Fort Worth’s public and private sectors join forces to achieve impressive growth
See full Phoenix Business Journal article by Fort Worth Economic Development here.
During a time of nationwide economic depression in 1873, lawyer Robert E. Cowart wrote of his visit to Fort Worth that he "saw a panther asleep on Main Street, undisturbed by the rush of men or the hum of trade."
One thing's for sure: Panther City most certainly isn't asleep any longer. With multiple large-scale and strategic projects in the works, Fort Worth stakeholders are making a new and concerted effort to ensure that every corner of town will benefit from the city’s continuing growth.
As one of the largest and fastest-growing cities in the country*, Fort Worth boasts many unique characteristics that add up to an especially fertile ground in which businesses can thrive. The low cost of real estate, an abundance of land available for development, solid foundations in a variety of key industries and a diverse talent pool all play a role in Fort Worth's economic success.
Tag-teaming growth through public/private partnerships
The city's recently updated economic development strategic plan places emphasis on advancing public/private development projects, such as the Evans & Rosedale urban village and surrounding areas, as well as the development of at least 1 million square feet of Class A office space in and around downtown by 2026.
Two recent and notable examples of how public/private partnerships are already making a positive impact on the city are Deco 969 and Dickies Arena.
A collaboration between the city and Southern Land Co., Deco 969 is a 27-story luxury high-rise project currently under construction in downtown. This multifamily community — a finalist for the Dallas Business Journal’s “Best Real Estate Deal” of 2022 — will be comprised of 302 apartments and penthouses and is scheduled for completion in 2024.
Completed in 2019, Dickies Arena is a 14,000-seat, $540 million venue that came to life thanks to a unique blend of public and private money. The arena has already become an anchor of the city, hosting the annual Stock Show and Rodeo and attracting national sporting events, high-profile concerts and more.
Innovating across all sectors
Residential and entertainment are only two of the many different sectors in Fort Worth that are experiencing growth and innovation.
AllianceTexas, Hillwood’s 27,000-acre master-planned, mixed-use community in north Fort Worth, has been hailed as one of the state’s most formidable economic engines surpassing $100 billion generated in regional economic impact.* Their new Mobility Innovation Zone (MIZ) is a unique testing ecosystem that combines strategic partnerships and infrastructure to allow pioneering mobility companies to test, scale and commercialize their innovations. Furthermore, the AllianceTexas MIZ served as the testing location for Wing, Alphabet's revolutionary commercial drone delivery service, and as the first urban logistics center in Texas for TuSimple's cross-country autonomous truck operations.
Texas Christian University has announced its plans to build a new medical campus for the TCU School of Medicine, one of the newest and most innovative medical schools in the country*, in Fort Worth's medical district. The four-story, 100,000-square-foot medical education building, which is scheduled for completion in 2024, will be the academic hub for 240 medical students and hundreds of faculty and staff. Meanwhile, UNT Health Science Center is collaborating with Techstars to bring a new accelerator program to Fort Worth this fall that will support and fund startups in the physical health space, with a focus on rehabilitation, performance and exercise.
Circle T Ranch in Westlake, already home to the company headquarters of Fidelity Investments, Deloitte and Charles Schwab, has announced plans for a new development on the property called the Campuses at Circle T. This will add space for six or more additional corporate headquarters for companies hoping to get in on Fort Worth's favorable business climate.
One final example from Fort Worth's community and culture sector is Hear Fort Worth, an initiative of Visit Fort Worth founded in 2016. The initiative aims to attract tourism and business to Fort Worth by cultivating the local music scene. At this year's SXSW Festival in Austin, they showcased three days of Fort Worth music to great success. Hear Fort Worth also supports the Fort Worth Public Library on the Amplify817.org service that features local musicians, delivers commercial-free music streaming, concerts and more.