Lone Star Bright: Texas Boasts A Saga Of Success

From accolades and awards to jobs and investments, it looks like Texas is ringing in the new decade as fortunately as it left the last.


https://businessfacilities.com/2020/03/lone-star-bright-texas-boasts-a-saga-of-success/
From accolades and awards to jobs and investments, it looks like Texas is ringing in the new decade as fortunately as it left the last.
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Lone Star Bright: Texas Boasts A Saga Of Success

From accolades and awards to jobs and investments, it looks like Texas is ringing in the new decade as fortunately as it left the last.

Lone Star Bright: Texas Boasts A Saga Of Success

By the BF Staff
From the January/February 2020 Issue

Texas is no stranger to economic success—evidenced by the fact that at $1.8 trillion it currently has the second highest GDP in the U.S. Accolades for the state as a whole and its various cities are many—made even more obvious as you peruse this issue. From Texas winning the Business Facilities State of the Year award (again), to the City of Dallas taking the Bronze and the Corpus Christi Regional EDC getting an honorable mention in our Deal of the Year awards, the Lone Star State has had yet another banner year.

In the past ten years, the Coastal Bend region has contributed more than 22 percent of Texas’ overall capital investments and ranks eighth in the U.S. in private investments made for the same decade. And speaking to our Deal of the Year Awards, per the Corpus Christi Regional Economic Development Corporation’s 2019 annual report, the organization helped the Coastal Bend region attract a $1.9 billion flat roll steel mill from Steel Dynamics; a $700 million natural gas liquids project from Permico Midstream Partners LLC; a 700-mile, 30-inch crude oil pipeline that links the Port of Corpus Christi with the Permian Basin from EPIC; and the call center, Alorica.

Other Texas locations entering the decade on a positive note include the Houston metro area, which the Greater Houston Partnership forecasts will create 42,300 net new jobs in 2020, and the Amarillo metropolitan area, which the Amarillo Economic Development Corporation’s (AEDC) second annual State of the Economy shows posting a second consecutive year of steady economic growth in 2019.

“We’re very fortunate here in Amarillo to have a diverse economy,” said Kevin Carter, president and CEO of the AEDC, attributing a large part of that growth to three projects established in the area in 2019: The CHEP Pallet Company’s 70,000-square-foot service and distribution center, SSI Foods’ $42 million investment in a 75,000-square-foot facility with up to 150 full-time employees and the Texas Tech University School of Veterinary Medicine.

The latest report by the Federal Reserve Bank of Dallas indicates the Texas economy should remain robust in 2020 after having added more than 336,000 jobs in 2019.

Read on to learn about other Texas locations adding to the State’s success.

HARLINGEN: A VIBRANT ECONOMIC FUTURE

The Harlingen Economic Development Corporation (HEDC) is committed to creating a more vibrant economic future for Harlingen and the region by aligning education, work force, economic development, enhanced job training and creating a sustainable talent pipeline.

Texas
Harlingen has more than 500 acres of shovel-ready land located near major highways, interstates, Port of Harlingen, railroad and the airport, along with close proximity to the Free Trade International Bridge. (Photo: Harlingen EDC)

This region is one of the fastest growing in the nation and its resources combined include commercial and cargo airports, land ports of entry, an overweight corridor, commercial rail and pipelines. All these impressive advantages place Harlingen in a valuable position that gives it the ability to connect internationally.

The HEDC continuously works with businesses to meet their needs, whether it be relocating costs, infrastructure or job creation grants, or partnering with local schools to create a strong and ready workforce to meet the demands of any business.

Harlingen is truly at the heart of it all, from education, workforce, business and so much more.

Workforce and Economic Development: Harlingen gets it. A healthy economy requires investing in education and the local workforce. And the city does it by giving businesses the opportunity to select from an abundant, ready and skilled workforce.

Texas State Technical College-Harlingen (TSTC-Harlingen) increases the availability of a technical education in the region by providing programs that are in high-demand by employers in Texas.

“TSTC’s main goal is to place more Texans in great paying jobs,” said Cledia Hernandez, TSTC-Harlingen provost. “Our focus is student success and employer success. We want to make sure we help the employers of our region be more successful by getting the right talent and the right workforce prepared for them.”

And that’s just what it does. Texas has the second largest labor pool in the nation and here in the Rio Grande Valley, it is very competitive, especially in the area of accessing ongoing education support and training opportunities.

Education matters, and from as early as high school, Harlingen is equipping students to be ready for the workforce. Its school system has partnered with the University of Texas Rio Grande Valley for the expansion of the already existing Harlingen Early College High School program that offers dual courses, taught by university professors.

“It is absolutely important to us that we are preparing a future workforce through the power of higher education,” Raudel Garza, HEDC manager and CEO, said. “This program will have its own campus and will additionally offer evening courses for the public through the university.”

Location Matters: Texas has major bragging rights, and rightfully, so as it has the 10th largest economy in the world, is the #1 exporter for 17 years in a row, has 14 million people in the civilian labor force, no corporate or personal income tax and the list goes on.

In Harlingen, businesses are put in a great location in terms of market accessibility. It is connected to major metro areas through the airport, proximity to Mexico, the Port of Harlingen and the interstate. It also is the nation’s most affordable place to live with a low cost of living, which is very enticing for companies looking to relocate or expand.

Harlingen is a magnet site for one of the nation’s top Foreign Trade Zones, (FTZ No. 62) that ranks third in the country with more than $3.8 billion in exported commodities in 2018. The FTZ also has consistently ranked in the top three for exports out of 293 FTZs nationwide.

Valley International Airport (VIA), located in Harlingen, also is receiving high marks. The Federal Aviation Administration ranked VIA 71st in the nation for cargo airports. It is the 71st busiest in the nation and moved 366 million pounds of cargo in 2018—making it the 9th busiest air cargo shipper in Texas.

The airport recently announced that it would be renovating parts of the airport’s concrete pavement, and FedEx Corp. will take advantage. The company, which has an existing sorting facility at the airport, will be expanding that packing and sorting area.

This good news comes just two years after the Harlingen EDC paid for a metal canopy in 2018 that now will be utilized as the main sorting area while renovation is ongoing. FedEx anticipates continued growth and will build out to meet future growth at VIA.

Businesses Choose Harlingen: United Launch Alliance (ULA), the joint venture between aerospace giants Boeing and Lockheed Martin, have chosen to keep their operations in Harlingen for 30 years. ULA has successfully delivered more than 130 satellites to orbit that provide important capabilities for our U.S. forces, aid in tracking severe weather and enable personal device-based GPS navigation.

ULA recently extended their agreement to continue their operations for an additional five years at the 350,000-square-foot facility in 2019.

“We are proud that ULA continues to choose Harlingen,” Garza said. “They make a great economic impact in our area and we hope they continue choosing us for the long-term.”

Plastics Manufacturer Relocates to Harlingen: Poly SACHI Polymers, LLC relocated their operations from Taylor, Texas to Harlingen in May 2019.

The company occupies a 35,000-square-foot building located at the Harlingen Industrial Park; the building is one of the few remaining vacant industrial buildings in Harlingen.

“After searching for a new location to call home, we found that Harlingen and the Rio Grande Valley would be a great location for our growing company,” Haresh Sashithandandan, company owner, said.

He added that the proximity to Mexico also was a major deciding factor in their relocation. This proximity will allow them to ship materials with more ease into Mexico, which will help in the growth of his company.

Poly SACHI also may receive up to $100,000 through a Job Creation Grant from the HEDC, that will be given on an annual basis over the span of five years.

“The HEDC continues to strive to bring higher-paying jobs in the industrial sector,” Garza said. “Jobs like these will eventually lead to a better quality of life for our Harlingen residents.”

Data Center Continues to Grow: Qualfon Data Services, LLC was awarded a $200,000 Jobs Creation Grant from the HEDC. The customer service contact center services cybersecurity, roadside assistance and telecommunications clients with the help of desk and tech support.

The company recently extended their lease on a 40,000-square-foot office building for an additional five years and has approximately 450 employees.

HEDC estimates that Qualfon alone is producing more than $8 million annually into the local economy in wages.

The multiplier effect for these jobs is approximately 4 to 1, so that also means Qualfon is maintaining or creating an additional 1,800 indirect jobs in the area.

Customer contact service and back-office operators have found Harlingen’s central location in South Texas ideal for attracting talent and maintaining high retention rates.

Garza noted recently that there are more than 1.1 million people residing within a 45-minute drive to Harlingen. Due to this, much of the workforce in Harlingen travels from surrounding areas.

Various other data centers are located in Harlingen, including Dish Network, United Healthcare, Spectrum and ACCT. Some financial institutions and medical facilities also have significant back-office operations here, with the total number of jobs hovering around 3,000.

“Qualfon took a chance on Harlingen over five years ago and the HEDC and City took a chance on Qualfon and we have not been disappointed,” Mickey Boland, HEDC Chairman, said. “Their continued growth is great for Harlingen and for all of South Texas.”

Texas continues to boom in job creation and is ranked as one of the best states for business, and Harlingen is at the heart of it all. It offers new and existing businesses Texas-size opportunities to ensure their success.

“We are only continuing to grow here in Harlingen,” Garza said. “We are focusing largely on factors that attract new investors, including gaining funding for road improvements, making sure the rail sector and Port of Harlingen are equipped to handle increases in cargo shipments to and from Mexico.”

Garza added that more improvements include enhancing amenities in the industrial parks and maximizing passenger and cargo capacities at the airport.

“Harlingen is a hub city, we have it all, and our city is poised for an even bigger and brighter future.”

For information on doing business in Harlingen visit www.harlingenedc.com or contact Raudel Garza at (956) 216-5081.

LUBBOCK: THE “HUB CITY” OF TEXAS

As a record-breaking four-time winner of Business Facilities’ State of the Year, the Lone Star State is no stranger to winning deals and catching the attention of industries. When it comes to location, you might be surprised by one Texas city drawing in the business.

From healthcare and technology, to agriculture and manufacturing, to education and retail, each sector continues to place Lubbock, Texas as the “Hub City” of the region.

With a tier-1 university, a level-1 trauma center servicing a 250-mile radius, which is also the largest healthcare provider from Dallas to Denver, and a thriving industry, Lubbock’s diversified economy fosters an unexpected workforce.

By offering a variety of valuable opportunities, the population of the Lubbock metro area also has increased significantly over the past decade. In fact, as a result of the increasing population, diversity of growth sectors, support for start-ups and economic development strategy, Business Facilities recognized Lubbock as one of the fastest growing mid-sized cities for economic growth potential in the country. Because of this environment, in 2019 Lubbock welcomed new businesses such as WL Plastics, announced local expansions like FAST Inc. and broke ground on research companies such as Corteva Agriscience.

The strength of the Lubbock economy continues to be found in stable and growing sectors such as agriculture and manufacturing. With its central location nationwide, placement within a foreign trade-zone and strong agricultural background, the distribution and manufacturing of goods have made Lubbock an attractive candidate to companies like Monsanto, an agrochemical and agricultural corporation. As the cotton capital of the world, Lubbock was chosen as the location for Monsanto’s hub of all cotton seed processing in the country.

Lubbock’s high economic growth potential also is found in being the “Hub City.” With an accessible location to an interstate and four major highways, multiple rail lines located at Lubbock’s Rail Port, an active Lubbock Business Park and an international airport just minutes away from downtown, Lubbock’s ease of access is appealing to incoming businesses. It also puts Lubbock at an advantage as being a top supporter for business.

As job industries continue to flourish, Lubbock is continuing to prove to be an attractive job market nationwide. With an increase of positions available in various industries, Lubbock not only is welcoming a cohort of talented professionals but also is prepared with a ready and skilled workforce.

The city makes investing in the future of the labor force a top priority through grants and partnerships with local companies and schools. With a historically low unemployment rate, these partners have emphasized the importance of focusing directly on education and training for its future workforce. By maintaining a partnership with school districts and higher education institutions around the South Plains region through their high demand grants program, Lubbock is shaping the future of West Texas.

These programs are created for all citizens ranging from junior high, through career and technical education programs, to adulthood through the local community college. Each program is designed to provide the necessary training and skills required in the employment sector today. Among the trainings offered, the Lubbock Economic Development Alliance (LEDA) recently partnered with the Austin Coding Academy to create the Lubbock Coding Academy, a computer coding training program offered to the community through South Plains College.

The career and technical education programs are only a few examples of how Lubbock works to support its workforce. As the city’s labor force expands, businesses see a place where people want to live and work and attract the talent with many job openings. With a statewide unemployment rate below the national average at just over 3 percent, the recruitment of a highly skilled and readily available candidate is essential to meeting the needs of these expanding companies.

Because of Lubbock’s ever-growing industry, the workforce maintains steady growth to supply these needs and fill positions. In order to prepare its citizens for new business growth, the city has taken measures to equip citizens with the skills needed for high-demand jobs. Through a collective push in its present and future labor force, Lubbock has seen tremendous business growth, adding 435 new companies and more than 11,000 jobs over the past five years, one-third of which paid an annual salary of over $50,000. With in-demand skills training, Lubbock offers a rich pool of talent, making it the ideal place to begin a career or move a business. This environment stimulates a culture where an economy can flourish, businesses thrive and start-ups emerge.

As a nationally recognized city for one of the best places to start a business, the “Hub City” fosters an environment that celebrates the entrepreneurial spirit found within the community. Resources like the Texas Tech University Innovation Hub at Research Park are catalytic in producing the next generation of business owners. Because of the state-of-the-art facilities and expertise found within the Innovation Hub, West Texas start-ups have been successful on a national and international level—with some even taking their work into space.

From the exceptional business climate in a variety of markets to the continuous growth throughout the city, Lubbock is an unexpected ideal location for business. If you are looking for a premier destination to make your next move, the “Hub City” may not be what you’d expect, but it fosters exactly what you are looking for.

DEVELOPMENT CORPORATIONS MAKE IT EASIER FOR BUSINESSES

According to many businesses, the biggest obstacles encountered in the process of relocation or expansion are finding available land, employees and achieving financial stability. The Odessa Development Corporation (ODC) has resources at their disposal that can help make a business’ relocation to, or expansion in, Odessa, Texas a smooth process all around. These resources include an extensive property database and possible economic development incentives.

Finding Available Land: Space or property for relocation or expansion can be difficult to find. The ODC has precise resources to make that step in the process easier. This database includes properties in the city of Odessa, but also within Ector and Midland Counties, and could help a prospective business find a property for their relocation or expansion that they were not aware was available. To access the ODC’s property database, contact anyone in the Economic Development Department at the Odessa Chamber of Commerce.

Workforce: Odessa has the resources to train its citizens for careers in medicine, manufacturing, agriculture and more. Odessa holds multiple vocational training centers and an endlessly open job market, which makes its workforce an invaluable commodity in the midst of a varying economy.

Odessa has one of the lowest unemployment rates in the United States at 2.9 percent, as well as some of the highest wages in the country for skilled workers. While population and community growth moves upward, unemployment numbers are slowly shrinking in Odessa. The community experiences frequent relocation of new businesses, world class facilities and vocational training programs in association with those businesses.

The Odessa community is the Odessa Development Corporation’s biggest aid in achieving its goal of creating an expanded and thriving economy.

Financial Incentives: In 1989, the legislature of the State of Texas passed into law an economic development sales tax. With this revenue, and with city council approval, economic development corporations like the ODC and others across the state of Texas can use incentives to support projects that enhance and grow their respective cities. This sales tax is in turn a huge benefit for the citizens.

This initiative is what allows the ODC to invest in the future of Odessa. It gives ODC the ability to offer competitive incentives to companies that are creating jobs and driving innovation in the lone star state and around the world. ODC offers incentives to local businesses and to those outside the area based on the number of new jobs created, annual payroll and the amount of capital investment, among other requirements.

There are plenty of reasons to relocate your business in Odessa, but the local and Texas economic development incentives are the ones that can positively affect your bottom line.

The city offers a quintuple Freeport Exemption from all taxing entities on goods in transit. Just one more reason that Odessa is the right place for your business. This business incentive is designed to exempt some or all of a company’s inventory from property taxes. Businesses involved in the export of tangible property such as goods, wares and merchandise may be eligible for the Freeport Exemption. For your business to be eligible, all property must be assembled, stored, manufactured or fabricated locally and then exported out of the state within 175 days. Other possible incentives include infrastructure improvement grants, property tax incentives, vocational training and recruiting and screening of employees.

Doing Business in Odessa: Lucrative financial incentives, site selection, logistics, a qualified workforce, easy access to foreign markets, low cost-of-living and the greatest resource, its people, make Odessa an increasingly attractive place to do business.

When a business is looking to move to a new location, there are a number of factors to consider for employees and their families. The ODC can help you make Odessa home. The staff at the economic development department can put you in touch with the local school district, area community colleges and universities, workforce solutions centers, land developers and residential real estate professionals to make the transition as easy as possible.

The best development corporations in Texas use an annual action plan. The ODC uses a similar plan of action that helps them proactively recruit businesses and projects that keep Odessa in the ranks of the best and most economically sound communities in the state of Texas.

Texas as a state is the best at local economic development. It has the resources, the economic development professionals, the can-do spirit and supports efforts at the local level.

Local business retention and expansion is the heart of growth for any city. Existing businesses are invested in Odessa, and the ODC believes strongly in investing at home, welcoming the opportunity to walk you through the process of applying for its funding. If you have an expansion in the manufacturing or industrial sector that can create new jobs for the city, let them help you realize that vision.

If you’re looking to expand your business or need a new location, contact the Odessa Economic Development Department at (432) 333-7880.

TOMBALL, TEXAS: A GROWING CENTER FOR CULTURE, COMMERCE

Growth in Tomball, Texas is nothing new. The city located 30 minutes north of Houston has carefully matured from a railroad town into a cultural and business hub. Tomball’s residential, commercial and industrial markets all continued to accelerate in 2019. With more projects in the pipeline and numerous ventures planned, 2020 is shaping up to take growth to the next level.

Lone Star State
The $55.8 million Baker Hughes Western Hemisphere Education Center will consist of a 72,445-square-foot, three-story education building; a 36,000-square-foot workshop; a 16,730-square-foot laboratory and auditorium; and a 156,000-square-foot yard with two non-producing oil training rigs. It is expected to not only bring tens of thousands of employees through the facility each year, but also to net millions of dollars in revenue for Tomball in its first 10 years. (Photo: Tomball EDC)

Possibly the biggest catalyst to Tomball’s current growth are the millions of dollars being invested on infrastructure development, including a connection of transportation projects throughout the City of Tomball.

The two largest recent projects, State Highway 249 (The Tomball Parkway) and State Highway 99 (The Grand Parkway), provide premier accessibility to residents and businesses in Tomball. Construction on direct connectors between these two major highways is set for 2020, providing more ease of access to the growing area. The improved connectivity has stimulated record residential, commercial and industrial development.

The Tomball Business and Technology Park, a focus of the Tomball Economic Development Corporation, has thrived with multiple companies investing in Tomball’s strategic location. New developments in 2019 cover nearly 30 acres of the 99.5-acre Park, adding manufacturing, warehouse and office space, along with hundreds of jobs in the Park. Several new projects are in the pipeline set to be announced in 2020 for the Park, which is fully served with all utilities, provides off-site detention and is located conveniently close to the major thoroughfares.

Exciting 2020 news extends beyond business growth and the Business and Technology Park. Tomball Independent School District, the highest-rated school district in Harris County, is preparing to inaugurate the Academy of Energy and International Business.

The first of its kind implemented in the State of Texas and just the second in the nation, Tomball ISD will partner with local company BJ Services to offer high school students opportunities for real-world learning experience and on-site training in energy and international business. Through collaboration with energy sector leaders, Tomball ISD will provide opportunities for students to attain the skills required for careers in the oil and gas industry, as well as skills needed to compete in an ever-changing global market through project-based learning.

Lone Star College-Tomball, part of the second largest community college system in Texas, is another critical component to building a highly qualified workforce in Tomball. A true partner with local businesses, Lone Star College-Tomball educates thousands of students at three campuses with degrees and certificates that directly translate into the labor force.

In addition to improved infrastructure, a premier business park and a commitment to a sustainable workforce, Tomball attracts prospective businesses through competitive incentive packages. The City of Tomball offers appealing tax abatement programs, while the State of Texas utilizes the Texas Enterprise Zone Program and the Texas Enterprise Fund to invest in new business. The Tomball EDC assists with infrastructure costs for eligible projects and provides financial assistance through cash grants for projects that create or retain jobs on a case-by-case basis.

Click here for details on incentives available in Tomball.

Tomball’s newest incentive program is designed with an eye on its cultural hub, Old Town Tomball. Launched in December 2019, the Façade Improvement Grant Program will offer matching grant funds to assist significant renovations in the Old Town Business District. The Tomball EDC plans to reimburse eligible participants 50 percent of their investment, up to $50,000, for restoration and revitalization of building structures that complement a significant overall façade enhancement.

Old Town also is receiving infrastructure improvements focused on pedestrian mobility. Understanding the importance of a walkable core, city leaders are investing money to add sidewalks and lighting to alleyways throughout downtown. These enhancements, scheduled to begin in 2020, will allow residents and visitors to more freely explore Tomball’s charming culture.

Culture plays a huge role in defining Tomball, as evidenced by the efforts to promote and sustain the small-town charm that permeates the city. Tomball welcomes thousands of visitors every year to its more than 20 annual festivals and parades. Tomball also is a weekly destination for people interested in arts, live music, food and beverage.

The ideal blend of culture and commerce has created a draw to Tomball that is keeping residential developers active. Fifteen subdivisions and more than 1,600 new homes currently are in the design or construction phase with more development expected in 2020 and beyond.

Population within Tomball city limits currently stands at nearly 12,000 and is expected to reach 20,000 by 2030. The population of the two zip codes that contain Tomball and include the immediate surrounding area, has grown more than 22 percent in the last five years to 93,558. The area is expected to reach nearly 100,000 people by 2023.

2019 was a banner year for Tomball. New roads, businesses, homes, academic curricula and incentive programs were added to offerings that already existed in the city. The momentum of 2019 has carried into 2020. Local leaders are planning for progress, building infrastructure and implementing creative initiatives to keep Tomball growing and thriving. Visit www.tomballtxedc.org for more info on booming Tomball.

DALLAS: INNOVATIVE URBAN CORE FOCUSES ON SUSTAINABILITY

The City of Dallas is the urban core of one of the world’s most dynamic and diverse economies. A key reason for this is the City’s focus on sustainability and livability through smart city innovation, public transportation, increased mixed-use development and cultural and recreational opportunities. Key goals include growing the economy through expanding employment and economic opportunities for city residents, broadening and diversifying the tax base and assisting in the development (or redevelopment) of strong neighborhoods.

The City of Dallas’ Office of Economic Development has been at the vanguard of this effort by creating strategic partnerships with private businesses and developers to reduce barriers and help bridge financing gaps, and the results speak for themselves. In Fiscal Year 2018-2019 alone, $52 million in City investments leveraged over one billion dollars in private investments, resulting in the creation or retention of over 6,000 jobs.

While numerous business deals are worthy of highlighting, two notable deals are Uber Technologies and Chime Solutions. The ridesharing phenomenon Uber Technologies was part of a partnership formed between itself, the City of Dallas, the Texas Governor’s office, Dallas County and the North Central Texas Council of Governments (NCTCOG); the outcome will be a U.S. general and administrative hub at mixed-use development The Epic, located in Dallas’ Deep Ellum neighborhood. This will benefit the City by directly creating 3,000 jobs, many of them high-tech. Dallas is home to the largest tech workforce in Texas and has had the fourth-highest high-tech job growth of any U.S. metro over the last several years. Once Uber’s new jobs are in place, the spending of the company and its employees will generate another 3,000 jobs in Dallas County. Total new economic activity in Dallas County is estimated to be nearly $1.3 billion annually.

The City of Dallas is an innovation hub for many smart city initiatives, and has created a “Smart Cities Living Lab” as a way to test and implement new technologies that improve quality of life, facilitate economic growth and improve resource efficiencies and infrastructure.

As we know, the changing face of retail has resulted in the underutilization of many U.S. shopping malls, including RedBird Mall in southern Dallas. Now, RedBird Mall is being reimagined as a 78-acre mixed-use project that will bring much needed jobs and amenities to southern Dallas, an area in need of more retail options. Chime Solutions, Inc., a minority and family-owned Business Process Outsourcing (BPO) that has become southern Dallas’ first office development in at least 20 years, now serves as a major anchor of the reimagined RedBird Mall. Chime has begun hiring and is projected to create 1,000 new jobs by 2022, an amazing boon for a community in need of stable, middle-class job opportunities.

Quality affordable housing is essential to the well-being of the citizens of Dallas. This includes providing, preserving and creating housing that is accessible to jobs, transportation and services for a better quality of life. The City has strived to address this need through the adoption of creative initiatives and programs, such as providing gap financing for investors and developers building mixed-income, multifamily residential developments serving a range of income bands.

Dallas’ new adopted Comprehensive Housing Policy includes a repayable loan program that awards loans on the basis of a set scoring criteria. Three developments chosen to receive awards in 2019 were 2400 Bryan Street, Estates at Shiloh and Palladium RedBird. It is anticipated that these housing units will provide affordable housing options for households earning 80 percent or below of Area Median Income. All three are located in Reinvestment Strategy Areas identified in the City’s Comprehensive Housing Policy. The City of Dallas Housing Finance Corporation (DHFC) played a critical role by partnering on all three developments and will receive revenue as a result of this participation, revenue it can then contribute to other housing activities.

Palladium RedBird has the distinction of being the City’s first multifamily, mixed-income development to break ground since the adoption of the Comprehensive Housing Policy and will be located at RedBird Mall. The DHFC issued $30 million in multifamily mortgage revenue bonds and will receive a share of the developer fee and cash flow from the development. It is anticipated that there will be 300 housing units, with 70 percent of units being affordable and 30 percent at market rate. Located in the East Downtown Reinvestment Strategy Area, 2400 Bryan Street, LLC proposes to develop an innovative 15-story mixed use development which will have 217 residential units, of which 111 units will be affordable and must remain affordable for 20 years. An added convenience for residents will be an early childhood education or childcare facility located within the development. The Estates at Shiloh is a rehabilitation of 40 existing townhomes and the new construction of 224 units for seniors. The development is located in the Casa View Reinvestment Strategy Area. All three developments are mixed income, will lead to the production of 560 affordable housing units—781 units total—and represent an investment of $183,086,047, highly leveraging the City’s participation of $26,300,000.00, 14 percent of all funding.

As illustrated above, the City of Dallas is at the center of a diverse, energetic metro, offering businesses and citizens many opportunities to flourish and succeed. In an effort to create even more success, the City of Dallas Office of Economic Development is developing a new Economic Development Strategic Plan that will be completed later this year. This plan will help create a strategy that provides even more economic vibrancy, opportunity and equity for all City of Dallas residents and businesses. Want to know more? Visit www.dallasecodev.org.

Want to learn more about Texas corporate expansion?

Considering Texas for your company’s relocation or expansion project? Check out all the latest news related to Texas economic development, corporate relocation, corporate expansion and site selection.

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