AllianceTexas is expected to provide an economic impact of $50 billion to the North Texas region over the life of the project, according to a presentation made to the Fort Worth City Council on Dec. 10.
The milestone gives an indication of the continued growth taking place at the development – which now encompasses industrial, Class A office, aviation, retail, residential and multifamily real estate projects. The projection is based upon activity covering the years 1990 through 2013, and includes more than $1.3 billion in paid taxes to the eight public entities covering the development. The study was prepared by Insight Research Corp.
Mike Berry, president of Hillwood Properties, said this year “will be remembered as one of the most significant years in the project’s history.
“For the first time since 2007, we initiated projects in each of our core real estate asset classes, including two separate spec industrial efforts,” he said. “Moreover, we saw more than 5,000 jobs created during the year, with a substantial number occurring in manufacturing and e-commerce fulfillment – two areas where AllianceTexas has been noted by the national media for being on the cusp of national employment trends.”
According the study, total investment in the project exceeded $8 billion during the 1990 thru 2013 timeframe, with nearly $7.6 billion coming from the private sector, and a little more than $450 million coming from the public. With a 17-1 return on investment from the private sector, AllianceTexas represents one of the nation’s most successful public-private partnerships of its kind, and continues to provide exponential tax revenue growth to each of the project’s eight public entities, according to Hillwood officials. “One of the most encouraging trends in the study includes three straight calendar years (2011-2013) where AllianceTexas generated more than $3 billion in economic impact,” said Berry. “This type of exponential growth exceeds any expectation we envisioned in 1989, and as we prepare to celebrate the project’s 25th anniversary, we are experiencing more activity than ever before. It will be very exciting to see what the future holds for AllianceTexas.”