Arlington, Texas Rangers consider $200M development project near ballpark

The city of Arlington and the Texas Rangers baseball club are considering a $200 million development collaboration that could include a 300-bed hotel and a 35,000-square foot convention space near the team’s home at Globe Life Park.

The Fort Worth Star-Telegram reported that the project will be evaluated Tuesday by City Council during a work session. If the agreement is ready, the Council could vote on the proposal at its regular meeting Tuesday night, the Star-Telegram said.

Mayor Jeff Williams told the newspaper that the impetus for the project came from the team.

“It’s a Rangers-led project,” Williams told the Star-Telegram, “but the city is participating, too, and we’re very excited.”

According to the newspaper, the project is adjacent to Globe Life Park, and would include about 100,000 square feet of restaurants, retail businesses and entertainment venues.

A news release said that construction on the hotel and convention space would begin by the end of 2016, according to the report.

Read more from the Dallas Business Journal

Here’s the main reason Toyota is moving from California to Texas

Sure, the low taxes, relaxed regulatory environment and Central Time Zone are nice. But none of those factors tops the list of reasons Toyota decided to plant its North American headquarters in Plano, bringing in more than 3,000 jobs, mostly from California.

The main driver of Toyota’s move from Torrance, California, was housing costs, according to Albert Niemi Jr., dean of the Cox School of Business at Southern Methodist University, who has inside knowledge about the move. Niemi shared the anecdote at an SMU Cox Economic Outlook Panel on Friday morning.

Read more on the Dallas Business Journal

Dallas-Fort Worth housing market shatters records with $24B in sales by year end

Dallas-Fort Worth’s strong housing market shows no signs of slowing — despite expanded lending regulations— with analysts expecting the region’s home sales to reach $24 billion by the end of the year.

That would more than double the market’s sales volume in four years.

“We were ecstatic when the market reached $11 billion at the end of 2011,” said MetroTex President Steve Habgood, in a statement. “This year, we reached $22.7 billion by the end of November and could conceivably reach $24 billion for the year.”

North Texas’ condo sales have also done well this year and have already topped a billion dollars for the year, he added.

Read more on the Dallas Business Journal

Chart of the Week – DFW, one of the most competitive cities!

The publisher for Site Selection magazine just released a report on the most competitive cities globally.  Their approach utilized hard data, augmented by local and new project investments, buttressed by a survey of site selection executives regarding “competitiveness”.  Their goal was to identify “true city competitiveness” by highlighting the top-five cities in a dozen industry sectors.

DFW jumped out with only a quick skim of the executive summary!  Why?  Because we were in the top-five cities across 10 of the 12 industry sectors.  We talk all the time about our region’s diversity and its value.  This is a clear example of how valuable that diversity is as a driver and how it gives us an incredible edge for both organic growth and business relocations – and may partially explain the high level of job gains we have been seeing.  The chart below highlights the industries where DFW scored in the top five.

So with such a strong showing, the next question has to be – who was ahead of us?  Well, only one global / US market beat us with 12 of 12 – that was Dubai.  This emphatically positions DFW as an up-and-coming world city.  Attached is a link to last week’s press release.  http://siteselection.com/press/releases/151103%20WMCC.html

Chart of the Week 12.9.15

Three takeaways from strong November jobs report

The final jobs report of the calendar year points to an economy entering 2016 with solid tailwinds that should help knock down the unemployment rate further next year.

Employers added a better than expected 211,000 new jobs in November and the jobless rate held steady at 5 percent, the Labor Department said Friday.

“Job growth is strong and steady,” said Mark Zandi, chief economist of Moody’s Analytics. “Full employment is fast coming into view.”

Here are three important takeaways:

Job growth broad

Economists cheered both the revisions to October numbers and hiring gains across most sectors. October’s strong 271,000 number was revised upward, with the government now saying it was actually 298,000. It means there is momentum in the jobs market into 2016.

Incumbents’ windfall

The party holding the White House tends to benefit when the economy is strong. Absent unforeseen events on the global stage, the economy is expected to further improve next year. Hiring is solid and accelerating as the nation readies to select a new president.

3-2-1 liftoff

Two solid months of hiring gives the Federal Reserve room later this month to finally raise its benchmark interest rate for the first time in almost a decade. The action, expected on Dec. 16, is dubbed “liftoff,” since it will begin a slow years-long upward climb in lending rates across the economy.

Read more from the Star-Telegram

Irving’s mixed-use developments bring big corporate interest back to the city

Two massive proposed mixed-use developments on Irving’s new rail line — the former 78-acre Texas Stadium site and the proposed 157-acre project surrounding Verizon’s campus— are bringing some big corporate interest back to the North Texas city.

That interest ranges from Irving-based Pioneer Natural Resources (which has been looking at real estate options for more than 600,000 square feet for months) to an undisclosed company from outside of Texas looking for 500,000 square feet of space.

Read more on the Dallas Business Journal

Verizon plans huge Irving development with office, residential and retail

Telecommunications giant Verizon is working on plans for a huge corporate development in Las Colinas that would house thousands of workers and residents.

The complex – with 3.5 million square feet of offices, housing, 85,000 square feet of retail and a 150-room hotel – would be one of the largest such projects ever built in Irving.

Plans for the 157-acre campus also include a new commuter rail station that would connect with Dallas/Fort Worth International Airport and downtown Dallas.

Read more on the Dallas Morning News

Dallas-area apartment rents up almost 7 percent

Dallas-area apartment rents are continuing their round of scorching increases.

In October Dallas-area rents were up almost 7 percent from a year earlier, according to a new report from Axiometrics Inc.

Dallas-area renters on average paid $1,074 a month for an apartment, the research firm said. In the Fort Worth area, average rents were was $965.

“The Dallas-Fort Worth area continues to be among the most robust in the nation,” said Axiometrics vice president Stephanie McCleskey in the just-released report. “Fort Worth has outperformed Dallas for most of this year, largely because of the lack of new supply coming into Tarrant County.

Read more on the Dallas Morning News

Mary Kay picks Lewisville for $100 million research, manufacturing plant

Cosmetics firm Mary Kay Inc. said Tuesday that it will build its $100 million manufacturing and research complex in Lewisville.

The direct sales firm recently decided it needed to replace its almost 50-year-old plant in northwest Dallas.

The company said it looked at locations around North Texas before picking Lewisville.

Mary Kay said it has identified a location but hasn’t yet purchased it.

Read more on the Dallas Morning News

$1 billion mixed-use development coming on LBJ Freeway in Farmers Branch

One of North Texas’ biggest land developers has purchased property north of LBJ Freeway for a $1 billion mixed-use development.

Centurion American Development Group acquired 370 acres out of Mercer Crossing community in Farmers Branch for $85 million.

The vacant tract – which surrounds a small lake – will be used for construction of a single-family home community, apartments, retail and commercial space.

Read more on the Dallas Morning News