Jennifer S. Cowley · Real Estate Market Overview Fort Worth-Arlington Population Employment Job Market Major Industries Business Climate Education Transportation and Infrastructure

Jennifer S. CowleyAssistant Research Scientist

Texas A&M University

July 2001

© 2001, Real Estate Center. All rights reserved.

Real Estate Market Overview

Fort Worth-ArlingtonReal Estate Market Overview

Fort Worth-Arlington



Population

Employment

Job Market

Major Industries

Business Climate

Education

Transportation and Infrastructure Issues

Public Facilities

Urban Growth PatternsMap 1. Growth Areas

Housing

Multifamily

Manufactured HousingSeniors Housing

Retail Market

Map 2. Retail Building Permits

Office Market

Map 3. Office and Industrial Building Permits

Industrial Market

Conclusion

Contents

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Fort Worth

Arlington

Keller

Benbrook

Hurst-Euless-Bedford

Colleyville

Haslet

Grapevine

Azle

Southlake

N Richland Hills

Lake Worth

White Settlement Interstate 30

Interstate 20

Loop 820

Interstate 35W

Jennifer S. CowleyAssistant Research Scientist


Fort Worth-ArlingtonReal Estate Market Overview


ArlingtonBedford

BenbrookBurlesonCleburne

ColleyvilleEuless

Forest HillFort WorthGrapevine

Haltom CityHurstKeller

MansfieldNorth Richland Hills

SaginawSouthlakeWatauga

WeatherfordWhite Settlement

CountiesHood

JohnsonParkerTarrant

Land Area of Fort Worth-Arlington MSA2,945 square miles

Population Density (2000)578 people per square mile

Area Cities

The Fort Worth-Arlington Metro-politan Statistical Area (MSA)includes 20 cities with popula-

tions of 10,000 or more. Arlington,home to Six Flags Over Texas, Hurri-

cane Harbor and The Ballpark atArlington, is known as Texas’ “mostentertaining” city. Fort Worth is hometo the world’s largest honky-tonk, BillyBob’s Texas, which includes a 4,800-

square-foot rodeo arena, and to theBass Performance Hall and a newlyrenovated downtown.

2

Kelly Air Force Base, San AntonioPOPULATION

Fort Worth-Arlington MSA Population

Year Population

1990 1,367,7401991 1,396,3711992 1,416,8141993 1,434,1441994 1,461,3911995 1,488,2921996 1,519,3151997 1,554,1621998 1,591,7651999 1,629,2132000 1,702,625

Source: U.S. Census Bureau

County Population Growth

Growth 1990–2000County 2000 Population (in percent)

Hood 41,100 41.8

Johnson 126,811 30.5

Parker 88,495 36.6

Tarrant 1,446,219 23.6


3

Area Cities With 10,000 or More Residents

Percent Growth 1990–2000City 2000 Population (in percent)

Fort Worth 534,694 19.3Arlington 332,969 27.1North Richland Hills 55,635 21.2Bedford 47,152 7.8Euless 46,005 20.2Grapevine 42,059 42.4Haltom City 39,018 19.1Hurst 36,273 8.9Mansfield 28,031 80.8Keller 27,345 100.1Cleburne 26,005 14.2Watauga 21,908 9.6Southlake 21,519 200.8Burleson 20,976 27.2Benbrook 20,208 3.2Colleyville 19,636 55.2Weatherford 19,000 20.8White Settlement 14,831 –4.1Forest Hill 12,949 12.9Saginaw 12,374 44.6


Fort Worth is the sixth largest cityin Texas, and Arlington ranksseventh, according to the 2000

Census. More than 1.5 million peoplelive in the metropolitan area, which is

growing at a rate faster than the state asa whole. It is expected to continue togrow at a rapid rate, averaging 1.5percent per year, according to the

Texas State Data Center. The TexasWater Development Board forecasts aslightly faster growth rate of 1.7percent per year.

4

Texas Metropolitan Area Population Change, 1990–2000 (in percent)

McAllen-Edinburg-Mission 48.5 Galveston-Texas City 15.1Austin-San Marcos 48.2 Tyler 15.5Laredo 44.9 El Paso 14.9Dallas 31.5 Corpus Christi 14.3Brownsville-Harlingen-San Benito 28.9 Victoria 13.1Brazoria County 26.1 Waco 12.9Houston 25.8 Texarkana 9.4Fort Worth-Arlington 25.1 Lubbock 9.0Bryan-College Station 25.1 Wichita Falls 7.8Texas 22.8 Longview-Marshall 7.7Killeen-Temple 22.6 Beaumont-Port Arthur 6.6San Antonio 20.2 Abilene 5.8Sherman-Denison 16.4 San Angelo 5.6Amarillo 16.2 Odessa-Midland 5.1


Fort Worth-Arlington MSAProjected Population

Texas State Texas WaterYear Data Center Development Board

2005 1,727,308 —

2010 1,848,797 1,910,139

2015 1,953,353 —

2020 2,049,616 2,170,162

Sources: Texas State Data Center and Texas Water Development Board

Projected Population Growth, 2000–2020(in percent)

29.240.2

0

10

20

30

40

50

Fort Worth-Arlington MSA Texas

Source: Texas State Data Center

5

Household Composition

Tarrant County Texas

Median household size (1990) 2.58 2.73

Population younger than 18(1999, in percent) 27.3 28.5

Population 65 and older(1999, in percent) 8.5 10.1


Ethnic Distribution (in percent)

Tarrant County TexasEthnicity 1990 2000 1990 2000

White 73.3 51.6 60.8 52.4Hispanic 11.4 19.7 25.3 32.0Black 12.2 12.8 11.7 11.3Asian 2.6 3.7 0.3 2.7American Indian 0.5 0.6 1.8 0.3Other 0.0 9.1 0.1 0.2Two or more races* _ 2.5 _ 1.1

* For the 2000 Census, the Census Bureau changed the “race” options, allowing people toreport their race as “other” or as two or more races.


The Fort Worth-Arlington MSA isbecoming more diverse, follow-ing the state’s trend. The 1999

median per capita income for the area

was $28,035. The state average was$26,834, according to the U.S. Bureauof Economic Analysis.

6

Fort Worth-Arlington MSA Unemployment Rate(in percent)

Source: U.S. Bureau of Labor Statistics

Source: U.S. Bureau of Labor Statistics

EMPLOYMENT

Fort Worth-Arlington MSA Employment

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

0

1

2

3

4

5

6

7

Jan

uar

y-95

May

Sep

t

Jan

uar

y-96

May

Sep

t

Jan

uar

y-97

May

Sep

t

Jan

uar

y-98

May

Sep

t

Jan

uar

y-99

May

Sep

t

Jan

uar

y-00

May

Sep

t

Jan

uar

y-01

7

Bergstrom Air Force Base, AustinFort Worth Arlington

AMR Corporation Six Flags Over TexasAirline Amusement park30,000 employees 3,250 employees

Lockheed Martin AmericreditAircraft manufacturing Finance11,300 employees 3,000 employees

Bell Helicopter Textron The Parks at ArlingtonHelicopter manufacturing Mall7,800 employees 3,000 employees

Teleservice Resource Inc. General Motors Truck GroupTelemarketing Vehicle assembly6,000 employees 2,400 employees

Delta Airlines Arlington Memorial HospitalAirline Medical care5,000 employees 1,800 employees

Sabre Decision Technologies Texas Rangers Baseball ClubData systems Baseball5,000 employees 1,770 employees

Harris Methodist Health Care System Providian FinancialMedical care Call center3,868 employees 1,219 employees

PrimeCo National SemiconductorWireless technology Semiconductor manufacturing3,400 employees 1,200 employees

Burlington Northern-Santa Fe Corp. Doskocil Manufacturing Co.Transportation Pet and outdoor products3,100 employees 1,158 employees

Alcon Laboratories Siemens ElectrocomManufacturing Mail sorting equipment manufacturing2,500 employees 1,100 employees

Top Ten Private Employers

Sources: Arlington and Greater Fort Worth Chambers of Commerce

8

Texas Metropolitan Area Employment Change, 1990–2000(in percent)

Austin-San Marcos 58.8 El Paso 15.4Laredo 40.3 Waco 14.3McAllen-Edinburg-Mission 35.8 Lubbock 14.0Dallas 30.4 Sherman-Denison 12.5Brownsville-Harlingen-San Benito 30.1 Longview-Marshall 12.2Bryan-College Station 29.2 Abilene 11.4Killeen-Temple 28.7 San Angelo 10.7San Antonio 28.6 Corpus Christi 10.3Fort Worth-Arlington 23.7 Galveston-Texas City 8.2Texas 23.3 Wichita Falls 7.8Tyler 22.9 Odessa-Midland 6.5Victoria 22.4 Texarkana 4.5Houston 22.1 Beaumont-Port Arthur 3.5Amarillo 18.6 Brazoria County 2.3

Source: U.S. Bureau of Labor Statistics, February 2001

Employment in the Fort Worth-Arlington area increased 3.6percent during 2000, a rate

slower than the 3.7 percent increaseduring 1999. Unemployment remained

steady at 3.2 percent for 2000 com-pared to 3.1 percent for 1999.

American Airlines is the largestemployer in the Fort Worth-Arlingtonarea. The company employs 30,000.

Fort Worth-Employment Growth by Industry Arlington MSA Texas

Employment growth, 2000 (in percent) 3.6 3.2Unemployment rate (in percent) 3.2 4.2New jobs in 2000 27,600 288,900Employment growth by sector (in percent)

Services 4.1 4.7 Trade 3.0 3.1 Manufacturing 0.0 0.1 Mining –2.4 2.3 Finance, insurance and real estate 7.1 1.3 Construction 9.3 6.2 Government 3.6 1.7 Transportation, communications and public utilities 4.5 5.1

Sources: U.S. Bureau of Labor Statistics and Texas Workforce Commission

Lockheed, General Motors, BellHelicopter Textron, National Semicon-ductor and Siemens Electrocom are allmajor manufacturers in the area.

9

JOB MARKET

Fort WorthDell Computers is planning a

customer service, sales and technicalsupport center in the Alliance area.Operations could employ as many as1,000 by 2002. InteSys Technologiesopened in Alliance Gateway and isadding 100 new employees.Volkswagen of America will open aparts distribution center in July 2001that will employ between 50 and 100.Exodus Communications opened aserver farm in CentrePort in FortWorth. The facility will employ 100.

Ryder System Inc. finished con-structing a North American CommandCenter in November 2000 thatemployees 270. RPS has plans toincrease its small package sorting hubin southeast Fort Worth by 93,000square feet. The $12 million expansionwill be completed in summer 2001,allowing the company to hire 200 newemployees. Century Aerospace isopening a new facility in Fort Worththat will employ 230.

American Airlines is adding 300 jobsat its Alliance Airport maintenancebase. Bank One is expanding itsdowntown consumer loan servicingoperation by 100 employees.Honeywell added 300 people during2000 to their distribution center atAlliance.

CICorp, an online support companyfor medical equipment, is moving itsheadquarters to the Texas MotorSpeedway and will add 65 employeesduring 2001. MIB, a plastic partsmanufacturer, added ten employees inFort Worth. Madison Warehouse isexpanding its warehouse and adding30 employees. Potlatch Corp opened aforest products distribution facility andadded ten employees during 2000.Whip Industries expanded, adding 20new employees during summer 2000.

Allgon Telecom, a cellular accesso-ries manufacturer, opened inCentrePort Business Park and will hire70 employees in 2001. Aero Compo-nents, a manufacturer of aircraft spareparts, added ten employees during2000. Core-Mark expanded itswarehouse in 2000, adding 20employees. Corning Cable Systemsexpanded its fiber-optic manufacturing

center, adding 200 employees. FedExannounced plans at the end of 2000 toadd 300 employees to its SoutheastFort Worth Hub. Merrill Lynchexpanded its offices in southwest FortWorth and hired 25 additionalemployees when construction wascompleted in 2000.

At Alliance Gateway in north FortWorth, UPS opened a distributionfacility during summer 2000 thatemploys 1,000. UPS Truck Leasingbuilt a service center during 2000 atthe Carter Industrial Park and employs28. Microwave Tower Service, amanufacturer of microwave towers,hired 100 people at the beginning of2000. Nolato expanded its mobilephone parts center, adding 98 employ-ees during 2000. However, during2001 the facility will close.

Admiral Linen Service expanded inFort Worth, adding 77 employees.Enkei International expanded itsdistribution facility in Fort Worth,adding 45 employees. QuestronDistribution Logistics opened a newdistribution facility in Fort Worthemploying 80. Motorola moved 170jobs from Lewisville to Fort Worth atthe beginning of 2000.

Lockheed Martin laid off 800employees at its F-16 plant during2000. General Motors laid off 430employees when it moved its ware-house. Union Pacific Resources laidoff 300 employees as the result of amerger with Anadarko. Ameritradelaid off 120 employees at the end of2000 because of slow on-line trading.Inspire Insurance Solutions laid off 130people in May 2001.

BF Goodrich closed its Fort Worthaerospace plant; 400 jobs were lost.Nolato, a parts supplier for Nokia, willclose during 2001, laying off 127employees.

Trinity Industries of Dallas is closingits cement-mixing equipment plant insouth Fort Worth. The closure at PaffordStreet means the loss of 128 jobs in2001. Triple S Plastics will close itsFort Worth plant in 2001 and move toGeorgetown, Texas, laying off 60employees.

ArlingtonAmeriCredit plans to add a new

office building at their current facilityin Arlington. The building addition willallow the company to hire an addi-tional 1,200 employees. Pro-LinePrinting is planning to expand in theGreat Southwest Industrial District,adding 200 employees over five years.Menlo Logistics, a distributor for SearsHomeLife, is planning to open adistribution facility during 2001employing 80. Chase Manhattan Bankopened a 1,000-employee call centerin November 2000.

Providian Financial expanded theircall center during 2000, adding 200employees. Progressive Insuranceexpanded its claims center to house160 additional employees. AmeriserveFood added on to their distributionfacility in Carter Industrial Park,allowing the company to hire anadditional 270 employees. LearCorporation expanded its automobileparts facility which now employs1,000.

Harris Methodist Health Plan wassold, which led to the layoff of 150employees during 2000. NationalSemiconductor will lay off 120employees in 2001.

National Semiconductor laid off 117employees in May 2001.

MansfieldIn Mansfield, Ramtech Building

Systems is expanding, adding 25employees to its modular buildingsfacility. Grounds for Play expanded,adding 60 employees at the end of2000 to its playground equipmentmanufacturing facility.

ElsewhereSoftware Spectrum opened a

software technical support centeremploying 600 in North RichlandHills. WideOpenWest opened anInternet, cable and phone serviceoffice in North Richland Hills in early2001. The company is hiring 300.Silverleaf Resorts expanded in NorthRichland Hills, adding 400 employeesto its call center during 2000.

Walgreens is expanding inWaxahachie, adding 300 people to its

10

MAJOR INDUSTRIES

Job growth in the constructionindustry is continuing, with3,700 jobs added in 2000. The

increase in residential, office, retailand industrial space in Fort Worth isresponsible for this growth. During2001, a slowdown in construction jobsis expected, as many major construc-tion projects have been completed.

Services and trade industriesaccount for more than 50 percent ofarea jobs. In fact, the Fort Worth-Arlington MSA has the second highestpercent of employment in the tradeindustry in the state at 25 percent.Most of this employment growth,5,700 jobs in 2000, is related to

restaurants, retail stores, buildingmaterials and car dealerships. Theservices sector added 8,700 jobsduring 2000.

The transportation, public utilitiesand communications sectors total 10percent of area jobs and experiencedemployment gains of 3,400 jobsduring 2000. The metroplex as a wholeis the largest trucking center in theSouthwest, serving nearly 150 routes,according to the Texas Comptroller’sOffice. The Alliance Airport continuesto attract new employers, while miningemployment continues to decline andequals less than 1 percent of totalemployment.

Manufacturing employment wasunchanged from 1999 to 2000. Furtheradditions in the manufacturing sectorare expected as the Alliance develop-ment continues to add manufacturingand distribution companies.

Tarrant County continues to produceagricultural products. Between 1997and 2000, nursery products and haywere the largest agricultural crops,representing 68 and 6 percent ofagricultural receipts, respectively.Horses and beef were the largestlivestock products, totaling 13 and 7percent of agricultural receipts,according to the Texas AgriculturalExtension Service.

Total Agricultural Receipts, Fort Worth-Arlington MSA,(Projected 2001)

County Total Receipts

Hood $23,578,000

Johnson 64,442,000

Parker 77,318,100

Tarrant $71,880,000

Source: Texas Agricultural Extension Service

distribution center. Applied Engineer-ing expanded in Benbrook, adding 50employees to its microwave transmis-sion company. Salon Support, atanning equipment distributor, plans tobuild a new distribution center inBenbrook. AES Aurora opened a newfacility employing 35 in Granbury.

In Westlake, DaimlerChryslerFinancial Services will open anoperations center and hire an addi-tional 400 employees when the facilityopens in fall 2001. In Hurst, i3 Mobile,a provider of wireless personalizedInternet content, expanded its officesin September 2000, adding 23 employees.

In Grapevine, GroceryWorks.comopened a second warehouse, adding150 employees. ISS Papyrus opened anew North American headquarters atthe end of 2000 that will employ 150in Southlake.

11

BUSINESS CLIMATE

Tax Rates, 2000

Tax Rate per Tax Rate perTaxing Entity $100 Valuation Taxing Entity $100 Valuation

City of Fort Worth $0.88 City of Arlington $0.66

Fort Worth ISD 1.66 Arlington ISD 1.24

Tarrant County College 0.11 Tarrant County College 0.11

Hospital District 0.23 Hospital District 0.23

Tarrant County 0.28 Tarrant County 0.28

Total $3.16 Total $2.52

Source: Tarrant County Appraisal District

Fort Worth-Arlington MSA Top Exports, 1999 (in thousands)

PercentProduct Export Value of Total

Electric and electronic equipment $2,002,516 50.4Transportation equipment 860,961 21.7Industrial machinery and computers 298,941 7.5Chemical products 134,982 3.4Scientific and measuring instruments 117,482 3.0Rubber and plastic products 112,528 2.8Apparel 83,879 2.1Paper Products 70,817 1.8Fabricated metal products 36,472 0.9Food products $33,883 0.9

Source: Office of Trade and Economic Analysis, International Trade Administration

12

Fort Worth-Arlington MSA Retail Sales

Year Total Sales Sales per Capita

1990 $13,474,922,003 $9,8521991 13,534,601,550 9,6931992 14,479,692,073 10,2201993 14,677,504,964 10,2341994 15,738,893,521 10,7701995 16,770,708,464 11,2681996 18,412,768,954 12,1191997 18,278,208,447 11,7611998 19,255,034,398 12,0971999 21,020,839,563 12,9022000* 16,532,065,350

State Average 1999 $12,735

*Through third quarterSource: Texas Comptroller’s Office

Exports to Selected Destinations – Fort Worth-Arlington MSA (in thousands)

Market 1997 1998 1999 Percent of Trade

Canada $578,233 $730,961 $850,814 21.4

Mexico 266,088 428,224 757,649 19.1

Caribbean & Central America 81,813 86,864 155,355 3.9

South America 355,669 475,338 552,221 13.9

Europe 424,663 574,713 583,855 14.7

Asia 1,071,340 935,078 891,540 22.5

Africa 47,969 41,961 28,608 0.7

Near East 167,913 139,689 125,204 3.2

Australia 52,168 43,068 25,719 0.6

Total all Countries $3,045,861 $3,455,904 $3,970,969 100.0

Source: Office of Trade and Economic Analysis, International Trade Administration

Fort Worth-Arlington MSA exportsincreased 148 percent between1993 and 1999. Since NAFTA

went into effect in January 1994,exports to Canada have increased 295percent, while exports to Mexico areup 465 percent. Fort Worth-Arlingtonexports the most products to Canada.Exports to South American countrieswere up the most during the 1993 to

1999 period, rising 647 percent from$73.9 million to $552 million.

Neither the City of Fort Worth northe City of Arlington collects aneconomic development sales tax. TheCity of Arlington does, however, havea sales tax used to fund The Ballpark atArlington. Alliance Airport and thesurrounding North Fort Worth area islocated in a foreign trade zone, and the

Dallas-Fort Worth International Airportis designated as a foreign trade zone.Both cities offer tax abatements andhave enterprise zones.

Fort Worth is a regional center forretail activities and attracts shoppersand tourists from surrounding areas,contributing to the per capita sales inthe area. Retail sales are expected tocontinue to rise in 2001 because of

13

strong job growth and a growingeconomy.

Fort Worth plans to expand itsconvention center. Fort Worth hostsmore than seven million visitors eachyear; Arlington has 6.5 million visitorsannually.

Arlington has a number of touristdestinations attracting visitors fromoutside the area. The Arlingtonconvention center underwent a $16.3million expansion that was completedin 1999.

The hotel-motel tax rate is 13percent in Fort Worth and 12 percentin Arlington. Other cities in the MSAcharge hotel-motel tax rates rangingfrom 5 to 7 percent.

EDUCATION

Local College and University Enrollment

Fall 2005 2010School 2000 (estimated) (estimated)

Tarrant County Junior College 41,380 27,967 30,877University of Texas at Arlington 20,424 19,624 21,335Texas Christian University 7,775 N/A N/ATexas Wesleyan University 3,133 N/A N/AWeatherford College 2,798 3,009 3,243

Sources: Educational institutions and the Texas Higher Education Coordinating Board

Educational Level, Persons Age 25 and Older(in percent)

Level of Education Fort Worth Arlington Texas

High school graduate 23.5 23.1 25.6

Some college, no degree 21.7 28.0 21.1

Associate's degree 5.0 6.7 5.2

Bachelor’s degree 14.9 22.1 13.9

Graduate or professional degree 6.5 7.9 6.5


Tarrant County College is plan-ning a $10.7 million performingarts-conference center on the

Northeast Campus in North RichlandHills. The facility would include a500- to 700-seat auditorium andplanetarium. Construction on thecenter is expected to start in 2005.

On the South Campus, constructionbegan in March 2001 on a high-techheating, air conditioning and refrigera-tion facility. The Jenkins Garrett Librarycompleted an expansion of theDistance Learning Department in fall2000.

At the Southeast Campus, a 16,000-square-foot classroom complex wascompleted at the end of 2000. A10,000-square-foot arts annex isscheduled for completion in spring2001.

On the Northeast Campus, awarehouse and physical plant are

14

under construction and are expectedto be completed in fall 2001. At theMay Owen District Center, renova-tions began in August 2000 on theadministrative offices. Tarrant CountyCollege has five campuses locatedthroughout the county providing awide variety of technical and aca-demic programs.

UT-Arlington constructed a $22million residence hall that opened inAugust 2000. There are plans for a newlibrary, performance hall and specialevents center-arena.

Texas Christian University isconstructing the Tucker TechnologyCenter at a cost of $25 million. Plansfor the 10.5 million Sarah and SteveSmith Entrepreneurs Hall wereannounced in the fall of 2000. Anadditional $30 million will be spent

over the next three years to renovateclassrooms, labs and studios. Theuniversity is also planning to expandparking and the student recreationcenter. Two residence halls will berenovated. TCU opened a campus atthe Alliance Airport where it offerscontinuing education and for-creditcourses. TCU Globalcenter at Alliancestarted offering classes in fall 1999.

The University of North Texas (UNT)has a health science center located inFort Worth and is in the process ofestablishing a school of public health.A doctorate in public health wasadded in fall 2000.

The UNT Health Science Centerplans to expand by 75,000 square feet.The $6 million expansion consolidatesclinic space and was completed in fall2000.

The university has acquired ashopping center on Camp BowieBoulevard and plans to build a six-story, 180,000-square-foot publichealth building on the site. A newparking garage is scheduled to becompleted by October 2001.

Texas Wesleyan University brokeground in May 2000 on the NenettaBurton Carter Building. The 7,741-square-foot building will house thedepartment of psychology andclassrooms. The $1.2 million buildingis located at Avenue D and BinkleyStreet.

Weatherford College is planning theParker County Heritage and CultureCenter, to be located on the campus,and is opening a Decatur campus inWise County. The new campus beganoffering classes in spring 2000.

TRANSPORTATION AND INFRASTRUCTURE ISSUES

DFW International Airline Boardings

1997 1998 1999 2000

Dallas-Fort Worth International 28,331,004 28,394,037 29,820,000 30,385,747

Source: Dallas-Fort Worth International Airport

DFW Cargo (Metric Tons)

1998 1999 2000

Dallas-Fort Worth International 884,198 921,921 997,788

Source: Dallas-Fort Worth International Airport

The Fort Worth-Arlington metro-politan area is served by anumber of highways. Interstates

820, 30, 20 and 35 run through thearea, as well as U.S. Highways 287and 277.

Fort Worth offers public transporta-tion throughout the city with its T

Service. Arlington offers a trolleysystem to serve the entertainmentdistrict. The Trinity Railway Express, acommuter rail line, is being con-structed between downtown FortWorth and downtown Dallas and willserve northeast Tarrant County.

Since September 2000, trains haveserved the CentrePort-DFW Airport,Hurst-Bell and Richland Hills stations.Platform service to the IntermodalTransportation Center in downtownFort Worth, which has bus and railservice, will begin in 2001.

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One major road project is in theplanning phase. An extension ofHighway 121, to be called SouthwestParkway, would run from I-30 south toU.S. 67. The road would offer a quicklink between downtown and thesouthern suburbs and is proposed as atoll road. No construction date hasbeen set, but the road could be open asearly as 2004.

The new section of I-30 in down-town Fort Worth opened in late 2000.The $164 million project was builtsouth of the existing section of I-30.

A number of different rail lines,including Santa Fe-Burlington North-ern, Southern Pacific, Union Pacific,Missouri-Kansas-Texas, NebraskaCentral, Wichita-Tillman-Jackson andCotton Belt, serve Fort Worth. Theserail lines provide access to terminalsthroughout the United States.

The Dallas-Fort Worth Airport is amajor air hub providing access toalmost every destination. The airportwas the third busiest in the world in2000. The airport is ranked sixth in thenation for air cargo. It is the headquar-ters of American Airlines. In addition,the airport loads more than half of allair cargo in the state.

A 13-gate passenger terminal forAmerican Eagle was completed in late2000. On the south side of the airport,a new rent-a-car facility opened in2000.

The airport is planning a six-year,$2.5 billion capital improvementsprogram that will include a new 23-gate international terminal, an eighthrunway and a people mover (floorescalator). The airport will be length-ening three of the seven runways toaccommodate more takeoffs andlandings by jumbo jets. The $98million project will begin in fall 2000and will be completed by August2004.

Air France began offering nonstopservice between DFW InternationalAirport and Paris in May 2001.American Eagle added a flight toHarlingen in January 2001. Comair isadding a flight to Greensboro, NorthCarolina.

Alliance Airport is a cargo facilitywith an on-site U.S. Customs Serviceoffice. During 2000, the airport had171,540 aircraft take-offs and land-ings, down from 225,367 during 1999.About two-thirds of Alliance’s traffic

involves training flights by military andflight schools. Alliance was thenation’s fastest growing air cargodepot last year and is now ranked 14th

in the world in tons of freight shipped.Meacham Airport in Fort Worth

primarily provides private airlineservice. Spinks Airport is owned by theCity of Fort Worth and is located at theTarrant and Johnson County line. Anew $1 million control tower isplanned.

The Tarrant County Water Controland Improvement District (TCWCID) isa regional agency responsible formeeting the current and future waterneeds of customer cities throughoutTarrant County. The TCWCID obtainswater from Lake Arlington, LakeBridgeport, Eagle Mountain Lake, LakeWorth, Benbrook Lake, Cedar CreekReservoir and Richland-ChambersReservoir.

TCWCID has a water supply planthrough the year 2050. A new reservoiris being proposed in northeast Texas.The 62,000-acre Marvin Nichols Lakewould provide water for the Dallas-Fort Worth area.

PUBLIC FACILITIES

During 2001, $126 million innew and expanded attractionswill be completed in the

metro area. At the Fort Worth Zoo, $40million is being spent on an eight-acreexhibit that takes visitors through thesix regions of Texas.

The Fort Worth Stockyards WesternHeritage Museum will open. TheAmon Carter Museum is undergoing a$36 million expansion and will reopenin fall 2001.

In Fort Worth, a new Tarrant CountyFamily Law Center started construc-tion in early 2001. The $70.6 million

project will have 370,000 square feetand a parking garage at Weatherfordand Commerce in downtown.

A three-block Farmer’s Market isplanned next to the IntermodalTransportation Center in downtownFort Worth.

The Fort Worth Convention Center isbeing expanded. The John F. KennedyTheater was demolished to make wayfor 57,000 square feet of exhibitionspace. Completion is expected in2003.

In Arlington, a new SoutheastBranch Library will be built at Green

Oaks Boulevard near the ArlingtonMunicipal Airport. The $3.3 millionproject is scheduled to open in early2002.

There are plans for a South PolicePatrol facility at I-20 and SouthwestGreen Oaks Boulevard. No construc-tion date has been set.

In Southlake, a new town hall wascompleted at the end of 2000. The$12-million, four-story, 80,000-square-foot building will include cityoffices, a municipal court and officesfor some Tarrant County employees.

16

Map 1. Growth Areas

Source: Real Estate Center at Texas A&M University

Fort Worth - Arlington, TexasCensus PlaceWater AreaHighwayInterstate Highway

I 820

I 35W

I 35W

I 30

I 30

I 20

0

I 820

SH 121

US 287

SH 360

SH 303

SH 183Office

Office

Office

Mixed Use

Industrial

Industrial

Industrial

Retail

Retail

Retail

Retail

Residential

Retail

Retail

Multifamily

Industrial

Residential

Residential

URBAN GROWTH PATTERNS

The northern portion of FortWorth in the Alliance Airportarea is the fastest growing area

in the MSA. New homes, retail andindustrial development are all occur-ring rapidly in this area. Keller,

Colleyville, Southlake and Grapevineare experiencing growth in residentialand retail sectors. Residential develop-ment as well as office and industrialdevelopment has been occurring in the

southern portion of Arlington and isstrongest south of I-20 (see Map 1).Residential growth has also beenoccurring in the south Fort Worth,Benbrook and Cleburne areas.

17

HOUSING

Housing Affordability – Fourth Quarter 2000

Percent ofHouseholds THAI for

That Can Afford First-timeMedian-priced Home THAI* Homebuyers

Arlington 72 1.66 1.19Fort Worth 72 1.73 1.24

*The THAI is the ratio of median household income to the income required to buy the median-priced home using currently available mortgagefinancing. Standard financing is a 30-year loan covering 80 percent of the cost of the home. A THAI of 1.00 indicates that the median householdincome is just enough to qualify for a loan sufficient to purchase the median-priced home.


Fort Worth-Arlington MSA Single-family Permits


0

2,000

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18

Average Sales Price of Single-family Home,Fort Worth-Arlington Area


Single-family Home Sales Volume


$0$20,000$40,000$60,000$80,000

$100,000$120,000$140,000$160,000$180,000$200,000

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Fort Worth Arlington NE Tarrant County

0

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Fort Worth Arlington NE Tarrant County

19

Price Distribution of MLS Homes Sold, 2000(in percent)


NortheastArlington Fort Worth Tarrant County

Less than $60,000 8.1 24.6 4.260,000–79,999 16.3 21.6 9.780,000–99,999 23.8 17.0 13.8100,000–119,999 14.2 9.3 12.0120,000–139,999 11.7 8.1 11.8140,000–159,999 7.6 5.6 8.9160,000–179,999 6.2 3.6 6.9180,000–199,999 3.7 2.5 4.8200,000–249,999 4.3 3.5 8.9250,000–299,999 1.9 1.8 5.9300,000 or more 2.3 2.7 13.2

In 2000, 10,455 single-family homepermits were issued in the FortWorth-Arlington MSA, compared

with 9,605 in 1999. The averagepermit value was $124,200 in 1999and $125,600 in 2000.

According to MLS data, the 2000average sales price of new and usedhomes in Fort Worth was $105,500, upfrom $99,900 in 1999. Fort Worth hada 4.4-month inventory of homes forsale. Arlington had a 3.5-monthinventory, and northeast Fort Worthhad a 3.6-month inventory. A total of6,974 homes sold in northeast TarrantCounty in 2000, down from 7,057 in1999. In Arlington, 4,872 homes soldand in Fort Worth, 6,239 homes sold.

New residential construction isoccurring throughout the metro area.There are strong clusters of develop-ment around the Alliance project,Benbrook and south Fort Worth, southArlington and northeast TarrantCounty.

North Fort Worth is the site of anumber of new developments. At OldDenton Road, Sunset Hills will havehomes priced from $110,000 to$160,000. Hillwood is planning a 750-home subdivision called ChisholmTrails. The development will havehomes priced from $110,000 to$170,000. The Villages of Woodland

Springs is a planned 2,300-homedevelopment and Crawford Farms isan 823-home development. LonesomeDove Estates is a 200-home planneddevelopment. The homes on one-acrelots will be priced from $175,000 to$250,000.

Fossil Lake is a 510-lot, plannedsubdivision with homes priced from$90,000 to $150,000. Fossil Hill innorth Fort Worth will have 1,300homes priced from $70,000 to$110,000. Fossil Park, also in FortWorth, will have 1,300 homes pricedfrom $90,000 to $130,000. CarsonRanch is under construction with 330lots and homes priced from $90,000 to$150,000. The Crossing at Fossil Creekwill have homes priced from the low$100,000s through the $180,000s. The558-home subdivision is planned infour phases; the first broke ground inMarch 2000. Lago Vista at BandsRanch will have 5,500 homes pricedfrom $150,000 to $600,000. VanZandt Farms started construction on 67lots in April 2001. The homes will bepriced from $180,000 to the$400,000s.

In west Fort Worth, Ridgmar Estatesis under construction east of GreenOaks Road on Ridgmar Boulevard. The74-lot development will have homespriced in the $200,000s.

In East Fort Worth, Somerset Estatesis a 75-acre development that willhave homes priced from $250,000.The gated community off Lancasterand Cooks Lane will have 26 homes inthe first phase.

In Northwest Tarrant County, theResort on Eagle Mountain Lake isbeing expanded, adding 175 lots andan equestrian center. Lots will rangefrom $50,000 to $130,000.

At North Tarrant Parkway and U.S.377, 126 duplexes are planned in theParkwood Hill subdivision in FortWorth.

Heritage is a 2,700-home projectthat is part of the Alliance area. Thefirst phase will have 350 lots withhomes priced from $140,000 to$300,000. The project is located atPark Glen Boulevard east of I-35W.

Richfield at the Parks broke groundin February 2001. The 24-lot subdivi-sion is in Fort Worth at Smithfield Roadand Chapman Drive. The homes willbe priced from $142,900 to $240,000.

In Arlington, 106 lots are planned inthe Shepherds Glen subdivision,located at Highway 360 and PioneerParkway. Fannin Farms West is a 400-lot subdivision that started develop-ment in early 2000. Homes will bepriced from $150,000 to $250,000.Pebblebrook Village is a 72-unit luxury

20

MULTIFAMILY

Fort Worth-Arlington MSA Multifamily Building Permits


condominium development at Lamarand Davis. Construction is expected tobe completed by the end of 2001.

In Euless, Little Bear is a 250-homedevelopment east of Highway 121 atMid-Cities Boulevard. The first phasewill have 190 homes and will beavailable by summer 2001. Homeswill range from $180,000 to $300,000.Fountain Park is a 151-home subdivi-sion planned between Main Street andFuller-Wiser Road in Euless. Thehomes will be priced from $160,000 to$220,000. At Whitener Road andSouth Main Street, Choice Homes isconstructing 32 homes.

In Burleson, 6,500 lots are in the platapproval process. Mountain ValleyCountry Club Estates, a 925-lotdevelopment on Highway 174, startedconstruction in October 2000. Villagesof Wakefield is a 634-lot subdivisionand will include an additional 600multifamily lots. The development islocated south of FM 731. Constructionis expected to start during summer2001.

Lakes of Burleson will have 564single-family lots and 195 single-

family attached lots at Highway 174and Shaffstall Road. Development wasto begin in spring 2001. Toal Ranch isa 550-lot development on McAlisterRoad west of I-35. The first phase isexpected to begin in 2001.

In Mansfield, the Mansfield NationalGolf Club opened in November 2000.The course will be surrounded by1,300 lots with homes priced from$175,000 to $250,000.

In Grapevine, Silver Lake has 250homes priced from $190,000 to$300,000.

The Woodlands at Aspen Courtstarted construction in July 2000 inKeller. The subdivision will havehomes starting at $750,000. NewtonHomeplace is a 140-lot developmentin Keller at Johnson Road and Chan-dler Road. The Village of WoodlandSprings is off U.S. 377. The first phaseincludes 581 lots that were ready in2000.

In Southlake Town Square, 75 to 100brownstone homes are planned. Thehomes will sell for $250,000 to$450,000. Lofts above the shops areexpected to sell for $225,000 to

$400,000. Versailles subdivision isentering its third phase with 146homes in Southlake. Home pricesrange from $400,000 to $600,000. Theentire development is expected to becompleted in fall 2001. Terra LandDevelopment is developing 63 acresfor custom homes in Southlake.

In Colleyville, 18 homes are plannedat Glade Road and Highway 121. Thelots will be available in early 2002.Homes will sell from $400,000 to$800,000.

Chapel Hill is a proposed 1,000-acreproject near Eagle Mountain Lake. Theproject will include 5,400 residences.

In Crowley, a 250-lot subdivisionbroke ground in fall 2000 with homespriced from $90,000 to $140,000. A500-home subdivision broke ground insummer 2000.

In the Coventry subdivision,construction on 129 homes began insummer 2000. The subdivision willhave homes priced from $110,000 to$160,000.

0

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21

Fort Worth-Arlington Apartment Statistics, January 2001

Texas MetroFort Worth Average

Average rent per square foot $0.73 $0.75Average rent for units built since 1990 $0.91 $0.97Average occupancy (in percent) 95.8 95.6Average occupancy for units built since 1990 (in percent) 94.1 95.5

Source: Apartment MarketData Research

In 2000, building permits wereissued for 2070 apartment units,down from 2,393 in 1999. In first

quarter 2001, 1,139 new multifamilypermits were issued. The Fort Wortharea was one of many Texas citiesaffected by apartment overbuilding inthe 1980s. Fort Worth began to see anincrease in apartment construction in1994.

Apartment occupancy climbed by0.2 percentage points from thebeginning of 2000 to the beginning of2001. Rents fell two cents per squarefoot in the same time period, accord-ing to Apartment MarketData Re-search.

Construction was completed insummer 2000 on a 300-unit apartmentcomplex on Magnolia Street in theMedical District. The $15 millionproject includes one-story flats, two-story townhomes, lofts and a parkinggarage. Another 300-unit apartmentcomplex that overlooks the TrinityRiver is planned just north of theTarrant County Courthouse.

In Fort Worth, Eastchase Villas isunder construction at I-30 and John T.

White Boulevard. The $8 million, 176-unit project was expected to becompleted in spring 2001. At ParkVista Boulevard and North TarrantParkway, 610 apartment units areplanned. Just south of downtown, theMarkeen Apartments have beenrenovated into 14 units.

A Fort Worth high school wasconverted into 168 apartments. TheHomes of Parker Commons, onRosedale near I-35 cost $14 million tocomplete and were ready for occu-pancy in fall 2000. Downtown, the 24-story Transport Life Building will beconverted into 176 loft apartments.Construction will begin in first quarter2002 and be completed in 2003.

Near Alliance, 1,000 apartmentunits are planned. Lost Spurs, whichbegan construction in early 2000, willhave 240 units in the first phase. Innorth Fort Worth, at I-35 and WesternCenter Boulevard, a 540-unit apart-ment complex broke ground in mid-2000.

In Burleson, 408 apartment units areplanned as part of the Lakes of

Burleson at Highway 174 andShaffstall Road. Development isexpected to begin in 2001. TheVillages of Wakefield will also includemultifamily housing as part of thedevelopment south of FM 731.

The Lakes of Stone Glen in Kellerwill have 416 apartments located onFM 1709 and Bourland Road. Con-struction started during summer 2000on the $14 million complex. Echelonat Keller Town Center is a plannedapartment complex that will have 276units when completed.

In Hurst, a 264-unit complex wascompleted in late 2000.

In Euless, construction of Parksideon the Creek, a 186-unit project, wascompleted in December 2000. The$7.3 million project is at Hill TrailDrive. Hinckley Apartments is a 354-unit complex under constructionbetween Glade Road and Mid-CitiesBoulevard.

In Arlington, Bardin Green Apart-ments, a 295-unit apartment complex,is planned south of I-20 and east ofMatlock.

22

SENIORS HOUSING

In Arlington, a $3.5 million nursingcenter with 120 beds is planned.The 28,500-square-foot facility will

be located on Arbrook east of Matlock.Construction is scheduled to begin inJune 2001. Town Village of Arlingtonis a 230-unit complex at PioneerParkway that opened in December2000.

A 57-unit assisted-living center hasbeen built in Arlington at the southeastcorner of South Collins and Colon-nade. Castle Rock Assisted LivingCenter has 42,832 square feet and wascompleted in November 2000. A

continuing care facility on Little Roadsouth of Arkansas also was completedin 2000.

In Bedford, Parc Place RetirementCommunity will open in late 2001.The community will be located in theformer Columbia HEB hospitalmedical office buildings.

In west Fort Worth, a 216-unitapartment complex for seniors brokeground in summer 2000. Town VillageRidgmar is located on Green OaksRoad and will be completed duringsummer 2001.

In Grapevine, Glade CornersRetirement Community startedconstruction during summer 2000. The120-unit independent-living centerwill cost $7.5 million.

Capital Senior Living has threeprojects in Tarrant County. Theprojects are located in Fort Worth,Pantego and North Richland Hills andwill be completed in 2001.

In Crowley, an 89-unit retirementvillage is planned. Construction beganin summer 2000.

MANUFACTURED HOUSING

Fort Worth-Arlington MSA Manufactured Home Sales

Proportion of NewManufactured Single-family HomesHomes Sold (in percent)

1997 2,808 28.61998 2,865 23.41999 2,770 22.42000* 1,711 17.2

*Through third quarter 2000Source: Texas Manufactured Housing Association

Treaty Oaks, located on LakeGranbury, is a 300-acre gatedmanufactured home subdivi-

sion. The community has 600homesites and includes a community

center, swimming pool and exercisefacility.

In Crowley, a 240-unit manufac-tured-home community is planned.

The development, located on FarmRoad 731 at Farm Road 1187, brokeground during summer 2000.

23

RETAIL MARKET

Hotel Occupancy and Rental Rates, 2000

NortheastFort Worth Arlington Tarrant County Texas

Occupancy rate (in percent) 63.9 64.6 60.8 65.7Average daily rental rate $77.37 65.13 55.61 86.45

Source: PKF Consulting

Retail Property Statistics, Year-End 2000

Vacancy AverageRate Rental Rate

SouthwestCommunity 8.9 $14.34Neighborhood 10.0 11.80Regional 11.4 17.77

NorthwestCommunity 15.1 11.61Neighborhood 13.4 11.72Regional 11.9 20.75

ArlingtonCommunity 8.3 12.66Neighborhood 9.2 10.56Regional 5.7 16.02

East/SoutheastNeighborhood 5.0 9.44

NortheastCommunity 12.6 12.88Neighborhood 13.0 10.60Regional 7.5 17.71

Source: Reis, Inc.

Tarrant County has more than 39million square feet of retailspace, according to Integra

Realty Resources. The Fort Worth arearetail market experienced strongconstruction activity during 2000. ReisInc. forecasts that the vacancy rate willincrease to just more than 11 percentover the next two years and reach 12

percent in 2003. Rental rates rose 2.8percent during 2000 and are expectedto increase at a rate of 3 percent peryear over the next three years.

According to the Texas RestaurantAssociation, Fort Worth-Arlington isexpected to be the fourth largestmarket in Texas for 2001. Restaurant

sales are expected to increase 5.1percent to reach $2.6 billion in 2001.

The closing of 12 stores by Mont-gomery Ward and JCPenney will placetwo million square feet of space backon the market during 2001 across theDallas-Fort Worth area, according tothe Weitzman Group. Map 2 showsretail building permits in Arlington.

24

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Map 2. Retail Building Permits 2000

Source: Arlington Building Permit Office.

Arlington, TexasCensus PlaceWater AreaHighwayInterstate Highway

� Retail

I 30

I 20

SH

360

SH 303

SH

157

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24

Hotels-MotelsThe Texas & Pacific Terminal

building in downtown Fort Worth willundergo a $50 million renovation intoa railroad-themed hotel. The four-starhotel is expected to open in 2002.

A SpringHill Suites hotel is plannedat I-30 and Pulido Street. The 145-room hotel will have four stories and athree-story parking garage.

In Centreport, south of the Dallas-Fort Worth International Airport, a120-room Residence Inn will breakground in August 2001. A 295-roomMarriott opened in 2000 in Centreport.

The City of Fort Worth is consideringan expanded convention center hoteldowntown. Westin Beechwood-FortWorth, a planned 300-room upscalegolf course resort, will be located innorth Fort Worth near the Texas MotorSpeedway and is expected to open infall 2001. A 75-room Comfort Suitesopened at Fossil Creek in Fort Worth inJune 2000.

In downtown Fort Worth, the AshtonHotel opened in April 2001. The hotel,at Sixth and Main streets, has 39rooms. The Ramada Plaza Hoteldowntown underwent a $5 millionrenovation that was completed duringsummer 2000.

Ashwood Suites is being built nearthe Grapevine Mills Mall. Construc-tion of the 1,500-room Opryland Hotelis on schedule to open in 2003.

A 295-room DFW Airport MarriottSouth opened in March 2000. A 100-room Residence Inn is under construc-tion near DFW Airport. In Westlake, anew resort hotel is planned for Circle TRanch. In Burleson, ground broke inMay 2000 on a 52-room Super 8 hotel.

MallsSeveral malls are being renovated.

Ridgmar Mall in west Fort Worth isundergoing a $70 million expansionand renovation, including a new AMCtheater, which opened in fall 2000.Dick Clark’s American Bandstand Grillopened in 2000 in the Ridgmar Mall.

The Northeast Mall is undergoing a$200 million expansion and will have1.7 million square feet when com-pleted. Nordstrom’s opened a newstore in the mall in March 2001.Foley’s will add a store at the mall withconstruction that started in summer2000. Lord and Taylor plans to open inthe vacated Montgomery Ward in2002.

North Hills Mall will target teenagerswith a $100 million expansion. Fury

Sports is planning a $9 million,15,000-square-foot complex. Thecomplex is expected to open in theNorth Hills Mall in spring 2002. TheParks Mall in Arlington is planning a400,000-square-foot expansion toinclude a parking garage, ice rink, 20-screen theater and additional shops.The expansion was to begin in spring2001.

At Hulen Mall in Fort Worth, Searswill locate in the former MontgomeryWard location in spring 2002. SixFlags Mall in Arlington is planning toadd an ice rink, new restaurants andshops. Grapevine Mills Malls will get aNeiman Marcus Last Call clearancestore. Construction will begin in fall2001 with completion in spring 2002.

Fort WorthYes!Less Foods opened its first store

at Brown Trail and Pipeline Road inFebruary 2001. Other stores areplanned for south and west Fort Worth.Costco Wholesale opened a 152,000-square-foot warehouse club insouthwest Fort Worth on OvertonRidge Boulevard. Joe’s Crab Shack willbe located in the same center. Sam’sClub is planning a store at Bryant IrvinRoad. The store is near Costco and willopen in January 2002.

25

International House of Pancakes isplanning to construct a restaurant atI-20 and Carrier Parkway with comple-tion expected by the middle of 2001.IHOP also has a restaurant slated forcompletion in May 2001 at Collings-worth Street and University Drive inwest Fort Worth. A Wienerschnitzel isunder construction in east Fort Worthat Loop 820 and Bridge Street and willopen spring 2001. Jack In The Box isbuilding a restaurant on UniversityDrive just south of I-30. Fuddruckers isset to open a restaurant in July 2001 atBryant Irvin Road and I-20 in south-west Fort Worth.

Allen Samuels Alliance Dodge willopen in early 2002 off I-35 north ofWestern Center Boulevard. At seventhand Henderson, a new retail center isplanned. Construction on the center,which is located near the newFirestone Apartments, was to begin inearly 2001.

Home Depot opened a store onBridgewood Drive in east Fort Worthin July 2000. At Clifford Street andLoop 820 in west Fort Worth, ashopping center with an Albertson’s isplanned. Construction was to begin inthe second quarter of 2001.

Borders Books opened a store inNovember 2000 in the Chapel HillShopping Center at Hulen Street andI-30. Cost Plus World Market opened a16,000-square-foot store in the center.In Lake Worth, construction started inFebruary 2000 on Star Village Com-mons, a 70,000-square-foot develop-ment that will include a movie theaterand retail and restaurant space atTexas 1999 and Loop 820.

Majestic Liquor is planning to builda store at the northwest corner of I-30and Eastchase Parkway. A Wal-MartSuperCenter and a Sam’s Club openedat I-30 and Eastchase Parkway in eastFort Worth. The 338,000-square-footlocation opened in early 2000. During2000, the following businesses openedin the Eastchase area: Office Depot,First Bank of Texas, Jack in the Box,Burger King, MedCare Now,Schlotzky’s Deli and No Frills Grill.There are plans for a 26-acre retailcenter on Cooks Lane just north ofI-30. Lowe’s Home Improvement plansa store in the area. Staples and Kohl’sare both planning stores in the area.

Staples and Petco are planning tolocate in the Cityview Towne Crossingin southwest Fort Worth. Construction

started in December at Bryant IrvinRoad and Overton Ridge Boulevard.The center will also include BurgerKing, Chick-Fil-A, Yogi’s Bagels,Starbucks and several other tenants.Albertson’s has completed a new storeat Bryant Irvin and Oakmont in southFort Worth.

O’Reilly Auto Parts opened a store inAugust 2000 on Lancaster Boulevardin east Fort Worth. In southwest FortWorth, construction on Mira Vista SelfStorage began in April 2001 at BryantIrvin Road and Oak Bend Trail.

In Centreport, a retail developmentis planned at Trinity Boulevard andHighway 360.

A $40 million upscale retail projectcalled South Point is at OakmontBoulevard and Harris Parkway. Thecenter, which will include 160,000square feet of retail space, brokeground in fall 2000.

In Lake Worth, a new Lowe’s HomeImprovement will be built on part ofthe former Carswell Air Force Base.Home Depot plans to locate in LakeWorth at Highway 199 and Loop 820.

Northeast Tarrant CountyIn Keller, a 94,455-square-foot

shopping center is planned at RufeSnow and Brusdy Road. Rufe SnowSquare will have a Kroger Signaturestore and a McDonald’s restaurant.Lowe’s is planning a $22 million storeon Bursey Road. Michaels and Linensn’ Things plan stores at the TarrantParkway Commons at U.S. 377 andNorth Tarrant Parkway. Home Depotopened in February 2001 in the area.Wal-Mart is planning a neighborhoodmarket for the area.

In North Richland Hills, Minyardsopened in September 2000 in the $25million, 285,000-square-foot Crossingshopping center, which also has aKohl’s department store. Albertson’sopened a store in July 2000 at NorthTarrant Parkway and Davids Boule-vard. Fury Sports Mall, a $4.5 millionproject, was to open in early 2001. The91,000-square-foot complex includessoccer, basketball and volleyballfacilities. Atlanta Bread Companyplans to open in early 2002.

In Southlake, SuperTarget is plan-ning a store at FM 1709 and RandolMill. The store is tentatively scheduledto open in July 2002. Southlake TownSquare saw the addition of a 10,000-square-foot Crate and Barrel at the end

of 2000. During 2001, EatZi’s Marketand Bakery, Nick and Sam’s Steak-house and Barnes and Noble book-store will open in Southlake TownSquare. Costco opened a store atHighway 114 in April 2001. AtlantaBread Company plans to open inGateway Plaza in Southlake in late2001.

Hobby Lobby opened a store inSouthlake Market Place on WestSouthlake Boulevard. Tom Thumbopened a store in July 2000 on WhiteChapel Road. Southlake Marketplacecompleted construction in early 2001at Davis and West Southlake Boule-vard. The $8.5 million project includesa Hobby Lobby, Petland, Sally’sBeauty Supply, GNC and GoldenChina Restaurant.

In Southlake, Gateway Plaza openedin summer 2000 with 330,000 squarefeet of space. Tenants include Kohl’s,Office Max, The Mattress Firm andKrause’s Sofa Factory.

Steak n Shake plans to build arestaurant during 2001 at Highway 26and the Grapevine Mills Mall. A90,000-square-foot shopping center isplanned at Pool Road and Highway26. Freeman Buick-Pontiac-GMCopened in June 2000. PerformanceAudi opened in December 2000. DonDavis Jeep-Chrysler-Plymouth plans toopen a dealership in April 2001. FrankParra Dodge plans to open a dealer-ship in summer 2001 in Grapevine.

In Watauga, a shopping center wasto be completed in spring 2001. Thecenter is at the northwest corner ofRufe Snow Drive and Harrison Way.Chili’s opened a restaurant in Wataugaduring fall 2000. In Watauga, a137,000-square-foot shopping centeropened in spring 2000 at U.S. 377 andN. Tarrant Parkway.

In Roanoke, Albertson’s is construct-ing a store at Highway 114 and U.S.377. McDonald’s will also be part ofthe Roanoke Crossroads shoppingcenter.

In Colleyville, Colleyville Commonsbroke ground in fall 2000 on a 75,000-square-foot retail shopping center. TheTown Center at Colleyville startedconstruction in fall 2000 on a $50million, 400,000-square-foot retailcenter. The Village at Colleyville brokeground in June 2000. Tivoli Market-place is a 33,000-square-foot retailcenter with restaurants that startedconstruction in the fall of 2000.

26

OFFICE MARKET

Winding Creek, a 41,000-square-footretail center with day care, automotiveservice and dry cleaners, broke groundat the end of 2000. Colleyville Gate-way Plaza is a 26,000-square-footretail development that began con-struction in August 2000. MercadoShopping Center at Longwood is a100,000-square-foot retail center thatstarted construction in fall 2000. TheVillage at Colleyville is a $120 millionproject, the first phase of which willhave 600,000 square feet and willopen in spring 2001. Numerousrestaurants, two day spas, a barbershop, a jewelry store and other retaildevelopments are planned. AtlantaBread Company plans to open in 2002in Colleyville.

In Euless, an Albertson’s is proposedat Trinity Boulevard, and a SuperTarget will open in the Heritage TowneCrossing in October 2001.

At the Circle T Ranch, a two-million-square-foot shopping center is plannedat Highway 114 and 170. The firstphase of construction is expected to becompleted by 2002. The center willinclude six anchor stores, a theatre andhigh-end shops and restaurants.

Arlington-MansfieldYes!Less is planning to open a

grocery store in Arlington and Pantegoduring 2001. SuperTarget is underconstruction at Arbrook and Melearand will have 189,000 square feetwhen completed.

Popeye’s Fried Chicken will open anew restaurant in 2001 on PioneerParkway. Saltgrass Steakhouse is setfor completion on East Lamar in 2001.Corner Bakery plans to open a restau-rant in July 2001 in Arbrook OaksShopping Center.

Aaron Brothers and Rack RoomShoes will lease the vacant DiscoverZone building near The Parks atArlington Mall on Arbrook Boulevard.Costco opened a store at Arbrook inApril 2001.

The AMC Theater on Green OaksBoulevard closed in September 2000.A new AMC Theater will open in 2002at The Parks at Arlington Mall.

At Six Flags Over Texas, a new rollercoaster is open. The $12 million ride iscalled Titan and reaches a height of 255feet and speeds up to 85 miles per hour.

In Mansfield, a Super Target isplanned on U.S. 287. Wal-Mart

Supercenter and Albertson’s opened atWalnut Creek Drive and U.S. 287 in2000. A Wal-Mart NeighborhoodMarket is under construction at DebbieLane and Matlock Road. A KrogerSignature Store is being built atMatlock and Debbie. MansfieldCommons is a planned shoppingcenter at U.S. 287 and Walnut Creek.The center will have 155,000 squarefeet plus four restaurant pad sites.

There are plans to develop 270 acresnear The Ballpark at Arlington forretail, restaurants and office space.Walgreens will break ground on itseighth Arlington store in 2001. Thestore will be located at Lamar Boule-vard and Davis Drive.

ElsewhereIn Burleson, Sonic broke ground for

a new restaurant in February 2001. Therestaurant will be completed in July2001.

In Crowley, the Shoppes of DeerCreek is a planned shopping center atthe northwest corner of FM 731 andFM 1187. Construction is expected tobegin in summer 2001.

In Lake Worth, Staples opened anoffice supply store in June 2001.

The Tarrant County office markethas an overall occupancy rate of87.1 percent with an average

rent of $18 per square foot. West FortWorth has the strongest occupancyrate at 95 percent, according toKennedy-Wilson Brokerage Services.Map 3 shows office and industrialpermitting activity in Arlington.

In March 2000, a tornado struckdowntown Fort Worth, damagingseveral buildings and damaging theBank One Tower beyond repair.

The north Mid-Cities area had astrong year in 2000, as rental ratesincreased 2.2 percent.

Arlington has several office parkslocated throughout the city, includingBrookhollow Arlington in the northeastsection of the city and the Arlington

Business Center in central Arlingtonwith 320,000 square feet of specula-tive office-warehouse space.

Medical OfficesCook Children’s Medical Center in

Fort Worth approved an $80 millionbond package that will pay for a four-story addition. The addition will add60 new neonatal, pediatric and surgerybeds. Another $15 million will be usedto add four surgical bays and support-ing areas.

Harris Methodist Fort Worth plans a$17-million, 109,500-square-footdoctors building with outpatientsurgery center. Construction will beginin August 2001 and will be completedin fall 2001.

Plaza Medical Center in Fort Worthwill undergo a $57 million expansion.The project includes additional heartsurgery rooms, a new cardiac unit,renovation of the emergency room anda neurosurgery intensive care unit.

In Hurst, Cook Children’s MedicalCenter opened its Pediatric SurgeryCenter and Urgent Care Center onPrecinct Line Road in January 2001.

In Mansfield, Omega MansfieldAssociates completed construction onan 8,500-square-foot medical officebuilding in February 2001. Thebuilding is on the north side of U.S. 287.

Baylor Medical Center in Grapevineis planning a $48 million expansion.The expansion will add 93 beds andexpand the emergency room. The

27

Office Property Statistics

Year End,2000

Central business districtTotal space (in square feet) 6,947,380Absorption –249,326Occupancy (in percent) 85.3Weighted Gross Rental Rate $19.13

ArlingtonTotal space (in square feet) 3,900,993Absorption 11,180Occupancy (in percent) 84.6Weighted Gross Rental Rate $17.60

North Mid CitiesTotal space (in square feet) 4,235,066Absorption 335,217Occupancy (in percent) 87.6Weighted Gross Rental Rate $17.28

East Fort WorthTotal space (in square feet) 501,708Absorption –3,659Occupancy (in percent) 86.1Weighted Gross Rental Rate $14.64

South Fort WorthTotal space (in square feet) 808,004Absorption –28,540Occupancy (in percent) 88.6Weighted Gross Rental Rate $16.20

West Fort WorthTotal space (in square feet) 2,604,802Absorption 60,494Occupancy (in percent) 95.0Weighted Gross Rental Rate $17.22

North Fort WorthTotal space (in square feet) 313,370Absorption 75,308Occupancy (in percent) 79.6Weighted Gross Rental Rate $18.12

Total Tarrant County MarketTotal space (in square feet) 20,898,098Absorption 219,812Occupancy (in percent) 87.1Weighted Gross Rental Rate $18.05

Source: Kennedy-Wilson Brokerage Services

expansion includes a five-story,87,000-square-foot tower and isexpected to be completed in summer2003.

The Medical Center of Arlingtonplans a $70 million expansion andrenovation project. The project willadd 175,000 square feet in a four-storybuilding dedicated to medical care forwomen and children. The expansion atMatlock Road is expected to breakground in 2001 and will take two-and-a-half years to complete. ArlingtonMemorial Hospital is in the middle of athree-phase expansion at their RandolMill Road center. The expansionincludes new women’s care, childbirthand nursery services.

In Weatherford, Campbell HealthSystems constructed a new surgicalwing that was completed in fall 2000.

All Saints Episcopal Hospital in FortWorth plans to build a $4.5 million,28-bed unit for cardiac patients. Theaddition is expected to be completedby late 2001.

In Grapevine, a $1.3 million, two-story medical office building brokeground in May 2000.

Office ProjectsA 12-story office building for Bank

One broke ground in October 2000.The downtown building will becompleted in the fourth quarter of2001. The $12.8 million projectincludes 187,500 square feet of officespace, 20,100 square feet of groundfloor retail, and a 766-vehicle parkinggarage. In West Fort Worth, a 132,000-square-foot office complex is planned.The project, called Ridglea Court, willinclude two 65,662-square-footbuildings and will have two stories.

In south Fort Worth at Bryant IrvinRoad and Mira Vista Boulevard,construction began in April 2001 on LaPiazza at Mira Vista. Three buildingstotaling 40,800 square feet will bebuilt in a Mediterranean style.

Construction began in February2001 on the second phase of the 121Airport Center office park. Located atHighway 121 and Highway 183, thesecond phase will include a 120,000-square-foot, two-story building. Thebuilding is expected to be completedin September 2001.

In Arlington, 3030 Matlock OfficeCenter is expected to begin construc-tion in August 2001. The two-story,60,000-square-foot building will be

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Map 3. Office and Industrial Building Permits 2000

Source: Arlington Building Permit Office.

Arlington, TexasCensus PlaceWater AreaHighwayInterstate Highway

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located on Matlock north of I-20. AtCenter Street and Division the oldVandergriff auto dealership will beconverted into a 112,000-square-footoffice buildings and high-tech datacenter. The $32 million renovation isexpected to start in June 2001 and becompleted in early 2002. AmeriCredithas plans for a 250,000-square-footoffice building next to its existingcenter on South Collins Street.

At I-30 and Forest Park Boulevard inFort Worth a six-story office building isplanned at Park Plaza. No constructiondate has been set.

A 350-acre office park is plannedsouth of the Dallas-Fort Worth In-ternational Airport. The Campus@CentrePort will include five millionsquare feet of office space whencompleted. The first office building, a108,000-square-foot building, willbreak ground by the end of 2001. AtTrinity Boulevard and BuckinghamRoad, ground broke in March 2001 ona 125,110-square-foot building. TheKoll CentrePort Office Tech I isexpected to cost $15 million. ExodusCommunications is building a 250,000-square-foot center. Travelocity.com isplanning to build a new headquartersin Centreport. The company is spend-ing $1.7 million to renovate 40,800square feet of space. American Airlines

Federal Credit Union broke ground ona 100,000-square-foot office buildingin January 2001.

In Euless, the 105,000-square-footKmart will become the DFW Technol-ogy Center following a $1 millionrenovation. The center is located atHighway 157.

In Burleson, a four-building complextotaling 20,000 square feet is underconstruction at the corner of JohnsonAvenue and Newton Drive. Thesecond building was completed byMay 2001.

ISS Papyrus broke ground in June2000 in Southlake on a $6 millionbuilding for its North Americanheadquarters. At Southlake Boulevardand Peytonville Avenue a 10,000-square-foot, two-story office buildingis planned.

Courtyard at Timarron broke groundin September 2000. The 7,500-square-foot building is the third of fiveplanned buildings in the complex atWhite Chapel and ContinentalBoulevards.

In Grapevine, a $5.5 million,49,657-square-foot building wascompleted in early 2001 on WilliamD. Tate Avenue. A $15 million officecomplex is planned on IndustrialBoulevard near Highway 26. Two two-

story office buildings will be con-structed in the Heritage Office Center.

In Keller, a $5.5 million office park isunder construction on FM 1709. The40,000-square-foot office park islocated across from the Keller TownCenter. At Keller Parkway and CountryBrook Lane, the Frost Bank Profes-sional Center is under construction.

In Grapevine, construction willbegin in June 2001 on the secondphase of The Offices @GrapevineParkway. The 63,000-square-footbuilding will include a lighted basket-ball court for tenants. The building islocated at Southwest GrapevineParkway and Mustang Drive and isexpected to be completed by spring2002.

DaimlerChrysler Financial Servicesis planning a 130,000-square-footoperations center at the Circle TRanch. The two-story complex will belocated on Roanoke Road.

A four-story, 155,000-square-footbuilding is planned on South HulenStreet for USPA & IRA, a financialservices firm.

At Beechwood Business Park, sixfour-story buildings are planned. Thepark off I-35W in North Fort Worthcould see construction on the firstbuilding by the end of 2001.

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29

INDUSTRIAL MARKET

Industrial Property Statistics, Year-End 2000

Vacancy AverageRate Rental Rate

Northwest 3.7 $3.41

North 15.4 3.45

Northeast 9.9 4.84

Upper East 13.3 3.76

Lower East 13.1 $3.17

Source: Reis, Inc.

Greater Fort Worth-Arlingtonhas more than 133 millionsquare feet of distribution

space. The area has numerous indus-trial parks, including the large Alliancedevelopment. The largest industrialproject under construction in 2000was Mattel Toys’ one-million-square-foot distribution center, completed infirst quarter 2001. Reis predictsvacancy rates will increase to 10percent for the next three years. Rentshave grown at a rate of 5 percent peryear over the last eight years. Rents areup 4 percent from 2000 and areexpected to increase by 3 percent peryear over the next three years.

Fort WorthMackie Automotive Systems is

planning to expand its plant onAvenue E in Fort Worth. The FortWorth Star-Telegram is constructing adistribution center at Blue MoundRoad. Construction on the 11,780-square-foot facility was expected to becompleted in spring 2001.

Mercantile Partners is constructing a$4 million, speculative, 180,000-square-foot distribution center in theMercantile Center business park atSylvania Avenue. The building wasexpected to be completed in spring2001.

May Advertising is moving toEverman Parkway and I-35 in south

Fort Worth. The company is adding a10,000-square-foot building sched-uled to be completed in spring 2001.

In the Riverbed East Business Center,a 105,600-square-foot warehouse wascompleted in fall 2000 in east FortWorth.

SureVoid Products, a manufacturerof corrugated paper products forconcrete construction, is constructinga 44,000-square-foot manufacturingand distribution center at CrowleyDrive in Fort Worth. The building isexpected to be completed in June2001.

On I-20, the Mountain CreekBusiness Park broke ground on a200,000-square-foot building inSeptember 2000. The park is expectedto have five million square feet ofindustrial and office space.

RPS is expanding its small package-sorting hub in southeast Fort Worth by93,000 square feet. The $12 millionexpansion will be completed insummer 2001.

United Refrigeration constructed a$3 million, 133,500-square-footexpansion of their distribution facilityon Meacham in north Fort Worth in2000.

Carter Industrial ParkMadison Warehouse Corporation

began construction in February 2001on a 385,000-square-foot warehouse

at the southeast corner of AltamesaBoulevard and Oak Grove Road. Thewarehouse will be completed inAugust 2001. Ball Corporation hasadded 164,000 square feet to itsexisting warehouse. The $5 millionexpansion was completed in summer2000.

Arlington–Great SouthwestArlington has more than 27 million

square feet of industrial space. Themost recent data show occupancyrates were at 94.8 percent in 1999.Rents average $4.25 per square foot,according to the Arlington Chamber ofCommerce. The largest industrial parkin Arlington is the Great SouthwestIndustrial District, which contains 32million square feet of industrial space.Six Flags Business Park contains sixmillion square feet of office andindustrial space. The I-20 BusinessPark is growing. When completed, theSouth 360 Business Park is expected tobe similar in size to the Great South-west Industrial District.

Parkway Business Center on NewYork Avenue will have two buildingswith 170,000 square feet. The $10million development was expected tobe completed in May 2001.

Construction began in February ontwo buildings totaling 253,165 squarefeet at New York Avenue and TechCentre Parkway. The second phase of

30

the project will have two buildingswith 160,000 square feet.

Menlo Logistics will occupy114,400 square feet of space inArlington Business Centre II. Thecenter is located on I-20. Sealed AirCorp, a maker of bubble wrap, leased114,000 square feet of distributionspace on New York Avenue.

A 170,000-square-foot distributionfacility is under construction on NewYork Avenue at Arbrook. The facility isthe first building in a planned one-million-square-foot business parkbeing developed by Miramar.

Lear Corporation, an automobileparts manufacturer, expanded into anew 61,000-square-foot facility in theSouth Cooper Business Park thatopened during 2000.

A new industrial office complex isplanned on South Cooper. The projectwill include 51,000 square feet ofdistribution space. At New York andTechCentre, a $6 million industrialcenter is under construction.

Mackie Automotive Systems built a535,000-square-foot plant in northArlington. The facility was completedin August 2000. General Motorsundertook a $500 million expansionthat was completed in mid-2000 andincludes a 750,000-square-footbuilding.

FedEx Ground is undergoing a $1.6million expansion to its distributioncenter in the Lake Arlington BusinessPark. Completion on the 33,000-square-foot addition is expected in fall2001.

Park Row Lighting Company willstart construction in June 2001 on a40,020-square-foot building. Con-struction is expected to be completedin early 2002 at I-20 and Eastpointe.

In the Great Southwest IndustrialPark, ProLogis Trust plans to build a350,000-square-foot industrialcomplex at the corner of Randol MillRoad and Great Southwest Parkway.

Ramtech Building Systems isconstructing a 25,000-square-footexpansion to its manufacturing centerin Mansfield.

First Industrial plans 865,000 squarefeet of light industrial space in threebuildings at Highway 360 and I-20.

CentrePortA $7 million project including

industrial distribution and office spacebroke ground in early 2000. Whirlpool

plans to open a 400,000-square-footregional distribution center.

Dallas-Fort Worth AirportWestport Business Center will have

four buildings with 241,000 squarefeet of warehouse space. FreeportNorth VI is a 230,000-square-footdistribution center in Freeport NorthIndustrial Park that was completed infall 2000. Freeport North V is a116,000-square-foot building that wasalso completed in 2000 with onemillion square feet of space.

In Coppell, a 152-acre industrialpark is planned next to the FreeportNorth Industrial Park. The $72 millionproject will have 2.1 million squarefeet of distribution, warehouse andlight production space.

SimuFlite Training Internationalcompleted a training wing on the westside of the Dallas-Fort Worth Interna-tional Airport in June 2000. The164,000-square-foot addition has 12simulators. Flight Safety Internationalconstructed a $120 million flighttraining center at DFW InternationalAirport. The 110,000-square-foot,100-job facility opened in summer2000.

AllianceAlliance, a 9,600-acre development,

is located in southwest Denton Countyand north Fort Worth. The area isexperiencing rapid industrial develop-ment centered around AllianceAirport, an intermodal (air, rail,highway) cargo shipping facility.During 1999, the development leasedmore than 1.4 million square feet andsold 236 acres. During 2000, Allianceleased 3.7 million square feet and wasresponsible for 15 percent of allindustrial leasing in Dallas-Fort Worth.Hillwood Properties anticipates one-and-a-half to two million square feet ofleasing for 2001. In 2000, the develop-ment created 3,435 full-time jobs. In1999, 1,472 jobs were created,according to Hillwood Properties.

Hillwood broke ground on a 75,000-square-foot speculative building inSeptember 2000. The office-ware-house facility is located south of AltaVista and Highway 170. The buildingis expected to be completed in early2001.

In Alliance Gateway, constructionon a 394,450-square-foot General

Motors building will be completed inMay 2001.

Volkswagen of America is building a360,000-square-foot parts distributioncenter expected to be completed inApril 2001 at Westport and Intermodalroads.

SC Johnson and Son, a wax productsmanufacturer and distributor, signed alease for a $9.2 million, 408,000-square-foot building, making itAlliance’s largest tenant. Thecompany’s new facility should becompleted in October 2001.

UPS Worldwide Logistics willcomplete its 400,000-square-footfacility in June 2001. The facility islocated at Westport and Independenceparkways.

Norampac opened in March 2001 ina 108,000-square-foot manufacturingfacility at Alliance Gateway.

Bell-Agusta Aerospace is developinga 15-acre headquarters for its civiliantiltrotor operations. The companybroke ground on the three-story,82,000-square-foot building inNovember 2000. The facility shouldbe completed in 2001.

JCPenney completed a new 1.2million-square-foot warehouse anddistribution center in the Alliancedevelopment. Ameritrade opened a208,659-square-foot call center in theAlliance development.

Valeo Electronics purchased sevenacres in the Alliance AdvancedTechnology Center for a 65,000-square-foot electronics manufacturingfacility. The $30 million facility brokeground in September 2000 at I-35 andEagle Parkway.

Galderma Laboratories, a skin-careproducts company, moved its NorthAmerican headquarters from south-west Fort Worth to Alliance Airport inlate 2000 to a new facility located on I-35. The move will allow the companyto handle its own distribution activity.

Triple S Plastics opened a manufac-turing facility. Savcor Coatings, asupplier to Nokia, opened a manufac-turing and distribution facility.

Other AreasIn Benbrook, Salon Support, a

distributor of indoor tanning equip-ment, is constructing a 20,000-square-foot warehouse in the BenbrookIndustrial Park. The building isexpected to be completed in June2001.

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CONCLUSION

701-50-1478

The Fort Worth-Arlington areahas recorded significant growthduring the last decade. The MSA

should continue to experienceexpansion in distribution facilities,particularly at the highly successfulAlliance Airport in northeast Tarrant

County. Residential growth hascontinued at a strong pace during2000.

The tornado in downtown FortWorth in March 2000 had a majorimpact on the downtown office

market, taking the Bank One buildingoff the market.

Industrial and single-family con-struction is expected to be strongest innorth Fort Worth and northeast TarrantCounty.

In Cleburne, Unifix USA built a55,000-square-foot manufacturingfacility that was completed at the endof 2000.

In Euless, Krispy Kreme opened aproduction and distribution center inAugust 2000.

In Southlake’s Cornerstone BusinessPark, a 40,000-square-foot office-warehouse building is scheduled forcompletion in May 2001. The ware-house is located at FM 1709 andCrooked Lane.

Grainger Industrial Supply isbuilding a 350,000-square-footdistribution center in Roanoke that willopen in early 2001.

Jennifer S. Cowley · Real Estate Market Overview Fort Worth-Arlington Population Employment Job Market Major Industries Business Climate Education Transportation and Infrastructure

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