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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Hulen Pointe Shopping Center sold

Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price.

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Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Fort Worth temporarily stops issuing new home permits in TCU area

The moratorium will give a committee and the City Council time to review a proposed overlay that will pare the number of permissible unrelated adults living in the same house.

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Wal-Mart eyes second Fort Worth e-commerce center
 
A. Lee Graham
Reporter
 
Wal-Mart’s Fort Worth incursion shows no signs of slowing, as the retail giant considers 57 acres near Fort Worth Alliance Airport as the site for its second Cowtown e-commerce fulfillment center.
 
“We are very keen to bring this project forward to you,” said Robert Sturns, the city’s domestic and international business recruitment manager.
 
Speaking at the pre-council portion of the Nov. 19 regular City Council meeting, Sturns outlined tax incentives intended to lure the company to the Alliance Crossing parcel just east of Interstate 35W and Hillwood’s AllianceTexas mixed-use development.
 
With the retail giant expecting to exceed $9 billion in online sales this year, the company has prioritized developing what it calls a “next-generation fulfillment network” to accommodate online sales. Product inventory on company website walmart.com grew 35 percent to 40 percent to 2 million items in 2012, with the company requiring bricks-and-mortar fulfillment centers to handle inventory expected to double this year.
 
The city affirmed its faith in Wal-Mart’s economic benefits earlier this by agreeing to
abate 75 percent, or about $2 million, of city property taxes on the incremental value of a Westport Parkway location in far North Fort Worth and equipment and other items classified as business personal property for 10 years.
 
The latest proposal would bring Wal-mart.com USA LLC, a subsidiary of Wal-Mart Stores Inc., to the Alliance Crossing site through a “380 agreement,” named after Chapter 380 of Texas local government code allowing rebates of future sales or property taxes.
Walmart would receive $3 million over the course of the 15-year agreement term, with Fort Worth gaining $1 million.
 
Unlike a tax abatement – in which the tax liability is reduced on the front end and capped at 10 years by state law – a 380 agreement requires a company to pay the full tax generated while the city provides a grant back to the company worth up to 75 percent of those taxes paid.
 
The proposed deal would require Wal-Mart to invest $32 million for the build-to-suit building that it would lease, with the greater of 25 percent, or $6,250,000, to be spent each year with Fort Worth companies and an equal amount with Fort Worth minority- and women-owned businesses.
 
Meanwhile, the company would have to spend the greater of 55 percent, or $16,500 each year, on supplies and services with Fort Worth companies. The company would have to spend of 25 percent of its supplies and services budget, or about $7,500, with Fort Worth minority- and women-owned businesses.
 
The deal would bode well for local employment, with 80 full-time equivalent positions required to be created by June 30, 2015 and 100 full-time-equivalents by Dec. 31, 2019. At least 40 percent of those would have to be filled by Fort Worth residents, with 5 percent by central city residents.
 
“This is a big deal,” said District 7 Councilman Dennis Shingleton. “I’m very much in favor of this.”
 
So is District 5 Councilwoman Gyna Bivens.
 
“I like what I see. There are some partners we have that just do things right, and this is one of them,” Bivens said.
 
The council is expected to vote on the proposal at its Dec. 10 regular meeting.
 
lgraham@bizpress.net
 
 
 
 
 

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