The Arlington City Council unanimously approved a development agreement bringing D.R. Horton Inc. to Arlington, with plans to build a new $20 million, 150,000-square-foot campus on six acres just north of Interstate-30 and east of North Collins Street.
D.R. Horton plans to invest more than $20 million to build the new corporate campus and parking facility, according to the company. As part of the agreement, the company must maintain at least 350 jobs in the city of Arlington as well as hold annual meetings in the city for several years.
“This is an opportunity to spread the word that companies value coming to Arlington, Texas,” said Arlington Mayor Jeff Williams. Noting the recent announcement by GM that the automotive giant was investing $1.4 billion in Arlington GM plant, Williams said “We have momentum going right now.”
According to a city staff report on the agreement, D.R. Horton purchased the vacant land located at 1361 Wet-N-Wild Way in 2013 with the intention of developing the site. The capital investment of the project (including land, building, and parking costs) is estimated to exceed $20 million, and the company will provide and fill 350-500 jobs during the term of the agreement.
According to a news release from the city of Arlington, the site has some development challenges. The $5.5 million development grant would assist D.R. Horton with improvements to drainage, roadways, structured parking and other infrastructure at the site.
D.R. Horton, the largest U.S. homebuilder by revenue, currently employs approximately 6,300 employees nationwide with about 500 in its downtown Fort Worth location in the City Center Tower 2 at 301 Commerce St. Horton currently leases eight floors and about 160,000 square feet in the tower, which is named for the company. The company has been in the tower since 2004, when it moved from Arlington. The company was founded by current Chairman Donald R. Horton in 1978.
“The proposed relocation of our company will provide us with a new, company-owned headquarters that is conveniently located in the heart of North Texas with great access to D/FW International Airport. We look forward to returning to Arlington,” Horton said in a news release when the plan was first announced.
Sundance Square officials said they “anticipate significant interest in this high profile Class A office space,” being vacated by D.R. Horton.
In the third quarter, D.R. Horton reported earnings that beat analysts’ estimates as the company sold more properties at higher values.
Net income increased to $221.4 million, or 60 cents a share, for the three months through June 30 from $113.1 million, or 32 cents, a year earlier.