Fort Worth is offering millions of dollars to get a $1.8B defense technology company to come to Cowtown. 

City officials approved a $4.5M economic development agreement this week with California-based Mach Industries for a manufacturing plant to produce its unmanned aircraft systems. The defense startup has been tied to the 310K SF Alliance Gateway 34 building at 5000 Westport Parkway in Hillwood's AllianceTexas master-planned community, though no lease announcement has been made, according to The Dallas Morning News. 

However, Holt Lunsford Commercial reported Mach Industries' 310K SF lease at that address as one of North Fort Worth's top second-quarter industrial transactions in its most recent market report.

Hillwood CEO Ross Perot Jr. told the DMN that his team “feels good about the deal,” but the company didn’t yet have any announcement to make. 

Mach Industries did not immediately return Bisnow’s request for comment on the lease. 

To receive its $4.5M in grants and tax breaks, Mach Industries will have to invest $74M in its manufacturing plant by the beginning of 2030 and create at least 1,000 full-time jobs. 

The 3-year-old startup raised $300M in a Series C funding round, according to a June press release on its website. The capital infusion from new investors such as Infinite Capital and Ribbit Capital valued the company at $1.8B.

Fort Worth Director of Economic Development Jessica Rogers previously said the defense technology manufacturer was considering several sites across the country for its plant, but the incentive package would make the Alliance location its preferred landing spot. She said in June that Mach Industries would announce its location choice during the third quarter.

Texas Gov. Greg Abbott designated Fort Worth last year as the state's aviation and defense capital. The Fort Worth area has more than 600 aerospace and defense-related companies, including Lockheed Martin Corp., Bell and American Airlines.

Electric vertical takeoff and landing aircraft manufacturer Joby Aviation Inc. leased 45K SF this month at Alliance Air Trade Center in Haslet, which is part of Perot Field Fort Worth Alliance Airport. 

Brazilian aerospace company Embraer started a $70M expansion that will add to its maintenance and repair hangar at Perot Field Fort Worth Alliance Airport. That expansion will increase the company's U.S. capacity by 53% when it is completed in 2027.

MP Materials Corp. is also developing a large-scale magnet manufacturing campus in Alliance that will increase its annual production capacity of neodymium iron boron magnets, which are used in defense applications, data centers and semiconductor manufacturing. The company plans to spend $1.25B to build the 120-acre campus.