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Ft Worth Economic Strategic Plan

6,362 Views | 85 Replies | Last: 6 yr ago by Agnzona
walton91
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Is anyone following this story about the current state of FW and its future? Sounds like the recent Strategic Plan delivered to the city raised a lot of red flags. I think some of this sentiment or fear that FW may be in some kind of trouble came up last year when XTO announced their plans to depart, leaving the city without a major corporate presence. Is Fort Worth in some trouble here? Putting Dallas aside, it certainly seems that Fort Worth has fallen behind the other stronger players in the area like Plano and Frisco.


Economic Development Strategic Plan
Quote:

The threats facing the city may not always be apparent but they are very real. Recent business relocations, an increase in population not matched by an increase in wages, an out-of-balance tax base, and persistent difficulties in attracting skilled and educated young peoplethese issues risk engulfing Fort Worth. These challenges put Fort Worth in an increasingly weak position towards the City of Dallas and aggressive suburbs throughout the metro area.

Bud Kennedy column - Here's how to fix Fort Worth
Quote:

A new business plan for the city included wakeup alarms for city leaders:
Our residents are less likely to have a college degree than Houston's or Dallas', and nowhere near as well-educated as Denver's or Austin's.
Even our high school graduation rate trails San Antonio's or Oklahoma City's, both working-class cities with a rough-and-tumble cowboy past.
So the blunt truth is: Fort Worth and Tarrant County are not very smart.
But we've got more problems:
One in 12 city residents has to go to Dallas for work.
Some outsiders see Fort Worth as hostile to young adults, people of color and foreigners.
Worst of all, Fort Worth doesn't cross anyone's mind at all. We're No. 16 in population but No. 48 in Google searches less sought than Tulsa or Oklahoma City, down there with Buffalo and Fresno.

D Magazine article
Quote:

Among those findings: the city does not have a diverse tax base. Fort Worth is reliant on residential and not commercial growth. Most people living here work outside the city proper, and many commute to Dallas. The city has increasingly become a bedroom community for the rest of North Texas, which explains why Fort Worth is also an afterthought to many executives seeking to expand operations or even relocate here.
Ag CPA
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AG
I think XTO's move is finally opening some eyes. With the loss of XTO, RadioShack's demise and loss of Chesapeake and other Barnett players who left town following the bust, FW doesn't have a real "corporate citizen" any more and the number of public companies continues to shrink. AA, BNSF and I guess Alcon and Lockheed are the only blue-chip companies left but they are located on the periphery of the city and aren't really involved in much.

I think the Colonial sponsorship ordeal has kind of thrown fuel on the fire when the CC/city started looking around for help sponsoring the tournament and noticed there aren't many companies left capable or willing to help (I think AA is helping out in some capacity next year).

Something definitely needs to be done; all of the city's growth is in stuff like data centers and DCs up north by Alliance, not exactly the kind of quality corporate growth you are seeing in Plano, Frisco and even Dallas with the AT&T move years ago.

ETA: AA, BNSF and XTO will all kick in $2MM each for Colonial this year, AT&T (maybe Bell) will probably help as well:

http://www.star-telegram.com/sports/spt-columns-blogs/mac-engel/article194597379.html
YouBet
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AG
Interesting. I was not aware that Ft.Worth was in any kind of trouble. But then, that kind of echoes the article...I don't really ever think about Ft.Worth unless I'm visiting my one friend over there.
FC12
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Other than the TCU/zoo/botanical Gardens area, where are the other nice pockets of neighborhoods inside of 20/820? I would love to live in Fort Worth but with a commute to DFW every day, a commute from west of downtown would suck. Does anything east of downtown exist inside the loop?
Ol Jock 99
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AG
Had no idea. I've always had a soft spot for FtW, even though I'm now a Dallasite. Hope they can get it together.
Dallasag02
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AG
Ive always considered Ft. Worth the better side of the metroplex, I guess it didnt dawn on me they might be in any sort of trouble. The way FW has always embraced its cowboy roots while being a cultural destination is cool. Hope they can regain some monentum.
YouBet
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AG
I'll tell you one issue they have and that is navigating the highways and interchanges heading into FTW from Dallas. Holy hell it's a mess and confusing.

They seem to be in the middle of redoing it, but it's a freaking spaghetti bowl the last two times I went over there.

I've always thought of FTW as more of a tourist destination than a center of business. Clearly, that strategy is starting to fail if there is this much concern. It's always fun going over there so I hope they figure it out.
mts6175
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AG
Ag CPA said:

I think XTO's move is finally opening some eyes. With the loss of XTO, RadioShack's demise and loss of Chesapeake and other Barnett players who left town following the bust, FW doesn't have a real "corporate citizen" any more and the number of public companies continues to shrink. AA, BNSF and I guess Alcon and Lockheed are the only blue-chip companies left but they are located on the periphery of the city and aren't really involved in much.

I think the Colonial sponsorship ordeal has kind of thrown fuel on the fire when the CC/city started looking around for help sponsoring the tournament and noticed there aren't many companies left capable or willing to help (I think AA is helping out in some capacity next year).

Something definitely needs to be done; all of the city's growth is in stuff like data centers and DCs up north by Alliance, not exactly the kind of quality corporate growth you are seeing in Plano, Frisco and even Dallas with the AT&T move years ago.
This. I love Fort Worth, lived there for many years until recently moving to Midland. The city was so heavily leveraged in the Barnett Shale, understandingly so, the prolonged downturn in the gas market has gutted the city. It's a ghost town of it's former self inside the loop. Add to it that the root of some of it's problems are the surrounding burbs being in the words of Trump, ****holes, the what I would call failed FW Vision plan (that's about the slowest development plan I've ever watched when you compare it to Dallas or Houston), the way the metroplex is developing, it's slowly working it's way to making FW not really a logistical option compared to it's north and east counterparts.
YouBet
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AG
Did the FW Vision plan include their plans for the Trinity? I remember at the time those of us in Dallas were a wee bit jealous of their seemingly more sensible plan for the Trinity as opposed to our tollway plan for ours.

I haven't heard much about it in years now.
Corps_Ag12
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AG
It did but like mentioned above with the oil/gas money gone & dried up and companies moving on, it's a much harder sell now.

Some of the infrastructure that is part of the Trinity River Vision 2020 is just now starting to be completed. (White settlement bridge)

It's probably going to be more like Vision 2025 or 2030 if it happens at all. Ft Worth need a replacement for XTO in a bad way.
500,000ags
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AG
How has the FTW property market reacted to all the mentioned changes?
Corps_Ag12
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500,000ags said:

How has the FTW property market reacted to all the mentioned changes?


It seems to still be trending up from what I can tell. My house has appreciated quite a bit in the last 3 years compared to what I bought it at. But if something doesn't change soon for them it may come back down.
lawless89
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500,000ags said:

How has the FTW property market reacted to all the mentioned changes?


I'm in the boat of hoping it'll jet down for a short while. Looking to buy my first house at the end of the year.
500,000ags
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AG
I've lived in Dallas for 5.5 years and am still surprised at the growth in Plano, Frisco, and Allen. It always made more sense to me for South Dallas and FTW to get those opportunities first.
walton91
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500,000ags said:

I've lived in Dallas for 5.5 years and am still surprised at the growth in Plano, Frisco, and Allen. It always made more sense to me for South Dallas and FTW to get those opportunities first.
When you consider just how much investment has happened in Plano/Frisco, has FW been in consideration for any of it? Where is the leadership gap in city government when it comes to attracting this type of investment? Is it the Mayor/City Council, City Mgr, Economic Development staff? All of the above?
Ol Jock 99
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AG
500,000ags said:

I've lived in Dallas for 5.5 years and am still surprised at the growth in Plano, Frisco, and Allen. It always made more sense to me for South Dallas and FTW to get those opportunities first.
Plano in general, West Plano specially, has been a nice place for decades. You had super nice giant house neighborhoods and golf courses built in the 90s, some earlier. Frito, EDS, and Penny build their HQs there in the 80s I believe. Couple that with a huge amount land pointed north, it is easy to see the growth.

South Dallas is decades of extremely careful planning away. Assuming such careful planning is allowed to happen, which it probably won't be. Look at the gnashing of teeth over the gentrification of N Oak Cliff.
The Collective
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AG
Seems more and more like FW is a private equity hub, but it has very little identity from an industry perspective.
culdeus
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AG
I grew up in Fort Worth. I now live in Dallas. Options out of college was make a lot less money and take a crappy, dead end job, or live in Dallas with lots of options.

The city is great, but really just seems like it has been passed by in terms of a corporate landing spot. I think a few dotcoms looked at Fort Worth, maybe I'm imagining it but I think they made a big run at trying to get Fitbit to look here and tried to get a regional Facebook office and got laughed at, mostly.

There are some huge moneybags in town. The Bass contingent are getting really old. I don't know who really picks up that slack when they pass it all on, their kids are in California and NYC.

I mean with the cost of living in California going to infinity I just don't get why they can't lure some of those guys away knowing there are some really huge sacks of money in town. But yet here we are.
Matsui
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AG
Lived in Fort Worth for a few years. It seems to be run by a few families. I wonder if the mayor was a problem?
MGS
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Ol Jock 99 said:

500,000ags said:

I've lived in Dallas for 5.5 years and am still surprised at the growth in Plano, Frisco, and Allen. It always made more sense to me for South Dallas and FTW to get those opportunities first.
Plano in general, West Plano specially, has been a nice place for decades. You had super nice giant house neighborhoods and golf courses built in the 90s, some earlier. Frito, EDS, and Penny build their HQs there in the 80s I believe. Couple that with a huge amount land pointed north, it is easy to see the growth.

South Dallas is decades of extremely careful planning away. Assuming such careful planning is allowed to happen, which it probably won't be. Look at the gnashing of teeth over the gentrification of N Oak Cliff.
Who wants to send their kids to DISD or FWISD schools?
wbt5845
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AG
Matsui said:

Lived in Fort Worth for a few years. It seems to be run by a few families. I wonder if the mayor was a problem?
Mike Moncrief was. Epitome of old Fort Worth family business. I think Betsy Price is doing a better job.

And frankly, I think this report is a head's up on city finances to try and avoid the pension boondoggle Dallas has experienced. The city would like to attract more business and the improvements in transportation will help with that when they're finished.

Panther Island is going to be the big one though. That is going to make a GIANT change in the city. Imagine a much nicer San Antonio Riverwalk enclosing a master planned area the size of downtown. Probably still 5-10 years from completion, it will redefine Fort Worth.

http://www.trinityrivervision.org/projects/panther-island


DannyDuberstein
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500,000ags said:

I've lived in Dallas for 5.5 years and am still surprised at the growth in Plano, Frisco, and Allen. It always made more sense to me for South Dallas and FTW to get those opportunities first.
Ol Jock covered the reasoning very well. Nice newer homes, great schools, and ample room are a huge asset to overcome. And Perot planting a huge stake in the area in the early 80's was absolutely huge. But these cities have also done a very good job of capitalizing on that asset in the past decade.

I spent a lot of time working in FW in the late 90s and early 00's. Loved the area of downtown deemed of interest to the Bass Brothers to get private patrols. But get outside of that, then some questions arise. And given there was so much tied to a relative few engaged companies, i was always curious about what happens if a few pull out. And not an unlikely possibility given the volatility of the O&G industry (not just price, but a very M&A heavy business).


powerbelly
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500,000ags said:

I've lived in Dallas for 5.5 years and am still surprised at the growth in Plano, Frisco, and Allen. It always made more sense to me for South Dallas and FTW to get those opportunities first.
It doesn't shock me that you don't understand why no one wants to make a go of South Dallas.
500,000ags
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AG
This isn't the 80s-00s any longer. It isn't beyond comprehension that South Dallas or inner Ft. Worth could become as attractive to new business as the Plano, Frisco, or Allen markets.
YouBet
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AG
To be fair, South Dallas has massive potential. All of that land along the Trinity is a gold mine depending on your invesment horizon. The views of downtown and all along the Trinity are phenomenal.

There continues to be tons of investment there at least in pockets and you've always had one of the most beautiful neighborhoods in Dallas there in Kessler Park. As gentrification continues, the Trammell Crows and others that own all of that land are going to be mega billionaires.

The primary thing keeping it back has obviously been it's overwhelming low income population partially kept that way by it's own leaders like JWP. Hopefully, the next generation of black leaders aren't corrupt racists who block development like he did.
powerbelly
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AG
500,000ags said:

This isn't the 80s-00s any longer. It isn't beyond comprehension that South Dallas or inner Ft. Worth could become as attractive to new business as the Plano, Frisco, or Allen markets.
South Dallas has massive potential, but you have to "pay to play" down there and it is almost impossible to sustain success due to the political leaders like JWP.
Agnzona
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I think all of FW east of 35 and inside 820 is ripe for redevelopment along with Halthom and Richland Hills. The trinity park will be the biggest city park in the country. Downtown might be the nicest in the country. West 7th and Magnolia are loaded with good eats. The whole Trinity Crossing development. Still tons of land close in for Office or Business complexes. With all the rail lines still lots of opportunity for more commuter rail to join the TRE and the new Tex rail line to DFW. The city and county governments seem light years ahead of Dallas in terms of at least not being total corrupt and inept. I think it has way more positives than negatives and a ton of potential.
double aught
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YouBet said:


The primary thing keeping it back has obviously been it's overwhelming low income population partially kept that way by it's own leaders like JWP. Hopefully, the next generation of black leaders aren't corrupt racists who block development like he did.
Too bad the FBI and prosecutors botched their case.
wbt5845
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double aught said:

YouBet said:


The primary thing keeping it back has obviously been it's overwhelming low income population partially kept that way by it's own leaders like JWP. Hopefully, the next generation of black leaders aren't corrupt racists who block development like he did.
Too bad the FBI and prosecutors botched their case.
Some other slum lord would have risen in his place.
YouBet
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Agnzona said:

I think all of FW east of 35 and inside 820 is ripe for redevelopment along with Halthom and Richland Hills. The trinity park will be the biggest city park in the country. Downtown might be the nicest in the country. West 7th and Magnolia are loaded with good eats. The whole Trinity Crossing development. Still tons of land close in for Office or Business complexes. With all the rail lines still lots of opportunity for more commuter rail to join the TRE and the new Tex rail line to DFW. The city and county governments seem light years ahead of Dallas in terms of at least not being total corrupt and inept. I think it has way more positives than negatives and a ton of potential.


Dallas says the same about ours depending on what we actually do with it so you would have the two largest city parks in the US within 30 minutes of each other if they could both figure it out. Then if you could somehow connect those two in a way that made sense.....

One of the more recent plans over here is to put some investment in it to make it more park-like and habitable and create more access but otherwise leave it alone. That makes sense considering it floods to the top of the berms every other year.

But we are still fighting off remnants of the tollway morons. One of the few issues I side with the liberals over here is to fight the tollway. That has supposedly been killed by city council finally but you never know.
Matsui
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Kessler Park has some cool houses!

https://www.trulia.com/for_sale/32.738637897802,32.771769774645,-96.847681296568,-96.820558799009_xy/15_zm/
Desert Ag
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Fort Worth is not "in trouble"; just look at recent stats on job and population growth. This is a new city manager, in conjunction with a new economic development director for the chamber of commerce along with industry folks funding a study to address impediments to future growth. Surprise, surprise: it's transportation, housing and education! (This might just be used for political coverage for future bond/tax programs... imagine that.) The city and private sector are also working on developing more cohesive/consistent messaging for economic development purposes.

If you haven't been over recently you will be surprised at all the activity. I-35 from downtown to Alliance will be completed by 2019, the new $500MM Dickey's arena in the cultural district will be open by 2020,; the Stockyards are undergoing a major redevelopment; the near Southside has been under going a Renaissance over the past decade and has reached a tipping point of accelerated development with Magnolia Avenue the new (old) cool spot in town. And if you haven't checked out the Panther Island Plan, you might take a gander here http://www.trinityrivervision.org/Development/pantherislandplan

In short, Cowtown's going to be just fine.
thisguy05
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AG
I agree with this.
Agnzona
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I agree. As someone who has lived in Houston, Atlana, Scottsdale and now Fort Worth as an adult I think Fort Worth is easily 2nd on that list and closing the gap. The one gaping hole I see is a 4 year state university. Tech or A&M need a 4 year Fort Worth Campus with a Stem focus.
Kellso
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Quote:

I grew up in Fort Worth. I now live in Dallas. Options out of college was make a lot less money and take a crappy, dead end job, or live in Dallas with lots of options.

The biggest problem that Ft Worh has it that its just a rather average kinda place.

Major corporations are relocating to Dallas and its Northern Burbs and its making it where at some point FT Worth will just end up being another Arlington.

Which is a large suburb where people commute to Dallas, Las Colinas, or Collin County to work.
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