Developers to invest $100M into new projects
A pair of developments unanimously approved Monday by City Council will result in 100 permanent jobs and an investment of about $100 million in Burleson.
A commercial site plan has been approved for the relocation of Hayes & Stolz from Fort Worth to Burleson. The $10 million, 144,000 square-foot building in Highpoint Business Park will include warehouse space and location of the company's corporate office.
Hayes & Stolz has operated since 1945 in Fort Worth.
“We are excited to have a corporate citizen of Hayes & Stolz’s stature relocate their business to Burleson,” said Alex Phillips, Burleson's economic development manager. “Their decision to locate here is a great compliment for our community and our development team.”
Simultaneously, City Council approved a preliminary plat and economic development agreement with Arabella at Burleson, a mixed-use development on 95 acres near the intersection of SW Hulen Street and SW Wilshire Boulevard. The $80 to $90 million development will include retail, single-family homes, independent senior living, an assisted-living facility, a multi-family development, a greenbelt and various common areas.
"The construction of new roads will expand commercial growth in a vibrant area of Burleson," said Justin Bond, Burleson's director of development services. "Arabella will deliver a product which offers a range of living options along an active retail corridor."
A groundbreaking for Hayes & Stolz is at 2 p.m. Oct. 27. Hayes & Stolz is a worldwide leader in the manufacture of high performance mixing and material handling equipment.
Construction is projected to begin in early 2017 on Arabella at Burleson. The initial phase will include multi-family units and the completion of Greenridge Drive, connecting SW Hulen Street to John Jones Road.
The development agreement approved 80 percent of property taxes generated to be rebated annually in consideration for the developer installing Greenridge Drive and Commons Drive. The rebates will not exceed $4.8 million or a 10-year period, whichever occurs first. Rebates will not begin until the developer has a minimum capital investment of $30 million.