Debra Hale
Aerial of the Charles Schwab campus
Aerial of the Charles Schwab campus
AllianceTexas generated a total $7.31 billion in economic impact last year that included record property taxes paid, its developer, Hillwood, said Wednesday in releasing an annual economic impact study of the 26,000-acre master-planned community in north Fort Worth.
Since 1990, the 30-year-old development has generated $83.74 billion in regional impact and nearly $2.53 billion in total property taxes paid to public entities, the study, done by Insight Research Corp., said.
“AllianceTexas’ success can be attributed to the continued collaborative relationship between public and private sectors, with a shared vision and goal for community and growth,” Mike Berry, president of Hillwood, said in a release. “AllianceTexas has experienced incomparable success over the last year and continues to lead the region in attracting high-paying jobs in the technology, aviation and logistics, manufacturing and financial services sectors.”
The report estimated a total $10.5 billion in private and public capital investment in AllianceTexas since inception, including $9.7 billion in private investment and $782.8 million in private investment.
The estimated paid property taxes have gone to the cities of Fort Worth, Haslet, and Roanoke; towns of Westlake and Northlake; a Northlake public improvement district; Tarrant and Denton counties; the Keller, Northwest, and Argyle independent school districts; and other entities. Fort Worth received the largest share, $500.7 million. Last year was a record for property taxes paid by AllianceTexas; Fort Worth, for one, received $47.5 million, up 2% from the prior year, the study said.
For 2019, the study estimated $242.8 million in paid property tax to the various entities.
Hillwood has made recent property acquisitions for AllianceTexas in the City of Denton and the Denton Independent School District that will result in the payment of property taxes in the future to those entities.
Between 1990 and 2019, AllianceTexas generated $443.7 million in total sales taxes paid, and $107.6 million in sales taxes paid to municipalities, the report said.
Between 1990 and 2019, 50 million square feet of commercial space was developed in Alliance Texas, the report estimated. A total 11,871 homes were completed in the development during the same period, the report said.
Today, AllianceTexas, double the size of Manhattan, is home to 525 companies. The development has directly created 62,082 jobs, and indirectly created 146,678, the report said. In 2019, Hillwood announced several new projects.
Charles Schwab announced it would move its corporate headquarters to Hillwood’s Circle T Ranch development in Westlake. AllianceTexas has created a Mobility Innovation Zone, where companies can experiment with next-generation transportation technology. Additionally, AllianceTexas will be home to a Callaway Golf Co. national distribution center scheduled to open early this year; Stanley Black & Decker plant that will open later this year and pair with a distribution center; and a regional distribution center for the Schluter-Systems major supplier of tile installation systems to open early this year.