The Fort Worth City Council is set to hold a hearing on Tuesday to consider creating a Tax Increment Reinvestment Zone for Veale Ranch to accelerate development.
In March, a formal agreement was signed between PMB Veale Land Investors I and other involved parties from Dallas-based PMB Capital Investments. The parties committed to developing multiple land parcels within Veale Ranch.
As previously reported by The Dallas Express, the Veale Ranch development will bring roughly 5,000 new homes and 1,000 acres of commercial real estate to Fort Worth once completed.
“We want to do this in a quality way that’s lasting and thoughtfully planned from a master-planning standpoint,” said Taylor Baird, a partner at PMB Capital Investments, per the Dallas Business Journal. “The development of Veale will be significant for the local area.”
The project will span across parts of Tarrant and Parker Counties. The namesake ranch where the new development is to be located was in the Veale family from 1935 until it went on the market six years ago. It was reportedly listed for about $95 million.
City authorities are reportedly partial to the notion of providing economic incentives for qualifying commercial and industrial developments within the Veale Ranch project, according to the DBJ.
As previously reported by The Dallas Express, Fort Worth has been seeing a considerable amount of interest from builders and businesses looking to relocate.
Speaking at a luncheon held by the Fort Worth Chamber of Commerce in March, Abbott said of the city, “Fort Worth is a big part of the Texas economic juggernaut, and its success has been aided by strategic economic development tools — and to keep Texas the best state for business, our local communities need new economic development tools this session.”
The city has outshined Dallas in this regard, in part due to the latter’s periodically problematic permitting department, which has resulted in building delays and discouraged prospective developers from advancing projects in the city, as previously reported by The Dallas Express.
