Airport, offers a range of options for corporate headquarters, logistics, distribution, and manufacturing businesses. Office space. Irving-Las Colinas boasts over 37 million square feet of existing office space. ■ Class A - 17.3 million square feet, 1.5 million square feet under construction ■ Class B - 17.7 million square feet, 16.3 thousand square feet under construction ■ Class C - 2.2 million square feet ■ Under development: .8 million square feet (Source: The CoStar Office Market Report) Industrial space. Located in Irving and within Dallas Fort Worth International Airport grounds are both a global distribution center featuring 56 cargo carriers in 2.6 million square-feet of space and Foreign Trade Zone No. 39, a Class A business park with direct highway access to SH 114, SH 183 and a convenient location near I-635. With future development in the business district along SH 161 south of DFW Airport, the city boasts over 39 million square feet of existing industrial/flex space and another 10 million square feet under construction. Retail space. Irving-Las Colinas is enjoying an expansion in retail and restaurant offerings making it North Texas’ newest destination for food/ drink, entertainment, and shopping in a beautiful, walkable environment. An additional 250,000 square feet of retail space will soon be available.

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Home to 54 Fortune 500 corporations and the global headquarters to seven Fortune 500 companies, Irving, Texas has Room at the Top!

CITY

If growth is the goal, you’d better have room to make it happen. With over 37 million square feet of existing office space, 39 million square feet of existing industrial/flex space and a passionate and talented workforce of over 3.3 million highly educated employees within a 30-minute commute, Irving-Las Colinas has room for you to expand to your full potential.

IRVING, TEXAS Recognized as the Headquarters of Headquarters, it’s time to pick up your business plans and grow your company in this dynamic business community. To learn more about relocating your company to Irving-Las Colinas contact us at economicdevelopment@irvingchamber.com.

irvingchamber.com | (214) 217-8484


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KELLER

FORT WORTH KELLER POPULATION

45,090

AVERAGE HOUSEHOLD INCOME

$176,442 COMMERCIAL DEVELOPMENT IN LAST 5 YEARS

$207 MILLION PRIMARY RETAIL TRADE AREA POPULATION

155,927 PRIMARY RETAIL TRADE AREA AVG. HOUSEHOLD INCOME

$141,066 CONTACT TRINA M. ZAIS, AICP, MPA, 817-743-4009, TZAIS@CITYOFKELLER.COM, 1100 BEAR CREEK PKWY, KELLER, TX 76248

KELLER, TEXAS: BIG CITY COMFORTS, SMALL-TOWN CHARM YOUR EMPLOYEES WANT TO LIVE HERE, YOUR BUSINESS WILL THRIVE HERE The City of Keller is conveniently located in the Dallas-Fort Worth metroplex, offering easy connections to three major airports within a 30-mile radius and access to multiple major highways. Downtown Fort Worth is easily accessible by jumping onto I-35W, and Highway 114 will take you straight into Downtown Dallas. Keller is a community of high-quality neighborhoods, thriving businesses, and award-winning municipal services. Ranking No. 3 on the National Council for Home Safety and Security’s list of “The Safest Cities in Texas,” Keller provides a safe and welcoming atmosphere with an excellent school system and outstanding quality of life. Keller’s parks and trails system is anchored by Big Bear Creek, and offers recreation and mobility among the city’s popular play spaces, a fitness and aquatics center—The Keller Pointe— and multiple sports facilities. While area residents can find a great blend of local, regional, and national businesses along all of Keller’s major thoroughfares, its two most popular residential/retail mixed-use activity centers are Keller Town Center and Old Town Keller. Keller Town Center stretches out between Keller Parkway (aka FM 1709) and Bear Creek Parkway with a mix of housing choices from modern apartments to million-dollar homes. Visitors can enjoy a variety of unique shopping and dining options, and entertainment and recreational activities. Old Town Keller reflects the community’s

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historic roots reawakened with a modern twist. On the western edge of town and still featuring streets names from Keller’s original 40 acres, the eclectic district packed full of public art has become a favorite for unique restaurants and retailers, and has seen millions in recent public improvements to enhance its quaint, small-town sense of place. Whether you’re looking for a cozy brunch or late-night live music venue, handcrafted jewelry or vintage toys—or are just looking to host a memorable event or get business done at its wide variety of personal event venue, medical, and professional service options—Old Town has something for everyone. Keller ISD, which serves the entire City of Keller, strives to educate students to achieve their highest standards of performance by engaging them in exceptional opportunities such as focused college and career-readiness courses that include rigorous Career and Technical Education (CTE) programs. In an economy that requires well-trained and highly-skilled professionals, CTE is a proven method of empowering young people with the knowledge and skills necessary to be successful members of the workforce. In 2016, Keller ISD opened the Keller Center for Advanced Learning (KCAL)—a campus devoted to expanding CTE opportunities for students and offering the latest, state-of-the art tools, equipment, and technology in which to explore future career paths. Locating to the City of Keller will provide an opportunity for your business to thrive in a unique and growing community within minutes of Circle T Ranch and the Alliance Corridor.

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SUMMER 2019


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T TO LIVE HERE N A W ES OY E L P M R E NT TO LIVE HERE U YO E E S WA Y P LO WA N T S E E Y

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TO LIVE HERE

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TEXAS

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TEXAS

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SW YOU R BUS I NES HERE IVE THR L L I SW YOU R BUS I NES

ACCESS TO EVERYTHING

FORT WORTH ALLIANCE AIRPORT

ALLIANCE AIRPORT – 9 MILES

ACCESS TO EVERYTHING

DFW INTERNATIONAL AIRPORT – 11 MILES

FORT WORTH ALLIANCE AIRPORT

ALLIANCE AIRPORT – 9 MILES

DALLAS FORT WORTH INTERNATIONAL AIRPORT

FORT WORTH MEACHAM INTERNATIONAL AIRPORT

DOWNTOWN FORT WORTH – 18 MILES

DFW INTERNATIONAL AIRPORT – 11 MILES

LOVE FIELD

FORT WORTH FORT WORTH MEACHAM INTERNATIONAL AIRPORT

DALLAS

DALLAS FORT WORTH INTERNATIONAL AIRPORT

PARK LAND 27 MILES OF TRAILS

DOWNTOWN DALLAS – 32 MILES

AN EDUCATED WORKFORCE AN EDUCATED WORKFORCE

38%

14%

14% 27 MILES OF TRAILSBACHELOR’S DEGREE 38%MASTER’S DEGREE

122-ACRE 122-ACRE SPORTS PARK SPORTS PARK 150 EVENTS 150 EVENTS ANNUALLYANNUALLY

92K SQUARE-FOOT 92K SQUARE-FOOT FITNESS FITNESS CENTERCENTER DFW Real Estate Review Ad 2019.indd 1

DOWNTOWN DALLAS 32MILES MILES DALLAS LOVE FIELD –– 30

DALLAS

FORT WORTH

341 ACRES OF DEVELOPED 341 ACRES OF DEVELOPED PARK LAND

DALLAS LOVE FIELD – 30 MILES

DOWNTOWN FORT WORTH – 18 MILES

LOVE FIELD

BACHELOR’S DEGREE

MASTER’S DEGREE

RECENT AWARDS RECENT

AWARDS

The Safest Cities in Texas -National Council forinHome The Safest Cities Texas Safety and Security -National Council (2019) for Home Safety and Security (2019)

Best Suburbs to Buy a House Best-Suburbs to Buy a House in Texas Niche (2019) in Texas - Niche (2019)

Best Places to Raise a Family Best-Niche Places to Raise a Family in Texas (2019) in Texas -Niche (2019) Scenic CityCity Platinum Status Scenic Platinum Status -Scenic CityCity Texas (2019) -Scenic Texas (2019) 26th TreeTree CityCity USAUSA 26th Anniversary - Arbor Anniversary - Arbor DayDay Foundation (2019) Foundation (2019)

www.CityofKeller.com/ED www.CityofKeller.com/ED 817-743-4020 817-743-4020 8/12/2019 4:32:02 PM


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MESQUITE: REAL. TEXAS. FLAVOR. DALLAS MESQUITE

MESQUITE POPULATION

144,118 LOCATION

12 MILES TO DOWNTOWN DALLAS DAILY 30-MINUTE COMMUTE WORKFORCE

680,000 ANNUAL RETAIL SHOPPING VISITORS

18 MILLION CONTACT CITY OF MESQUITE OFFICE OF ECONOMIC DEVELOPMENT 1515 N. GALLOWAY AVE. MESQUITE, TX 75149 972-216-6340 DAVID WITCHER, DIRECTOR OF ECONOMIC DEVELOPMENT DWITCHER@ CITYOFMESQUITE.COM

Real.Texas.Flavor. isn’t just a tagline; it’s a sense of community spirit Mesquite has earned. We’re a real blend of pioneering, friendly people paired with innovative and progressive attitudes. Not to mention we are just minutes from the center of Dallas. Yet Mesquite can hold its own with dynamic attractions such as the Mesquite Rodeo, Mesquite Arts Center, more than 74 beautiful parks, trails, a world-class regional shopping hub, and employment opportunities within our many diverse companies. Business. Mesquite is home to more than 12 million square feet of global manufacturing leaders with more coming soon. Recent announcements include the $71 million Urban Parc 30. Major employers include PepsiCo, Ashley Furniture Industries Inc., Orora Visual, Fritz Industries, and Iris USA. Products invented by our local entrepreneurs are found throughout the world, and specialty goods are refined and tested within several research and development labs. Small businesses often gain regional accolades for being the “best of ” in Dallas publications. Skills. Mesquite has access to 680,000 skilled workers within a 30-minute commute time—and growing. New areas of Mesquite are in Kaufman County—the fourth fastest-growing county in the nation. This influx of new talent is willing and ready to work in nearby Mesquite firms. Mesquite is home to Eastfield College, and a new $70 million Career Technical Education High School is currently under construction. Spirit. With a heritage of trail-blazers, Mesquite is a place of many firsts and innovative Texassized projects. Back in 1949 the Mesquite Rodeo began, and today Mesquite is designated the

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“Rodeo Capital of Texas,” hosting specialty rodeos and concerts. It’s home to the Mesquite Outlaws, a professional indoor soccer team. Town East Mall continues to be a major attraction in North Texas. Today, Mesquite has 1.18 billion in residential development on the horizon and has experienced 1.04 billion in recent commercial and public sector investment. Networks. Anchored by the IH-635 loop, IH-20, IH-30, and US Hwy. 80, Mesquite provides connectivity with less congestion that many other parts of the metroplex. Down the road, Mesquite will be connected to the President George Bush Turnpike, SH 190. Mesquite is just minutes from Dallas Love Field and has its own Mesquite Metro Airport, named one of the nation’s top-25 busiest general aviation airports. Mesquite is also home to Union Pacific Railroad’s 4th-largest intermodal in the United States. Living. Mesquite is an accessible and enjoyable place to live with homes ranging from the quaint fixer-upper to brand new planned communities with homes ranging from the $250,000s to $400,000s. Residents and millions of visitors take advantage of destination places like Town East Mall, the Mesquite Golf Club, and the emerging resurgence of Downtown Mesquite. Culture. This established first-ring suburb of Dallas has become its own urban-meets-cowboy destination. Mesquite is robust in its diverse cultural mix; the school district has 60+ languages spoken by students. With so many opportunities and assets, Mesquite is truly a dynamic and diverse city that adds flavor to the DFW metro mix. See us at MesquiteEcoDev.com.

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SUMMER 2019


You Youhave haveaaburning burningdesire desirefor for aa bright workforce. You have a burning desire for bright workforce. a bright workforce.

We are young, motivated, and skilled with a workforce of more than 680,000 people within a We are young, motivated, and skilled with a workforce of more than 680,000 people within a 30-minute commute of Mesquite’s industrial center. We are developing the next generation 30-minute commute of Mesquite’s industrial center. We are developing the next generation of high-demand talent through leading-edge, career tech education programs and accredited of talent through leading-edge, career tech and accredited Wehigh-demand are young, motivated, and skilled with a workforce of education more thanprograms 680,000 people within a partnerships with colleges and universities. It’s no wonder that more and more high tech/ partnerships with colleges and universities. no wonder more and more tech/ 30-minute commute of Mesquite’s industrialIt’s center. We arethat developing the nexthigh generation manufacturing companies and corporate headquarters, like Elements International, Orora Visual, manufacturing and corporate headquarters, Elements International, Orora Visual, of high-demandcompanies talent through leading-edge, career techlike education programs and accredited Strukmyer Medical and Iris USA are choosing to locate and grow in Mesquite. We have the kind of Strukmyer Medical and Iris and USA universities. are choosingIt’s to no locate and grow in Mesquite. Wehigh havetech/ the kind of partnerships with colleges wonder that more and more workforce that today’s companies demand. Business is heating up in Mesquite. workforce that today’s companies demand. Business is heating up in Mesquite. manufacturing companies and corporate headquarters, like Elements International, Orora Visual, Strukmyer Medical and Iris USA are choosing to locate and grow in Mesquite. We have the kind of MesquiteEcoDev.com MesquiteEcoDev.com workforce that today’s companies demand. Business is heating up in Mesquite. MesquiteEcoDev.com


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RIDE THE NEXT BIG DEVELOPMENT WAVE TO MCKINNEY MCKINNEY

DALLAS McKINNEY MEDIAN AGE

34 POPULATION GROWTH (99-19)

327% 2ND LARGEST CITY IN COLLIN COUNTY CONTACT

Over the past decade the city of McKinney has experienced over 327% growth in its population. Money Magazine voted McKinney “No.1 Best Place to Live” in 2014 and the city is recognized as being one of the most unique cities in the DFW Metro. Situated on the SRT 121 Tollway and extending north, McKinney is the largest city in Collin County by land mass and serves as the county seat. Despite all the growth of McKinney over the past decade, this next gen city is only seeing the beginning of its true potential. The SRT121 tollway is one of the fastest developing new corridors in the hot North Texas real estate market. Significant growth in McKinney’s’ neighboring cities to the south and west show the trending development wave that is fast approaching the growing city. Forward thinking companies are already starting to take advantage of the quality of life and community amenities the city offers to residents. Independent Financial and SRS both recently built

100K+ s/f headquarter buildings in the McKinney Corporate Park off SH 121. Raytheon Space and Airborne Systems (SRS) announced in August a $100 Million expansion of their SAS Headquarter facilities that will add more than 500 employees and over 200K s/f of new manufacturing and office space to their campus that will total 1.1 million feet of facilities in McKinney when completed. If McKinney is not on your business radar, it needs to be. The next big development wave in the North Texas market has arrived in McKinney and development is not slowing down.

MCKINNEY ECONOMIC DEVELOPMENT CORPORATION — PETER TOKAR III,MBA, MEDP; PRESIDENT & CEO

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972-547-7687

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SUMMER 2019


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NORTH RICHLAND HILLS: CENTRAL TO SUCCESS NORTH RICHLAND HILLS

FORT WORTH

NORTH RICHLAND HILLS AVERAGE NEW HOME VALUE

$400,000+ BRICK & MORTAR BUSINESSES

1,200 MILES OF HIKE & BIKE TRAILS

30 CONTACT

With benefits like a central location, an educated and abundant workforce, and superior quality of life amenities, North Richland Hills (NRH) is the perfect place for your business’s success. NRH is strategically located 15 minutes from Dallas Fort Worth International Airport, the Alliance Global Logistics hub, and downtown Fort Worth. For more than 70,000 residents, NRH offers a seamless balance of the conveniences of suburban living with easy access to all of the necessary urban resources and amenities, while also being consistently ranked as one of DFW’s safest cities. 2019 was a banner year for the city, as the long awaited TEXRail commuter line established service with two NRH stations, connecting downtown Fort Worth to Dallas Fort Worth International Airport; Alamo Drafthouse Cinema opened its first Tarrant County location in NRH; and Babe’s Chicken Dinner House established their 10th and largest location. This past year, NRH welcomed over $135 million in new

construction, 100 new businesses and more than 230 single-family starts. North Richland Hills’ comprehensive land use and economic development plans take into account City goals and objectives, feedback from the developer and citizen communities, alongside both regional economic and business trends. The city has identified the following target industries as the primary focus for their local economic development efforts: Professional Office and Business Services, Entertainment and Experiential Retail, Omnichannel Retail, Specialty Food and Beverage, and PedestrianFriendly Businesses. Learn more at www.NRHED.com.

CRAIG HULSE, CECD, DIRECTOR OF ECONOMIC DEVELOPMENT 817-427-6091

SUMMER 2019 SPECIAL ADVERTISING SECTION

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CHULSE@NRHTX.COM

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L LEADERSHIP LEADERSHIP DALLAS:

Distribution Center Tackles City’s Food Deserts BY SANDRA ENGELLAND

The Fair Park/South Dallas community now has better access to fresh produce, thanks to a partnership between Leadership Dallas, Miles of Freedom, and the Martin Luther King Jr. Community Center. Each year, class members in the Leadership Dallas program—the flagship leadership program of the Dallas Regional Chamber—choose a community service project to adopt. The class of 2019 identified many potential projects, “and one that stood out was the food desert issue that exists in a lot of areas in Dallas,” says Kyle Masters, class cochair of the project and vice president at JE Dunn Construction. Almost 700,000 Dallas County residents—more than a third of them children—live in lower-income areas with limited access to healthy, affordable foods, according to information from the city of Dallas. The MLK Fresh Food Distribution Center celebrated a grand opening on Juneteenth (June 19) and is now open on Wednesdays from 10:30 a.m. to 1:30 p.m., and Saturdays from 10 a.m. to 2 p.m. Before the center opened, area residents could get fresh produce at the MLK Community Center once a month from a truck with the North Texas Food Bank. Getting the center built took nine months and all 55 members of the 2019 Leadership Dallas class, Masters says. They worked with officials from the MLK Community Center, the nonprofit Miles of Freedom, and the North Texas Food Bank. Leadership Dallas committees raised $90,000, procured materials, and took the project through the city approval process. MLK Center Director Pam Jones pointed them to an unused break room at the facility. Leadership Dallas members installed new flooring, shelving, a large refrigerated unit, a pass-through window, and an access ramp. Masters says, “I think it’s pretty impressive what 55 people with different skills can do when they all come together. It’s good to be able to do something that is going to help a lot of people.”

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“One [project] that stood out was the food desert issue that exists in a lot of areas in Dallas” — Kyle Masters, class co-chair of the MLK Fresh Food Distribution Center and Vice President at JE Dunn Construction KYLE MASTERS

SUMMER 2019


C COMMUNITY North Texas Food Bank officials required that a nonprofit group manage the distribution of produce at the community center, which is run by the city of Dallas. Enter Miles of Freedom, an organization founded and directed by Richard Miles to help recently incarcerated people find employment. The program provides education, hands-on experience, and stipends for participants. Miles of Freedom participants already worked with MLK Community Center staffers on a seedling garden that provides plants to community gardens across Dallas. For the new distribution center, a truck from the North Texas Food Bank brings pallets of fruits and vegetables to the MLK Community Center each week. Miles of Freedom workers and volunteers bag and distribute the produce. On July 17, they handed out almost 300 bags filled with peaches, zucchini, tomatoes, and arugula. Those who pick up bags do not need to live in the area or fill out extensive paperwork. Miles says that most food pantries have income and ZIP code requirements. People who come to get produce at the MLK Center only give their names and the number of family members they are feeding. In addition to providing produce and some dry goods if requested, staff on hand can help people enroll in SNAP ( the federal Supplemental Nutrition Assistance Program). Jones says the produce distributions draw people from throughout the region, serving both the homeless and the working poor. “This area is pegged as a food desert, but the problem is all over,” she says. “We just want to help out as many people as we can.” Kenneth James of Miles of Freedom helps distribute the produce, and he says he wants those who come for “free groceries without any bureaucracy” to leave with a smile. “We want them to walk away with a bag of food, a lifted spirit, and a ray of hope,” he says.

Leadership Dallas, the flagship program of the Dallas Regional Chamber for leadership development, is aimed at increasing the leadership pool for community activities in the Dallas area. Visit dallaschamber.org for more information.

CALENDAR OF EVENTS Make plans now to attend these upcoming real estate and business events. For information on programs hosted by The Real Estate Council, visit recouncil.com. For details on events presented by the Dallas Regional Chamber, visit dallaschamber.org.

SEPTEMBER. SEPTEMBER 26 DRC YP Summit Bomb Factory

All-day conference focused on developing future leaders by providing ambitious young professionals the opportunity to build relationships, engage in transformative learning opportunities, and interact with civic and business leaders in a top-tier conference setting.

SEPTEMBER 30 State of Public Education

Giving Gala: Build The City You’ve Imagined

Hilton Anatole Sculpture Park 2201 N. Stemmons Freeway Dallas, TX 75207 6:00 p.m. Build The City You’ve Imagined at this year’s Giving Gala! Help TREC Foundation celebrate 25 years of good works in the Dallas community and support the Dallas Catalyst Project with special guest, award-winning songwriter Phil Vassar! Tickets and tables now available at RECouncil.com.

Hyatt Regency Dallas 12:00-1:30PM

NOVEMBER.

Texas Commissioner of Education Mike Morath will provide insight on recent legislative changes for Texas school finance and accountability, as well as discuss the progress and challenges of public education across our state.

NOVEMBER 5

PHOTO: KYLE MASTERS

OCTOBER. OCTOBER 3 Market Matters: Industrial Evolution

Belo Mansion, 7:00 a.m. For our final Market Matters event of the year, we’re talking all things industrial! The program will begin with a keynote presentation from CBRE’s Jack Fraker, who will share global research on trends in the industrial sector and analyze them with our panel of Gray Bouchillon (Nuveen), Tom Fishman (Hillwood), Allen Gump (Colliers International), Jeff Thornton (Duke Realty), and Michele Wheeler (JacksonShaw). Tickets are available at RECouncil.com.

SUMMER 2019

OCTOBER 24

Speaker Series: Capital Markets Update Belo Mansion, 11:30 a.m.

Join us for our annual Capital Markets update, featuring Federal Reserve Bank of Dallas President Rob S. Kaplan! Get the latest insights and 2020 projections in the office, industrial, multifamily, and retail sectors. Tickets are available at RECouncil.com.

NOVEMBER 7 The Year Ahead

Omni Hotel Dallas 12:00-1:30PM A forward-looking discussion on the economy, important trends, current political environment, and the issues and challenges that Dallas Regional executives will face in the year ahead.

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C COMMUNITY

WE-CYCLE RESOURCE CENTER TREC’s Associate Leadership Council helped cut the ribbon on the newly renovated We-Cycle Resource Center on June 12, marking the culmination of the Class of 2019’s community service project in collaboration with TREC Foundation, the nonprofit Bike Friendly South Dallas, and Cornerstone Baptist Church as part of the Dallas Catalyst Project. Located at 1616 Al Lipscomb Way, the 2,650-square-foot facility will promote bicycle safety and education for Forest District residents. The renovation received a $100,000 TREC Foundation grant, the largest ever for an ALC project.

THE ASSOCIATE LEADERSHIP COUNCIL CLASS OF 2019.

BIKE FRIENDLY SOUTH DALLAS CO-FOUNDER ASHLY EVANS FIELDS.

THE WE-CYCLE RESOURCE CENTER IS OPERATED BY THE NONPROFIT BIKE FRIENDLY SOUTH DALLAS IN A BUILDING ON AL LIPSCOMB WAY THAT IS OWNED BY CORNERSTONE BAPTIST CHURCH.

A GROUP OF ALC CLASS MEMBERS PAINTS THE FACILITY DURING A PROJECT WORKDAY.

BIKE FRIENDLY SOUTH DALLAS CO-FOUNDER STAN HART AND CORNERSTONE BAPTIST CHURCH PROGRAM DIRECTOR DONALD WESSON EMBRACE DURING THE RIBBON-CUTTING CEREMONY.

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SUMMER 2019


L LEADERSHIP

RICK PERDUE:

SUSTAINABLE PROCESSES, BUILDING RELATIONSHIPS DRIVE SUCCESS

RICK PERDUE

BY SANDRA ENGELLAND

ALC CLASS MEMBERS PRESTON KISSMAN, MEREDITH ROOKER, ASHLEY CURRY, AND NADIA PODKOPOVA PUT THE FINISHING TOUCHES ON A WE-CYCLE RESOURCE CENTER BANNER.

BILL SECHREST (RIGHT), THE FIRST CHAIRMAN IN TREC FOUNDATION HISTORY, VISITED THE WE-CYCLE RESOURCE CENTER IN JULY DURING A TOUR OF THE FOREST DISTRICT.

DALLAS CITY COUNCILMAN ADAM BAZALDUA SPEAKS DURING THE JUNE 12 RIBBON-CUTTING CEREMONY. SUMMER 2019

For Rick Perdue, president of Rosewood Property Co., success in real estate is all about processes and people. By focusing on strong, sustainable processes and building relationships in the Dallas community, Perdue created the kind of career he’d dreamed of since high school. With more than 20 years’ experience in Dallas-Fort Worth real estate, Perdue landed a dream job in January. “In my mind it doesn’t get any better in Dallas real estate development than Rosewood,” he says. “It’s one of the iconic names in Dallas, a brand known literally around the world.” Rosewood Property Co. is part of the Rosewood Corp. and is wholly owned by the Caroline Hunt Estate. Through Rosewood, Caroline Rose Hunt developed the Mansion on Turtle Creek, a string of luxury hotels, and the mixed-use Crescent in Dallas, among many other business enterprises. She died Nov. 13, 2018, at the age of 95. The Rosewood Property Co. continues to make a name for itself in a variety of developments. The biggest current DFW project is Heritage Creekside, a mixed-use development near the President George Bush Turnpike and Custer Road in Plano. “We think this is going to be a game changer for the region,” Perdue says. The 156-acre site incorporates the creek, open space, and trails. Phase 1 is multifamily and single-family housing and retail. A second phase includes 2.5 million square feet of Class A office space. Before Perdue came to Rosewood, he worked for 17 years at Tonti Properties and for five years at national multifamily developer Mill Creek Residential. Although he earned his bachelor’s degree at Auburn University in civil engineering, he knew at a young age that he wanted to go into real estate development. “Real estate is the best profession there is. You’re constantly wearing

new hats and learning new things,” Perdue says. He received an MBA in finance and real estate in 1997 from Tulane University and went to work in DFW real estate. His first office? A job trailer at an apartment community under construction. As “a process-driven person,” he makes sure his processes in business are top notch. “If you focus on process and get that right results will follow,” Perdue says. One way to create best practices in real estate is to learn from others and build relationships. Perdue says his involvement with The Real Estate Council (TREC) and its leadership development program, the Associate Leadership Council (ALC), has helped him with both. He’s been a part of TREC for nearly 20 years. Between 2013 and 2018, Perdue served on the ALC steering committee as vice chair and as chairman of the Class of 2017-18. Each class has 30 members, so Perdue has worked with150 young real estate professionals. “These are the smartest young people in Dallas real estate,” he says. Perdue currently serves on the TREC board and continues to mentor younger people and remembers the insights he gained when others mentored him. “Mentoring running both ways is what makes TREC great,” he says. Each ALC class chooses a charity to enhance and serve during the year. This year’s class collaborated with Bike Friendly South Dallas for a facility that promotes safe bike transportation and education for area residents. He considers himself fortunate to “live in the best state in the country and the best city and market in the state and work in the best profession.” Perdue most enjoys spending time with his family: wife Jodi, son Jack, 16, and daughter Kate, 14. “I count my blessings every day,” he says.

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VIEW FROM THE TOP

BY LANCE MURRAY

WHAT ABOUT NORTH TEXAS ATTRACTED TOYOTA MOTOR NORTH AMERICA TO RELOCATE ITS HEADQUARTERS TO PLANO?

PHOTO: TOYOTA MOTOR NORTH AMERICA

CHRIS NIELSEN

EXECUTIVE VP OF PRODUCT SUPPORT & CHIEF QUALITY OFFICER, TOYOTA MOTOR NORTH AMERICA

Toyota Motor North America announced its relocation from Torrance, California to Plano in 2014. In doing so, it pulled together disparate divisions from across the country into one location. The move, one of the biggest relocations in North Texas history, fundamentally changed how the company was doing business. Toyota opened its massive Plano campus in the summer of 2017, bringing with it thousands of employees, innovation, and a major new corporate citizen to North Texas. Chris Nielsen, executive vice president of product support and chief quality officer for Toyota Motor North America, took time to discuss how Plano and North Texas have helped the company move into the future. 8 4 / D A L L A S - F O R T W O R T H R E A L E S TAT E R E V I E W

We carefully evaluated a wide range of factors before selecting Plano. These included economic considerations, geography and climate, transportation infrastructure, affordable cost of living, educational opportunities, and added bonuses like the central location and easy access to DFW Airport. We also were looking for a sense of community, and North Texas felt like the best fit. What tipped us over the edge was the quality of life for our team members. We quickly realized that the quality schools, safety, diversity, and culture of the North Texas region would provide an excellent quality of life for team members and their families—and the rest, as they say, is history.

HOW HAS NORTH TEXAS MET TOYOTA’S EXPECTATIONS AS A NEW HOME TO GROW IN NORTH AMERICA?

North Texas has been exactly what we expected—and more. Our goal with this move was to empower us to be more efficient as a company. We’ve found our team members can collaborate better, innovate faster, respond quickly to changes in the market, and make more timely decisions for our customers. In addition, we found an incredible pool of talent to fill newly created jobs, a warm welcome from everyone, and a strong business community that makes us hopeful for the future in this region.

HOW DID THE DESIGN AND CONSTRUCTION OF THE PLANO CAMPUS CONTRIBUTE TO TOYOTA’S COMMITMENT COMMITMENT TO THE ENVIRONMENT?

Respect for the planet is one of Toyota’s highest tenets as a global company, and creating this campus was no different. Our LEED Platinum-certified

headquarters was built with sustainability and resource efficiency in mind. We have solar panels, which produce up to 33 percent of the electric needs for our headquarters, and cistern water storage containers that capture up to 400,000 gallons of harvested rainwater. Even our exterior landscaping is drought tolerant and features North Texas indigenous plants. Our new campus—much like our 15 manufacturing plants and other operations in North America—is reflective of Toyota’s Global Environmental Challenge 2050 Goals, which focus on carbon, water, materials, and biodiversity.

HOW HAS NORTH TEXAS FULFILLED THE NEEDS OF EMPLOYEES WHO RELOCATED?

Our team members have found excellent schools for their families and attainable housing, as well as entertainment, arts, and culture. More than 70 percent of our team members made the move with us, which is a true testament to the region and all it has to offer. But what I think has been the most impactful to our team members is the community. During a time when team members were going through a major life change, the welcoming hospitality of our neighbors in this region made all the difference. We truly feel at home here.

TOYOTA HAS BEEN A STRONG SUPPORTER OF COMMUNITIES AND EDUCATION IN NORTH TEXAS. HOW WILL THAT HELP TOYOTA IN THE FUTURE?

Toyota is passionate about serving the community, giving time, knowledge, and resources to support local organizations. Since moving here, Toyota has actively touched more than 100 organizations. Many of our 4,100 team members are involved in the community, serving as mentors, helping with safety campaigns, beautifying parks, lending their skills to nonprofits, and providing training to teachers.

SUMMER 2019


Kubota Headquarters USA Mercedes Benz-USA GameStop Headquarters Gaylord Texan Hotel Resort & Convention Center Paycom The Trade Group Great Wolf Lodge Grapevine Mills Mall Wineries Bass Pro Shops Sea Life Aquarium Award Winning Golf Courses Legoland Historic Downtown Fine Dining Award-Winning Festivals 60 Mile Shoreline Lake

Grapevine has over 100 years of innovation and imagination that drives growth and creates opportunities for our businesses and families. Blending historic charm with commercial growth provides both a great place to live and work. The City of Grapevine is home to many successful businesses as well as numerous wineries, fine dining, nationally ranked festivals, and select attractions and resorts. Grapevine has earned a well-deserved reputation as one of the nation’s premier destinations by drawing 20 million visitors annually. Our unique geographic location and variety of amenities makes Grapevine an amazing City location and destination for success.

Grapevine Economic Development

200 South Main Street, Grapevine, Texas 76051 Bob Farley, Director bfarley@grapevinetexas.gov | 817.410.3108 GrapevineTXEcoDev.com


Aveek Basu Photography, Sunset at Joe Pool Lake, Cedar Hill State Park, TX

THIS IS

WHY

“The The city believes in conscious living and wonderful outdoor lifestyle when they’re re creating safe places for residents to enjoy. It’ss unlike any other experience I’ve ve ever had working with a city.”

CEDAR HILL

CEDAR

HILL,TX

Where Opportunities Grow Naturally

972.291.5132 • CEDARHILLEDC.COM

Frank Mihalopoulos, ATR Corinth Partners

Just 20 minutes from Downtown Dallas sits the beautiful, family-friendly city of Cedar Hill. A bustling and diverse community of just over 45,000 people combines the best of big city living with natural beauty, and outdoor recreation found nowhere else in the Dallas-Fort Worth Metroplex. See new offerings among housing, outdoor recreation, and plans for the future!

Profile for Dallas Regional Chamber Publications

Dallas-Fort Worth Real Estate Review - Summer 2019  

How a Deal Gets Done, Catalyst Sites, Monarch City, Aviation & Aerospace

Dallas-Fort Worth Real Estate Review - Summer 2019  

How a Deal Gets Done, Catalyst Sites, Monarch City, Aviation & Aerospace