THE ALLMANAC

Morgan Stanley Confirms Billion-Dollar Dallas Investment

DFW: Morgan Stanley has confirmed what many already knew. The Wall Street firm has selected Dallas for its U.S. regional hub, further strengthening the city’s “Y’all Street” financial-services expansion. The financial giant will anchor a roughly 700,000-square-foot tower at McKinney Avenue and Fairmount Street in Uptown, targeted to break ground soon and open in 2031. Morgan Stanley plans to invest about $684 million, while developer Trammell Crow Co., a CBRE subsidiary, will spend roughly $650 million on the building, putting total development near $1.3 billion. The hub is expected to employ 3,800 people by 2035, with potential growth to 4,800 employees. Before relocating, Morgan Stanley will invest about $97 million in temporary space at Fountain Place in downtown Dallas, bringing 1,500 jobs. The Dallas City Council recently approved $18.5 million in incentives plus tax abatements, and the state of Texas awarded a $43 million Enterprise Fund grant. The project adds another global financial institution to Dallas’ rapidly expanding investment cluster. The Dallas Metroplex, with more than 385,000 financial services jobs, ranks No. 2 nationally behind New York.

DFW: Fort Worth city leaders have approved about $6 million in incentives to attract German manufacturer Harting Connectivity to south Fort Worth. Harting is considering a $192 million U.S. expansion, including $31.1 million in real estate and $161.6 million in equipment, that could also relocate its U.S. headquarters from Elgin, Illinois. Under the 10-year incentive package, the company could receive a 65% abatement on incremental property taxes by meeting investment, employment and wage requirements. Harting, which produces industrial connectors, networking components, cable and other connectivity technology, would need to create 701 jobs by 2034, initially averaging about $87,000 annually. The Carter Crossing industrial park in south Fort Worth is a potential site, with plans calling for roughly 700,000 square feet of manufacturing space. Harting is evaluating competing locations and has not made a final decision. The operation would expand U.S. manufacturing, research and corporate functions.

U.S.: Lewisville could soon see a major transformation of The Vista, an aging shopping center on Interstate 35, about 30 miles north of downtown Dallas.  Los Angeles-based 1000 South Vermont LLC, part of Hankook Property Management Co. Inc., controls about 55 acres of the roughly 80- to 90-acre property and is seeking new zoning from the city. The company acquired the mall’s interior portion in 2022. Plans call for more than 1,000 apartments, 34,000 square feet of office space, more than 600,000 square feet of retail, a 120-room hotel, 120 townhomes and open space. The redevelopment is intended to revive a property with significant vacancies while creating a modern mixed-use destination. If zoning is approved, developers will phase construction based on market conditions. No construction timeline has been set, and the mall remains open despite vacancy estimated between 30% and 50%.

DFW:  Another major master-planned community is coming to fast-growing Anna, with Liberty Hills expected to top $3 billion when fully built out. The 866-acre development by Veritas Communities is breaking ground later this month and will include more than 1,800 homes and 53 acres of commercial development along U.S. 75. Plans also call for shopping, grocery stores and restaurants. Amenities will include trails, preserved open space, parks, playgrounds, resort-style pools and a future amenity center. The plans also identify an elementary school site and land for civic and emergency services, including a proposed fire station. Liberty Hills comes as Anna’s population reached an estimated 35,245 in 2025, up 10.2% in one year, and among the Top 5 fastest-growing cities in the country.  Collin County, meanwhile, has grown to nearly 1.3 million residents.

PALM BEACH: Oracle co-founder Larry Ellison is preparing to relist his sprawling North Palm Beach estate for $165 million, more than double the $80 million he paid for in 2021. The 8.4-acre property in gated Seminole Landing, previously offered for $145 million in 2022, includes about 520 feet of Atlantic Ocean frontage and is among the few Florida estates capable of accommodating a private helipad. The compound features a roughly 15,500-square-foot Tuscan-style residence, swimming pool, tennis court, home theater, wine room, chef’s kitchen and guest accommodations. The 82-year-old billionaire who founded the global tech company had once planned to demolish the house but never did. He primarily resides in nearby Manalapan, Florida, where he owns a 15-acre estate that he purchased for $173 million in 2022. His holdings also include extensive Malibu properties and about 98% of the Hawaiian island of Lanai, acquired for about $300 million in 2012.

COPYRIGHT © 2024. Allie Beth Allman & Associates, a HomeServices of America, Inc. company. All Rights Reserved.

THE ALLMANAC