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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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Fort Worth approves $6.5 million in incentives for American reservations center

By Scott Nishimura
snishimura@bizpress.net
 
Fort Worth City Council members unanimously approved $6.5 million in incentives for a new American Airlines reservations center at 4700 American Blvd. near Dallas/Fort Worth Airport.

The package, passed in a 9-0 vote, includes a one-year tax abatement and a 14-year economic development grant agreement to help American Airlines build a planned reservations center at 4700 American Blvd. The incentives are worth up to $6.5 million.
 
As part of the agreement, the Council also waived up to $32,000 in development fees. 
 
To get the maximum incentive, American committed to $55 million in construction and $33 million in personal property improvements by Dec. 31, 2015.
 
“Failure to meet the real property investment is a condition of default and will result in immediate termination of the agreement,” the city staff told the City Council in a report.
 
The one-year tax abatement would potentially abate up to 85 percent of city property tax added by the real and personal property on the site.
 
Under the economic development agreement, the city will make annual grants to American for up to 85 percent of the city property tax added but the real and personal on the site.
 
To get the full incentive, American is committing to employ a minimum 1,300 full-time employees on the site by Dec. 31, 2015.
 
The company will fill the greater of 15 percent of all jobs, or 195, with Fort Worth residents, or the greater of 5 percent of all jobs, or 65, with Fort Worth central city residents.
 
To get the maximum incentive, American is also committing to spend the greater of $13.75 million, or 25 percent of construction costs, with Fort Worth contractors.
 
The company is committing to spend the greater of $13.75 million, or 25 percent of construction costs, with local contractors that are minority or women-owned.
 
The overall contracting and minority and women contracting figures can overlap.
 
American also committed to spend the greater of 30 percent or $150,000 of annual discretionary supply and service expenditures with Fort Worth contractors.

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