Arlington’s Viridian community, one of the largest residential developments in North Texas, has been purchased. The Johnson Development Corp. and Tricon Capital Group Inc. have purchased the 2,083-acre site located just west of State Highway 360 along the Trinity River from Cross Harbor Capital Partners of Boston. Terms of the sale were not disclosed.

“Viridian aligns with our core value of developing inspirational master-planned communities,” said Larry D. Johnson, president and chief executive officer of The Johnson Development Corp. of Houston. “We’ve had our sights set on the D-FW market for quite some time and without question, Viridian is the perfect fit for us.”

One of the nation’s largest infill master-planned communities, Viridian has approximately 1,000 lots have been contracted to be sold to 10 national and regional homebuilders, of which approximately 700 sales have already closed. Viridian plans to add a 10,000 square-foot event center, a sailing center managed along with the city of Arlington, an adult pool, event lawn, two tennis courts and a basketball court as part of the Viridian Lake Club’s second phase.

Johnson in involved in several master-planned communities includes 14 currently under development: 13 in Houston and one in Atlanta. Tricon Capital is a principal investor and asset manager focused on the residential real estate industry in North America with a market capitalization of $1.1 billion and approximately $2.5 billion of assets under management. “Our new ownership will ensure Viridian’s continued success as one of north Texas’ premier master-planned communities,” said Viridian General Manager Robert Kembel. He said Viridian’s management team and master plan will remain intact.

Jesus “Jay” Chapa, most recently director of economic development for the city of Fort Worth, and Valerie R. Washington, deputy director and chief financial officer for the Indianapolis Department of Public Safety, have been appointed new assistant city managers of Fort Worth. Chapa’s appointment becomes effective July 18. Washington is expected to take her new role in September.

“Both of these people are great fits for Fort Worth as we run a $1.5 billion business that supports the nation’s fastest growing big city,” said City Manager David Cooke. “Each of these innovative leaders has built a career working in cities and industries dealing with growth and providing outstanding public service and citizen engagement.” During his nearly 19 years with the city, Chapa has served in leadership positions in the housing and economic development, water department and budget office. He previously worked at BNSF Railway as director of public policy in the public-private partnership group of the railroad.

Washington is responsible for the operational and financial management for eight divisions in Indianapolis, including police, fire, EMS, Homeland Security, and animal care and control. Previously, she was deputy director for the office of audit and performance. Prior to that, she was chief financial officer for the Department of Public Safety and was assistant director of finance for the Marion County Supreme Court.

The neighborhood around the American Airlines Center in Dallas was born a decade ago with promises of bustling commerce and restaurants day and night, game days or off days. Despite thousands of apartments and condos, Victory Park’s never lived up to that promise. So developers are trying a reboot. One-way streets are built for speed. And while that’s great for folks driving to the American Airlines Center, pedestrians avoid Houston Street and Victory Avenue at all costs. Urban planner Patrick Kennedy says some people would rather pony up for parking than dodge traffic.

“One anecdote that I’ve heard from a number of people who work in the Crescent area, which is like three blocks away — they drive to games because they don’t feel safe walking the three blocks,” he said. Those one-way streets will soon become two-way. Kennedy says that’s a step in the right direction because it will make the neighborhood safer to get around and encourage business. By the fall of 2017, Victory Park will have a crop of new restaurants, including a 24-hour BuzzBrews. A movie theater is on the way. So is a Pilates studio. A 23-story office tower is in the works and over 1,000 new apartments will go up in the next couple years.

Kennedy says that doesn’t guarantee success. “Ultimately, that’s the supply of a lot of stuff and that doesn’t necessarily answer the second half of the equation … Is there the demand side to populate those businesses and for them to do well,” he said. Terry Montesi says just wait and see. He’s the founder and CEO of Trademark Property, the retail development company for Victory Park.

“You’re not going to recognize Victory Park in the fall of ’17,” he said. Montesi says he agrees the neighborhood didn’t live up to what was billed the first time around. “Signage wasn’t finished, the public amenities weren’t finished, the art program wasn’t finished, the lighting wasn’t finished, the light wasn’t installed at Victory Park Lane and Olive, on and on and on,” Montesi said. “So it really was never finished.” Montesi says the story will end differently this time around, especially since one of the reboot’s priorities is making Victory Park easier to navigate without a car. That’s a pretty significant turn for a city obsessed with the auto. One of Dallas’ first protected bike lanes is being built from the Katy Trail along Houston Street. A concrete curb will separate the bike lanes from lanes for automobiles, officials say. “It completely prevents people from parking in the bike lane, which is a problem that we have,” said Ashley Haire, the bicycle engineer for the city of Dallas.

The reboot makes way for cyclists, helps connect the American Airlines Center to the surrounding neighborhood, and pours money into new business. It’s that last part that still has Kennedy a little skeptical. He doesn’t believe in: “If you build it, they will come.” “No that’s never true and that’s one of the worst phrases in real estate,” Kennedy says. Still, developers insist that making Victory Park a vibrant commercial district isn’t just a dream: It’s a promise.

KERA News – Courtney Collins

General Motors finally unveiled plans for its $1.4 billion expansion and renovation of its Arlington plant Tuesday, to include a new paint shop, a new body shop, and technological upgrades. The construction will begin immediately and take three years to complete. Production will continue as usual during construction. The plant is the only one that produces the company’s full-size SUVs, and it currently operates at full capacity. The expansion will add 1.2 million square feet to the existing plant, utilizing the currently unused space on the property.

The plant currently employs 4,125 people. There is no official prediction for the number of jobs this investment may create. This is the largest expansion in the plant’s 61 year history. Over the past fifteen years, the company has spent $200 million for a new stamping facility in Arlington, $331 million to retool the plant, and $500 million to build a new 750,000 square-foot body shop. The SUVs produced at the Arlington plant — which include Chevrolet Tahoes, Cadillac Escalades, and Yukon XL — make up about 30 percent of the company’s total profit. The expansion will account for greater than 22 percent of GM’s intended expansion spending over the next three years.

ARLINGTON —In its largest U.S. investment this year, General Motors announced plans on Tuesday for $1.4 billion in improvements to its Arlington Assembly Plant to help improve production of its popular full-size sport utility vehicles. The renovation and expansion will reconfigure the plant with a new paint shop, body shop and general assembly area upgrades. Construction is expected to begin this summer and take about three years to complete. Production schedules for Chevrolet Tahoes and Suburbans, GMC Yukons and Yukon XLs and Cadillac Escalades will be unaffected by the construction.

Hundreds of Arlington workers cheered the announcement from bleachers set up inside the plant. “When it comes to full-size SUVs, Arlington is where the magic happens,” said Cathy Clegg, GM’s vice president of North America Manufacturing and Labor Relations. “These vehicles are vital to the success of our company. That’s why it’s so crucial to keep this facility running on all cylinders.”

Demand for GM’s big SUVs has been so strong that GM has been running three shifts in Arlington to meet demand. The project is part of $5.4 billion that GM is investing in its U.S. manufacturing operations over the next three years, company officials said. Since June 2009, GM has announced about $17.8 billion in U.S. plant improvements. Last fall, GM opened a stamping facility as part of a $530 million expansion and overhaul of the Arlington plant. Wayne Skutt, an electrician in the body shop, was among the employees applauding the news. “We need all the investment we can get,” said the 30-year veteran of six GM plants. “We need all the job security we can get.”

Henry McClellon, team leader for trim installation, said he’s “not impressed,” especially since contract talks between the United Auto Workers union and GM have just begun. “The announcement is good, but it’s contract time, so I just look at it like … is this to influence us on the contract?” said McClellon, who moved to work at the Arlington plant in 2009. “It’s still business.” In April, the Arliington City Council approved creation of a tax reinvestment zone to provide $28.7 million in tax breaks to the Detroit-based company in exchange for maintaining at least 3,179 jobs. That’s an increase of 589 jobs over GM’s previous commitment to the city, made in an abatement deal for the new stamping facility, city officials said. Raising the minimum employment level provides “enough of a cushion” so that a sudden economic downturn “reasonably would not affect their abatement,” said Bruce Payne, the city’s economic development director. The GM Arlington workforce is well beyond that threshold, currently numbering 4,180 employees, GM officials said. Arlington Mayor Jeff Williams, who drummed up cheers by disclosing that he owns a 2015 Chevy Suburban, said the plant’s history is intertwined with Arlington’s. He noted that the city’s population was 8,000 when the plant opened in 1954 with about 1,800 workers. Now the city is teeming with about 380,000 residents.

“You symbolize the can-do spirit of Arlington, Texas,” he told the workers. “You know, we’re known throughout the state as a city that can get things done. … You have made a difference.” He added, “Isn’t it amazing when Arlington and Tarrant County, the state of Texas and General Motors, the success we have all realized?” Tarrant County Administrator G.K. Maenius applied the math to the plant’s growth. “With the addition of this expansion, it will have increased by 4 1/2 times its size since it was first built,” he told the gathering. “This is management. Obviously this is labor. And it is everything else that we could come together to put together, to make sure this is the the No. 1 quality plant that GM has, not only in the United States but in the world.” The investment comes as Detroit automakers launch into contract talks with the UAW amid other plans to build or expand factories in Mexico to take advantage of lower costs. GM, like the others, is working to move some production south of the border even as it makes additional investments in the U.S.

GM says it has spent $16.8 billion on its U.S. facilities since emerging from bankruptcy in June 2009, creating more than 3,650 new jobs and preserving 20,700 others. But in December, the company announced plans to invest $5 billion to modernize and expand four plants in Mexico. In March, the company said it would spend $350 million on its Ramos Arzipe assembly plant so it can build the compact Chevrolet Cruze, which also is made at GM’s factory in Lordstown, Ohio, east of Cleveland. “I don’t like that,” said Cindy Estrada, a UAW vice president, during an interview after her public remarks. “I think we need to continue to invest in the United States. UAW workers have shown that we build great quality, and we have great efficiencies in our plants. And because of that, GM is making a great profit. So I think the investment should happen here — and they are investing here.” In Mexico, a worker costs automakers average of $8 an hour, including wages and benefits. General Motors pays $58 per worker in the U.S., according to the Center for Automotive Research. City Councilwoman Kathryn Wilemon, who attended the announcement, said the news takes her back to her childhood. “I can remember when that was vacant land, because I lived near there,” Wilemon said. “I was there in 1954 when it opened, and I was there for all of the expansions. And today still topped all of our expectations for the growth of General Motors in Arlington.”

From the Fort Worth Star Telegram – Robert Cadwallader

Blue Bell Creameries is getting a little help from a Fort Worth billionaire. On Tuesday, the struggling ice cream maker announced that Sid Bass has become an investor and partner in the Bren-ham-based company, which was forced to halt production this spring after being tied to a listeria outbreak. “The additional capital will ensure the successful return of our ice cream to the market and our loyal customers,” said Blue Bell Chief Executive Paul Kruse in a statement, saying it was a “significant investment.”

Blue Bell recalled all its products in April after its ice cream was linked to several cases of listeriosis that caused three deaths. The company plans to begin trial runs of ice cream production at its Alabama plant later this month but has not set a date for resuming sales of ice cream to the public. Bass, who lives in Fort Worth, has made high-profile investments outside of his family’s oil and gas business before, most notably in The Walt Disney Company, which helped the family entertainment company revitalize itself in the 1980s.

In the most recent Forbes ranking of billionaires, Bass ranked No. 325 with a net worth of $2 billion. Recently, Bass settled a lawsuit over a failed Nevada real estate development. “We are excited to be a part of the Blue Bell brand and family” Bass, 73, said in a statement. “Blue Bell is the quality leader in the ice cream industry. We believe quality is the principle attribute that ensures the success, growth and longevity of a business”

Through his office, he declined further comment. Blue Bell opened its first creamery in Bren-ham in 1907 and, until the recall, was selling ice cream and other frozen treats in 23 states. It is an iconic Texas treat that grew to become the third-best selling ice cream in the U.S. behind Nestle, which makes Dreyer’s and Edy’s products, and Unilever, maker of Ben & Jerry’s and Breyer’s ice cream. Doug Renfro, president of Fort Worth-based Renfro Foods, said the Bass investment brings stability to the popular Texas brand. “You keep jobs in Texas, which is great, and you maintain product integrity,” Renfro said. “We’ve all seen situations where an iconic brand is bought by a larger company and they start cheapening the recipes and it’s no longer the product that you had has a child.”

In May, the company announced that 1,450 workers would be laid off and another 1,400 would be furloughed as Blue Bell shut down plants in Texas, Oklahoma and Alabama. Its ice cream products had been linked to 10 listeria illnesses in four states, including three deaths in Kansas. The exact size of the Bass investment was not disclosed. The privately-owned ice cream maker likely needed the cash infusion as it tries to restart production, said Michael Sherrod, the William M. Dickey entrepreneur-in-residence at Texas Christian University’s Neeley School of Business.  “Right now, money is only flowing out and has been for months and months now, so any cash reserves they have I’m sure are severely depleted,” Sherrod said. “They’ve been looking for somebody like Sid Bass to play that white knight role so they didn’t have to sell out.” Sherrod said private equity firms were probably looking at Blue Bell since the company has a solid brand and reputation among consumers despite the listeriosis outbreak. Blue Bell was estimated to have about $650 million in annual sales prior to the recall of its ice cream products.

Fort Worth Star Telegram – Andrea Ahles

FORT WORTH — Developers want to transform the neglected historic Mule Barns in the Fort Worth Stockyards into 180,000 square feet of restaurant, shopping and office space as part of a master plan that also proposes outdoor festival and event areas. Details of the redevelopment project, which encompasses 70 acres and about 800,000 square feet of new space, were revealed Tuesday by Fort Worth’s Hickman family and California-based Majestic Realty Group, which own the property. The plan shows a hotel proposed along Marine Creek near Main and NE 23rd streets, an animal exhibition area, several parking areas, office buildings and areas set aside for residential development.

The plan also proposes upgrades to Stockyards Station, redeveloping the historic auction barn and scale house behind the Live Stock Exchange Building, and keeping a large portion of the cattle pen for a livestock demonstration area on the north side of East Exchange Avenue.The plan was presented to a city task force working to develop design guidelines for redevelopment in the historic district. The standards will regulate such things as building design and materials, architectural style, parking and walkway design, signage and landscaping and lighting.

The developers hope the detailed plan will allay fears from preservationists who believed the group wanted to make wholesale changes or perhaps tear down historic structures as part of the project.The developers said they are committed to improving the decades-old infrastructure and want to increase the education, entertainment and cultural programming of the Stockyards.

“We’re not tearing any of our buildings down,” said Craig Cavileer, Majestic’s executive vice president. “We want to broaden the brand down here. We’re going to bring those buildings back and take care of them.”

But, he said, they’re not sure how many of the 72 cattle pens they will be able save, or the ruins of some industrial buildings that were once part of Swift & Co. operations east of Niles City Boulevard. “This is a creative work in progress” Cavileer said. “The Stockyards have evolved over the past 10 to 20 years and so will our master plan” John Roberts, chairman of Historic Fort Worth, said knowing the developers won’t tear down historic structures makes him feel better about the project, but he wants to wait for more details before forming an opinion. “The only thing I’m concerned about, they’re going to do adaptive reuse of the mule barns” Roberts said. “What do they actually have in store for those? Overall this could be a good plan, but then again, I’d like to see more” Philip Murrin, a member of the task force and a Stockyards property owner who has opposed the proposed development, said the plan “shows commitment to preserving buildings,” and “is a great starting point.” But he hopes the architecture and design captures the authenticity of the Stockyards.

‘Great first look’

Fort Worth Mayor Betsy Price called the presentation “a great first look” at the project and liked the cultural and educational programming that is planned. “I’m pleased with what we’ve seen so far,” Price said. The task force began meeting in May and is expected to have its work completed by the end of August. More than a year ago, the Fort Worth City Council approved tax incentives for the planned $175 million project. Zoning changes in and around the Stockyards were later approved and a tax increment finance district has been set up. TIFs direct the taxes generated by development into the district to be used for a project.

The plan proposes turning an area north of Stockyards Boulevard and east of Main Street, adjacent to Cooper’s Old Time Bar-B-Que restaurant, into trailer parking. That land is owned by Stockyards 2000, a limited partnership of Brad Hickman and other Stockyards investors and business owners Billy Minick, Don Jury and Steve Murrin, according to state records. Overall, the plan calls for about 20 new buildings and lots of green space, including a large tract running from Exchange Avenue north to Stockyards Boulevard. Most of the residential development, likely apartments, is planned for east of Niles City Boulevard and north of NE 23rd Street.

The proposed project is already attracting potential tenants. Dave Munson, president of Saddleback Leather Co., who founded the fine leather goods company in 2003, said he’s committed to opening a store in the new Stockyards development, saying the area is a perfect way to reach the millions of Western enthusiasts and visitors to north Fort Worth. The company recently moved from San Antonio and operates a factory near Golden Triangle Boulevard and Highway 377. A Stockyards location would be the company’s first brick and mortar store. Its goods are now sold online.

‘Real and authentic’

“The Stockyards were just perfect,” for their first location, Munson said. “We’re real and authentic. We’re just waiting for the development to get going. The more you add to the higher quality of the Stockyards, the more people will come. I’m really protective of my brand.” The American Paint Horse Association, the official registry of the Paint Horse, is also considering a retail location in the new development. The site would complement its headquarters off Meacham Boulevard near Loop 820 and Interstate 35W and allow the group to tap into the area’s 3 million annual visitors, said Billy Smith, the association’s executive director.

The group has been in Fort Worth since its founding in 1962 and has 50,000 members in the U.S. and 40 countries. “We have been paying attention to what’s been going on,” Smith said. “We are exploring a presence in the Stockyards and that could be a lot of things. A presence in the Stockyards could open up some opportunities. We didn’t want this opportunity to pass without exploring it.” The National Cutting Horse Association and cable television network RFD-TV based in Nashville are also said to be looking at locations in the Majestic-Hickman development.

Bob Jameson, president and CEO of the Fort Worth Convention & Visitors Bureau, said Fort Worth “has a proud history of balancing preservation and progress. The growing number of visitors to Fort Worth loves the Stockyards but we need to offer them even more to experience. Development is happening all across the city, and the Stockyards represents a unique opportunity.” The Hickman family has owned a large portion of the Historic Stockyards since the 1980s and has done some redevelopment, including turning the sheep and hog pens into the Stockyards Station shopping, restaurant and meeting venue. It entered into the joint venture with Majestic Realty last year. The Hickmans do not own property at the iconic Main Street and Exchange Avenue intersection, or any buildings on the north side of East Exchange Avenue.

In June, the National Historic Fort Worth Stockyards District was added to the National Trust for Historic Preservation’s Most Endangered Historic Places list. The district was nominated by the nonprofit Historic Fort Worth, which said it wants to protect the Stockyards character in the face of planned developments. Many structures in the Stockyards carry local and state historic designations, but those do not prevent property owners from razing the buildings. Majestic Realty was founded in 1948 by Ed Roski Sr. His son, Ed Roski Jr., heads the company today and was in Fort Worth this week touring the project. Majestic, with a portfolio of 72 million square feet of commercial space, is the largest commercial real estate developer in the U.S. Roski Jr. is the co-owner of the Los Angeles Lakers and the Los Angeles Kings, and developed the Staples Center and L.A. Live, a $2.5 billion entertainment complex adjacent to the arena in Los Angeles.

Fort Worth Star Telegram – Sandra Baker

Economic Development Intern

Description

David Pettit Economic Development, LLC is seeking a motivated, detail-oriented and business-minded collegiate intern. The Economic Development Internship is ideal for undergraduate and graduate students seeking experience in public administration, economic development and real estate.

List of Responsibilities and Tasks:

• Organize and analyze data
• Aid in scheduling and meeting preparation
• Office administration
• Marketing efforts including: social media, blogging, press releases
• Assist with organization and documentation of existing city and state incentive package data
• Provide project support including preparing future real estate development projections using MS Excel
• Monitor legislation and regulations relating to economic development
• Attend client meetings as necessary
• Other duties as assigned

Requirements:

• Proficient computer skills (Word, Powerpoint and Excel required)
• Excellent oral and written communication skills
• Exceptional attention to detail

Expected internship hours are approximately 10-20 hours per week with flexibility.

Experience Gained: The intern will gain invaluable knowledge about the economic development field, real estate development, office administration and project management. Skills will also be gained in teamwork, communication, general business and research skills.

Public Administration, Public Affairs, Business, or Finance coursework or degrees preferred.

Pay: $15 hour

Send resume to Kacie Kell – kkell@dpedllc.com

Most of the retail space in Dallas-Fort Worth is occupied, according to a midyear report from The Weitzman Group in Dallas. About 9 percent of the 192 million square feet remains available, the lowest since 2000, the report said. The worst year was 2011, when the vacancy rate reached 12.4 percent. More than 3.8 million square feet is under construction, and most of that is slated for anchor and junior anchor retailers, the report said. In past years, most of the new space was slated for grocery stores.

Grocers are still active in Tarrant County. New Kroger Marketplace stores are planned to open this year at the southwest corner of Precinct Line Road and North Tarrant Parkway in North Richland Hills and in Burleson Commons at Texas 174 and Farm Road 731 in Burleson. A Mansfield store is also expanding by 27,000 square feet. Sprouts, Fresh Market and WinCo are also expanding, as well as Whole Foods, which plans to open its first Fort Worth store in 2016 at 3400 Bryant Irvin Road in the Waterside development, the report said.

Regional centers will start opening in Tarrant County this year, too. Glade Parks, at Texas 121 and Glade Road in Euless, will open its first phase in the fall; Presidio Junction, at Interstate 35W and Heritage Trace Parkway in far north Fort Worth, is under construction; and West-Bend, on University Drive just south of I-30 in Fort Worth, is underway. The 560,000-square-foot Nebraska Furniture Mart, with its 1.1-million-square-foot warehouse, along Texas 121 in The Colony, is the largest single retail project for the year, the report said.

From the Fort Worth Star Telegram – Sandra Baker

Starwood Hotels and Resorts plans to open a 136-room Aloft hotel on Lamar Boulevard in Arlington as part of an expansion that will bring nine more hotels to Texas within three years. Called Aloft Arlington Entertainment District, the hotel will be at 2140 E. Lamar Blvd. in the Village at Ballpark Way mixed-use development. The hotel will feature an outdoor splash pool, a fitness center and meeting space. The Arlington Aloft will open in 2017, Starwood said. The site is near Six Flags Hurricane Harbor, just north of Interstate 30 and Globe Life Park — where the Texas Rangers play — Six Flags Over Texas and AT&T Stadium. The City Council approved the hotel plans in January.

Aloft hotels feature a modern design, loftlike rooms and innovative technologies. Others are planned for Houston, Austin, Dallas and College Station. The nine new hotels will more than double the company’s portfolio in Texas, Starwood Hotels said. Alofts are located in Dallas, Frisco, Las Colinas and Plano. “Aloft is experiencing phenomenal growth in Texas, in addition to key markets across the globe, due to the tremendous appeal of the brand’s tech-forward mind-set, vibrant social scene and innovative global programming,” Brian McGuinness, global brand leader, specialty select brands for Starwood, said in a statement. Starwood has built 100 Aloft properties in 15 countries and has more than 1,200 properties overall in 100 countries. It owns and manages its properties, including the brands St. Regis, W, Westin, Sheraton and Four Points.

Fort Worth Star Telegram – Sandra Baker, 817-390-7727