Major investment and large-scale projects attracting national attention to Fort Worth
March 1,2023
See full Boston Business Journal article by Fort Worth Economic Development here.
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 various key industries and a diverse talent pool all play a role in Fort Worth's economic success.
Reclaiming Fort Worth’s riverfront
One major project in the works is Panther Island, an ambitious development with huge potential. Brought about by the need for improved flood control along the Trinity River, the project will ultimately create more than 300 acres of urban waterfront property in the heart of the city. The $1.1 billion district will create additional opportunities for growth in downtown Fort Worth and its surrounding neighborhoods.
Companies choose North Texas because they want a business-friendly environment that is rich in options, incentives and growth opportunities. In keeping pace with the region’s thriving industries and corporate relocations, Panther Island will help sustain that momentum for Fort Worth, bringing even more leading companies and top-tier businesses to Fort Worth, while driving additional development – and investment – in the region.
Creating new districts around education and innovation
The Texas A&M University System is expanding in downtown Fort Worth. Building off the nationally ranked Texas A&M University School of Law, this initiative will create a three-building, mixed-use campus and research center for higher education, legal studies, corporate and academic research partnerships, and new-economy innovation. Local industry leaders like Alcon, AT&T, Lockheed Martin and Bell are discussing ways to leverage the university’s Tier 1 presence and the workforce it will cultivate.Additionally, Texas Christian University is building a new medical campus for the Anne Marion Burnett School of Medicine, one of the newest and most innovative medical schools in the country. The campus is in Fort Worth's Medical Innovation District, which is working to become the “most livable medical district in the U.S.,” thanks to the combined efforts of academic institutions like TCU and University of North Texas (UNT) Health Science Center at Fort Worth, academic medical centers like UT Southwestern, local biotech incubators like TechFW, Fort Worth’s major hospitals and dozens of independent clinics.
The goal is to create a multidisciplinary environment that encourages public-private partnerships, collaboration, and engagement between Fort Worth’s community of biotech and pharmaceutical entrepreneurs and its medical sector.
City of Fort Worth Economic Development Director Robert Sturns said, “It’s exciting to see Fort Worth’s colleges and universities align with target industries that have historically been critical to our city’s economic success. The expansion of these institutions will have significant, long-term impacts for our workforce and talent pipelines.”
Innovating across all sectors
Collaboration across industries and within the region has been instrumental to the continued success in North Texas. A great example of that cooperation is AllianceTexas, Hillwood’s 27,000-acre, master-planned, mixed-use community in north Fort Worth. Hailed as one of the state’s most formidable economic engines, AllianceTexas has generated more than $100 billion in regional economic impact.
AllianceTexas is also home to the Mobility Innovation Zone (MIZ), a unique testing ecosystem that combines strategic partnerships and infrastructure to allow pioneering mobility companies to test, scale and commercialize their innovations. The MIZ served as the testing location for Wing, Alphabet's revolutionary commercial drone delivery service.
In 2022, autonomous delivery company Clevon opened its U.S. headquarters in AllianceTexas. In early December Clevon completed its first U.S. delivery in a real-world setting with the CLEVON 1, the company’s eco-friendly autonomous delivery vehicle.
The MIZ is anchored by Alliance Airport, the world’s first dedicated industrial airport. Its presence is spurring innovative solutions throughout the supply chain and attracting leading companies focused on the autonomous and automated movement of goods. In the last five years, Alliance Airport has experienced incredible growth and demand, increasing cargo transportation volume by 43% year over year, earning its new ranking by the Federal Aviation Administration as one of the top 20 U.S. cargo airports.
With a rich legacy of the entrepreneurial spirit and a forward-looking approach to talent and industry, Fort Worth is where opportunity begins.
Location Mentioned: Texas A&M Fort Worth