Fort Worth is considering doling out $27M in incentives to lure two companies planning to invest $600M into the city.
Industrial manufacturing firm Siemens and beverage container manufacturer DrinkPak are proposing projects in the city that would create more than 1,700 jobs over the next two to four years, according to the Fort Worth Star-Telegram.
The Siemens project would invest $70M into a manufacturing plant at 7200 Harris Legacy Drive by the end of 2024. The company also plans to spend $63M on equipment and hire 715 employees.
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DrinkPak’s investment would total $452M across two facilities employing 1,000 people, per the DMN.
The projects are expected to generate a combined $11.5M in tax revenue for the city.
An influx of industrial development has flooded Fort Worth as companies look for available space in strategically located markets. Hillwood just broke ground on two new speculative warehouses in the AllianceTexas development, and in June, Holt Lunsford Commercial and Houston-based Alliance Industrial Co. began work on a new 258K SF warehouse south of downtown.
Some projects are receiving pushback as development inches closer to neighborhoods. Fort Worth City Council is considering a temporary ban on new industrial development in the Echo Heights area following complaints about negative effects to health, safety and environment.
An estimated $2.5B of projects across sectors are in the downtown pipeline alone, representing a historic record for the area, per the Fort Worth Report.
Much of the activity is driven by the number of new residents moving into Fort Worth. The city’s population increased by more than 19,000 people between 2021 and 2022, making it the fastest-growing large city in the nation, per the U.S. Census Bureau.
Fort Worth City Council is scheduled to vote on the Siemens and DrinkPak incentive packages at its Sept. 12 meeting.
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