AllianceTexas is one of the region’s major driving forces, with approximately $76.43 billion generated in regional economic impact since its inception 30 years ago, Mike Berry, president of Hillwood, told the Fort Worth City Council Feb. 12.
“AllianceTexas would not be what it is today without the unique partnership and vision of the City of Fort Worth, the FAA and Hillwood,” the company said in the presentation.
It is regarded as one of the most notable public-private partnerships in the nation and has total private investment estimated at $9.03 billion and public investment totaling $775 million, representing a 12-to-1 private-to-public-dollar investment multiple.
More than $7.19 billion of the development’s economic impact was generated in 2018.
AllianceTexas is home to more than 500 companies, which have built more than 45 million square feet and created over 61,000 jobs, Hillwood said in its report.
“AllianceTexas has been at the center of an evolving story for many years and is a testament to what’s possible when public and private sectors come together with a singular vision,” Berry said. “As the development enters its 30th anniversary this year, AllianceTexas’ impact on the community continues to compound exponentially in its return on the original public investment.”
With its boundaries only halfway developed, the 26,000-acre master-planned project has substantial room to expand.
In 2018 alone, Hillwood announced several new projects at AllianceTexas that will enhance its regional economic impact for decades, the company said in a news release.
One was the completion of the runway extension at Fort Worth Alliance Airport. With expanded runways, the airport can now allow for increased air cargo capacity and enable long-haul flights to fly non-stop to destinations as far as Europe.
Fort Worth Alliance Airport will continue to serve as an economic engine for the region, as Amazon Air’s recently announced regional air hub comes online over the next few years., the company said.
AllianceTexas features more than 4.2 million square feet of shopping, dining, health, medical and entertainment options seamlessly integrated with a variety of residential community options throughout the development.
The development also includes several urban living multifamily options at Alliance Town Center, which serves as the primary regional retail and entertainment destination for the entire north Fort Worth corridor.
Encompassing six municipalities, four independent school districts and two counties, AllianceTexas has exponentially increased tax revenue for the public entities within the project. Since 1990, more than $2.25 billion has been paid cumulatively to the Cities of Fort Worth, Haslet, Roanoke and Westlake; Tarrant and Denton Counties; and Northwest, Keller and Argyle Independent School Districts. In 2018 alone, the project contributed nearly $210 million in property taxes to these local entities.
AllianceTexas has also become a corporate destination for many of the world’s leading companies.
Mercedes-Benz Financial Services broke ground on its new 200,000-square-foot business center, less than a mile from its current location within AllianceTexas; Charles Schwab’s corporate campus is slated to open in 2019, bringing with it over 6,000 employees by 2021; and recently announced Stanley Black & Decker is the newest Fortune 250 company to call AllianceTexas home.
The development is anchored by Fort Worth Alliance Airport, the world’s first dedicated industrial airport.
– FWBP Staff