AllianceTexas continues to soar as economic powerhouse

AllianceTexas (courtesy HIllwood)

AllianceTexas celebrated 2022 as a watershed year, highlighted by the groundbreaking announcement by MP Material Corp. that it would build an inaugural U.S. factory at the North Fort Worth development to produce rare earth alloy and magnets.

As a result of MP Material’s decision and other economic development wins, AllianceTexas generated $10.88 billion in economic impact in 2022, according to the development’s annual report by Insight Research Corp.

Over the past three decades, Hillwood’s sprawling 27,000-acre master-planned, mixed-use AllianceTexas development has generated $111.5 billion in regional economic impact and more than $3.4 billion in taxes paid to local public entities.

Among the most successful public-private partnerships in the country, AllianceTexas boasted total capital investment exceeding $14.2 billion in 2022 with $13.1 billion, or 92.3 percent, coming from private funding and $1.08 billion (7.64 percent) coming from public investment, according to the report.

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AllianceTexas is home to 562 companies that have created 66,198 jobs and generated more than 55 million square feet of office, retail and industrial space since the development’s debut in 1989.

Anchored by Perot Field Fort Worth Alliance Airport, AllianceTexas is home to corporate headquarters, health care providers, higher education facilities, Alliance Town Center shopping center, residential communities and multi-family developments.

“Our success at Hillwood over the years in developing AllianceTexas as a major job center and economic engine for North Texas is a result of a unique spirit of partnership that doesn’t exist anywhere else in the United States,” Hillwood President Mike Berry said in a statement.

“AllianceTexas is primarily a private sector-led economic engine, but what excites us most about the report is the exponential return on public investment evidenced by taxes paid and jobs created now occurring on an annual basis,” Berry stated. “These are numbers nobody could have ever imagined in 1989.”

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MP Materials Corp., the largest producer of rare earth materials in the Western Hemisphere, is investing $700 million over the next two years to fully restore the country’s rare earth magnetics supply chain through its 200,000-square-foot AllianceTexas manufacturing facility. Construction began last June 2022, and production operations are projected to begin this year. The facility will generate 150 high-skill manufacturing jobs and 1,300 indirect jobs.

As a result of an agreement with General Motors, MP Materials will produce alloy and magnets for GM’s electric vehicles at the facility.

Last May, Hillwood also leased its largest industrial speculative building to date to Target Corp. at Alliance Center East 1. The lease of 1,240,584 square feet was among the largest industrial leases in the Dallas-Fort Worth market in 2022, according to industry tracker CoStar.

Another 2022 highlight was the opening of Gulfstream Aerospace Corp.’s newest customer support service center at Perot Field. Gulfstream invested more than $55 million in the 162,000-square-foot maintenance, repair and overhaul facility at Alliance. The building includes hangar space, support areas and employee and customer offices and it is able to accommodate up to nine Gulfstream G650ER aircraft in the hangar space as well as six aircraft on the ramp.

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At the end of last year, a new fixed-based operation facility debuted at Perot Field. The new state-of-the-art FBO was designed by Corgan Architects and Amaze Design and encompasses more than 20,000 square feet of offices, lounges and meeting facilities, along with an additional 68,000 square feet of attached hangar space.

“AllianceTexas is an absolute powerhouse in Fort Worth,” Mayor Mattie Parker said in a statement. “By every metric – job creation, economic impact, property tax contribution, opportunities for innovation, and more – AllianceTexas proves itself year after year to be incredibly impactful not only locally, but also across the region, state, and country.”