The AllianceTexas development in north Fort Worth generated nearly $4 billion in economic impact during 2015 along with more than 4,000 new jobs, according to a report presented to the Fort Worth City Council on Tuesday.
“A great deal of growth continues to take place at AllianceTexas as we fulfill strong demand in each our real estate asset classes, including industrial, retail, office, residential, multifamily and medical products,” said Mike Berry, president of Hillwood Properties. “We’re especially proud of newly launched projects like Hillwood Commons, which brought fully-amenitzed office product to the AllianceTexas corridor [at Alliance Town Center] for the first time. We’re also pleased that legacy projects, like Fort Worth Alliance Airport’s runway extension project, reached significant milestones in their evolution. 2015 will be remembered as a great year for AllianceTexas.”
The economic impact report, by Insight Research Corp., said the 18,000-acre master-planned, mixed-use development generated $60 billion in economic impact to North Texas from 1989-2015. The economic impact results also showed that more than $1.5 billion has been paid cumulatively to the taxing entities within the project, including the cities of Fort Worth, Roanoke, Haslet and Westlake; two counties, Tarrant and Denton; and two Independent School Districts, Keller and Northwest.
Jobs are a big part of the impact: The development’s employment numbers eclipsed 44,000 on-site jobs, with more than 4,000 of those coming during 2015.
In 2015, Hillwood announced a variety of new projects at AllianceTexas, which contributed to the numbers. One was the 110-acre Facebook data center, which broke ground in August 2015. During Mayor Betsy Price’s State of the City address on Feb. 16, she noted that Facebook has purchased an additional 39 acres that it may use for more expansion.