Medical District’s Rx for Growth
With 25,000 employees in the healthcare services in the Medical District (out of the area’s 30,000 workers), Fort Worth South prez Paul Paine says it was the hospitals that made the biggest investment in fighting for the area south of downtown. While the medical centers expand and add services, the region is seeing a boom in housing, restaurants, and retailers. Other than downtown (with 40,000 employees), the Medical District has the highest concentration of employment in Tarrant County.
The Medical District has the highest concentration of healthcare providers in the county, too, Paul says. (We're not telling you to break your leg, but if you were going to, that would be a good place to do it.) The economic impact of the southside for 2013 was $4.2B to Fort Worth and $5.5B to the county, according to a study done by UNT Center for Economic Development and Research director Terry Clower. Medical, more than other industries, helps grow the downtown, Alliance corridor, Keller ISD, you name it, Paul tells us. Best part: we’re not in competition with those areas as we grow; no one is duplicating a hospital in the CBD, Paul says. But, like Fort Worth’s wonderful Cultural District, high-quality medical care also attracts businesses that are relocating, he says.
A multi-phase streetscaping project (landscaping and bike lanes) is close to completion along Magnolia, Hemphill, and Rosedale, Paul says. That has helped create a walkable energy, which has contributed to the appeal for retail, restaurants, and multifamily projects, Paul says. (It has also contributed to shaping our calves.) For years, multifamily developers were revamping old buildings without amenities like pools or fitness centers. The Phoenix changed that with ground-up development, Paul says. Now, there’s three different projects (totaling 750 units) in discussions to add to the 1,000 units open today. Victory Medical Center (rendered here) has a three-phase $8.5M project slated to start next month with a residential component included, too.