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Volume 16, Edition 1 March 2016 |
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BEDFORD
Completed freeway project cleared the
way for great 2015, even better future
The City of Bedford experienced an encouraging level of new business activity in 2015, and it continues to remain strong as we move into 2016.
The expanded Airport Freeway has served to improve access to all major freeway intersections and opened up a variety of opportunities for development and redevelopment.
Several projects along the freeway corridor that began during 2014-2015 will soon be reaching completion, including the expansion of the Movie Tavern, a multi-million project that relocated the business to Central Drive and doubled its size.
Also, a new Texas Harley-Davidson dealership opened, becoming a flagship store with nearly 70,000 square feet of area. In addition, Texas Health HEB Hospital completed a $25 million expansion of the Intensive Care Unit, adding 60,000 square feet to the wing.
The city continues to grow in 2016. Upcoming projects that will soon dot the Bedford highway corridor include
Popeyes/TMobile; a free-standing restaurant/retail space to be located at Bedford Road/183; and
El Pollo Loco, another free-standing restaurant which
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| The new Texas Harley-Davidson dealership is one of many projects which will be completed soon. |
will be located just north of Central Drive and 183.
The forward-thinking Bedford City Council previously identified the importance of developing a comprehensive economic and physical plan for the central city. In 2015, the City Council approved design standards for a proposed development called
Bedford Commons.
With its boundaries incorporating approximately 100 acres, Bedford Commons will be adjacent to the Cultural District, which was established by the City Council in 2011. The city is currently coordinating with developers interested in the project.
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EULESS
City enjoys steady growth in residential
and commercial space, sales tax revenue
| The City of Euless has enjoyed a steady pace of activity recently. For example, multiple businesses completed relocations or expansions, including A.G.H. Industries, ASCO Equipment, AERO DYNAMIX, Fine Line Productions, Quickway Stamp, Montgomery Crane, Ricochet Fuels, Service Master Advanced Restorations and Structural and Steel Production.
Almost
370,000 square feet of commercial space
has been completed or is under construction. Tenants include
Belk Department Store, Dave & Busters, Dick's Sporting Goods, Boot Barn, Cato, Kirkland's, Michaels, Ulta, Five Guys Burgers, Pie Five
and
Panera Bread.
Residential growth also has been impressive. Since 2011, 409 permits have been issued for single-family homes. In 2012, there were 25 lots available in four active subdivisions, while 2016 starts with over 383 available lots in 12 active subdivisions.
Just as important, from 2011 to 2015,
the average permit value rose
from $308,604 to over $371,000.
K Hovnanian also has built 43 homes in its 127-lot subdivision,
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The Glade Parks mixed use development
will include a Belk department store, currently under construction.
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with an average value of over $480,000.00. Looking ahead,
five new subdivisions
are underway. They will add 430 lots, most located south of Airport Freeway.
We continue to see very positive improvement in our one-cent
sales tax revenue
, which increased from $6.6 million in 2011 to approximately $9.1 million in 2015.
During this time,
Glade Parks
, located at S.H. 121 and Glade Road, emerged as perhaps the most visible and prominent mixed-use development in 20 years.
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HURST
Successes include 136 news businesses,
streak of sales tax revenue growth
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This is the time of year when businesses begin implementing their new strategic plans, refining it based on analysis of the previous year-end results.
Cities do the same, and at the recent Hurst Town Hall Forum, the 2015 results shared were very positive, with
136 businesses opened in the city.
The businesses occupied 346,000 square feet, driving occupancy of the total retail inventory to a new high of
94.5 percent occupancy
. In addition, we had 14 consecutive months of
sales tax revenue increases
, with the latest month being double-digit.
In residential real estate, 724 new families moved to Hurst in 2015, representing the highest number in 10 years and one of the highest amongst the 14 mid-cities.
The Hilton Garden Inn broke ground in February on a six-story, 140-room hotel that will attach to the Hurst Conference Center. The Inn will complement the three nearby hotels, allowing greater use of the facilities for regional conferences needing
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The new Chick fil-A in Hurst.
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overnight stays. It should open by summer 2017.
The
Hurst Crossing Shopping Center
on Highway 26 opened its first retailers, as
Care Now
relocated to their new urgent care center.
Chick-fil-A
also opened last month with a double-lane drive-through, making it the fourth Chick-fil-A in Hurst.
Natural Grocers
has also started construction on their neighboring 15,000-square foot natural grocery store that should open in the fall.
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| SNAPSHOT HEB Chief Economic Indicators
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The Hurst Euless Bedford Economic Development Foundation
is a partnership of the three cities of Hurst, the HEB Chamber of Commerce and the HEB Independent School District.
The Foundation markets the three cities primarily though trade shows, professional associations and meetings with commercial real estate developers.
Another focus is retaining area businesses.
In addition to the partners, funding comes from area businesses. Major supporters:
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Allstate Insurance-Steve Ward Agency
Atmos Energy
Benenati Law Firm, P.C.
Frost Bank
Republic Services
Hurst Euless Bedford Economic Development Foundation
P.O. Box 969 Bedford, TX 76095
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