Greater Dallas Chamber Flags 15 Major Plays

Interest last year was 40% higher than 2001, Bill Sproull, vice president of economic development for the Greater Dallas Chamber, tells GlobeSt.com. He won't confirm what projects are on the chamber's "hot list," but did say the new proposals and 2002 carry-overs run the gamut from small to extra large, primarily in the fields of distribution, financial services and life sciences.

In the last week, the region's brokers started whispering about a Project Cactus. Word is that a pharmaceuticals manufacturer has put out a feeler for 100 to 200 acres, with a requirement for lots of water and the promise of 300 jobs. Two industry pros, whose properties most likely will make the recommended list, say a similar deal floated about six months ago and then fell by the wayside, as so often happens.

The Greater Dallas Chamber won't confirm or deny Project Cactus' existence. But, Sproull does say that "some of these projects have very long gestation periods." He points out that making the chamber's "hot list" isn't an indication that "they're getting ready to close by any means. They can delay, go away or change."

While he's not naming names, Sproull is confident the first quarter will bring some deal closings. "If nothing else, it will help our psychology," he says.

Not surprisingly, a seemingly inevitable war with Iraq, low consumer confidence and the daily ups and downs of the stock market are keeping corporate plans in a constant state of flux. If there is any bright note to the uncertainty, it's that corporations still have Dallas-Fort Worth on their short lists due to its vacant, affordable real estate, ample developable land and "talented tech workforce," Sproull says. "The interest level is certainly there."

The deals of 2002, testament to North Texas' appeal, included Target, 1.3 million sf; Costco, 400,000 sf; and Unilever, another 400,000 sf. The first big deal of 2003 has come from Scarsdale, NY-based CVS Corp.: a $40-million distribution center of more than 381,000 sf that will rise in a town just 30 miles south of Dallas.

Distribution centers, in fact, accounted for 59% of the jobs recruited to the region in 2002, according to Sproull. And mostly, it boils down to a middle of the US positioning that fits like a glove to a business strategy now favoring cost-cutting consolidations rather than multiple locations in major customers' home territories.