Stock exchange operator Nasdaq Inc. is locating a new regional headquarters in the Dallas area, another sign of how the traditional heavyweights of finance are racing to ramp up in North Texas.
At a press conference with Gov. Greg Abbott and Hillwood Chairman Ross Perot Jr., Nasdaq announced March 18 that it will put its second U.S. headquarters in the Dallas area. Nasdaq states it generates more than $750 million in revenue in Texas and the southeast region of the U.S. and 800 of the exchange’s 2,000 companies are based in Texas. The news comes as the New York Stock Exchange and Texas Stock Exchange prepare to set up shop in Dallas.
“The space will be a hub to Nasdaq clients and to the wider community, and will serve as a community space to celebrate the leaders, the entrepreneurs and innovators that call Texas home,” Nasdaq chair and CEO Adena Friedman said in during the event, held at the Crescent in Uptown Dallas.
It’s unclear where in the Dallas area the regional headquarters will be located. Nasdaq, which is based in New York, announced last September it would place one of its three regional listing divisions in Irving, in an existing office at 503 Riverside Dr.
Perot, who was involved in the deal to secure the regional headquarters and was coincidentally honored with Nasdaq’s lifetime achievement award at this week’s event, said the location is still undetermined. Hillwood last year bought multiple office buildings in Irving from UBS. Hillwood is also partially responsible for developing the new Goldman Sachs campus in Dallas, along with Hunt Realty Investments.
“Everybody wants to be close to Goldman,” Perot said in an interview with Dallas Business Journal. “In financial services, Goldman is a major magnet. And a lot of the clients I call up call up now say, ‘Look, we just want to be over near Goldman.'”
Perot said he’s been working with Abbott for four or five years on bringing more Nasdaq presence to Texas.
“These things take awhile. Goldman took four or five years,” he said. “With all of them, you work with a client, you bring them in, you stay on them, they watch the state, they make a decision. As I mentioned there, hopefully there are a lot more coming.”
Perot was honored by Nasdaq with a lifetime achievement award on the day of the new regional headquarters announcement. Perot heads Hillwood, which has been an economic powerhouse for the region with the 27,000-acre AllianceTexas hub north of Fort Worth and landing several corporate headquarters such as Charles Schwab and Fidelity Investments. Since 1990, it’s estimated that AllianceTexas has generated $130 billion in economic impact. Hillwood also developed Victory Park in Dallas and its residential division is responsible for multiple master-planed communities across the Metroplex.
Abbott called Perot the “Derek Harper of economic development,” referring to a former player with the Dallas Mavericks who is the top all-time assist leader for the team with 5,111, according to the NBA.
Despite concerns about the impact of tariffs on raising overall prices for development, Perot said the pipeline is still strong.
“We’ve got a lot of really great space, built pre-tariff,” he said. “I think it’s going to help fill up a lot of our space. That’s for us short term, then long term, buildings are going to cost more and it’ll be less competitive, but hopefully whatever fights we’re trying to have will get resolved.”
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Aircraft Spruce & Specialty Co. and its sister company Aero Performance recently celebrated the grand opening of its new 38,000-square-foot distribution center inside AllianceTexas, Hillwood’s 27,000-acre master planned development.
Aircraft Spruce & Specialty Co. has been the go-to supplier for aircraft builders, owners, pilots and aviation businesses since 1965. Aero Performance, founded in 2002, is a leading distributor for aviation product manufacturers. This includes parts to corporate operators, flight schools, military and government customers nationwide.
Hillwood Construction Services was the general contractor on the new distribution center, and the project was completed in late 2024. The new facility replaces a 10,000-square-foot facility in Fort Worth where the company operated since 2014.
Roanoke Mayor Carl E. “Scooter” Gierisch joined Hillwood Chairman Ross Perot, Jr., Aircraft Spruce President Jim Irwin and Vice Presidents Nanci, Mike, Jeff and Rob Irwin at an event on Saturday, March 8. In addition, more than 400 Aircraft Spruce and Aero Performance customers, leaders and guests gathered to cut the ribbon and tour the company’s newest distribution center.
For more information, see the company websites at www.aircraftspruce.com and www.aeroperformance.com.
QUOTES:
“We’re honored to be in the aviation hotbed that is AllianceTexas. My parents founded Aircraft Spruce in the basement of our family home in 1965, selling only aircraft grade spruce. I grew up in the business, and in 1980, Nanci and I assumed leadership of the company, which had 25 employees in Fullerton, Calif. It has been a very rewarding journey, and our three sons now represent the third generation of Irwin family management at Aircraft Spruce.” — Jim Irwin, President of Aircraft Spruce & Specialty Co.
“North Texas has long been synonymous with aviation and aerospace excellence, with major industry players such as Lockheed Martin Aeronautics, Bell Textron, American Airlines, Southwest Airlines and Boeing’s Global Services all calling Dallas-Fort Worth home. And it’s great to see a family-owned company like Aircraft Spruce continuing its growth at AllianceTexas.” — Ross Perot, Jr., Chairman of Hillwood
“We are thrilled to welcome another outstanding family-owned business to the City of Roanoke, Texas! Aircraft Spruce and Aero Performance are leading distributors in the general aviation industry and are celebrating 60 years of success. We are confident they will bring excellent opportunities to our rapidly growing region.” — Carl E. “Scooter” Gierisch, Roanoke mayor
About Aircraft Spruce & Specialty Co.
Aircraft Spruce & Specialty Co. has been the supplier that aircraft builders, owners, pilots and aviation businesses have depended on since 1965. We carry a wide selection of aircraft parts, building materials, avionics, and pilot supplies, which are offered on our website and in the famous Aircraft Spruce catalog.
Aircraft Spruce supplies components for a wide variety of homebuilt aircraft including the Lancair, Vans Aircraft, and Cozy, as well as factory built parts for Cessna, Piper, Beech, and Mooney. Products include: Garmin avionics, tools, charts, propellers, spruce, software, instruments, aircraft engines and parts, aviation headsets, landing gear components, and aircraft batteries. We also carry a full line of aviation grade hardware, covering supplies, composite materials, airframe parts, electrical components, and steel and aluminum. For airplane parts and pilot supplies. Aircraft Spruce has over 300 employees in 10 locations in the U.S., Canada and Australia.
About Hillwood
Hillwood, a Perot company, is a premier commercial and residential real estate developer, investor, and advisor of properties throughout North America and Europe. With a diverse portfolio of properties and home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers, partners, and the communities we serve.?For more information, please visit www.hillwood.com.
Hillwood Properties, based in Fort Worth, is a leading real estate developer specializing in industrial-logistics, corporate office, and retail mixed-use development, as well as airport and property management. With a commitment to excellence and innovation, Hillwood has established a reputation for quality development that drives economic growth for communities throughout North Texas. Signature developments include AllianceTexas, Circle T Ranch and Frisco Station. To date, Hillwood Properties has developed and acquired 32 million square feet of industrial, 3.6 million square feet of retail and office and over 4,000 multifamily units. For more information on Hillwood Properties’ flagship development, AllianceTexas, please visit www.alliancetexas.com.
Aircraft Spruce & Specialty Co. and its sister company Aero Performance recently celebrated the grand opening of its new 38,000-square-foot distribution center inside AllianceTexas, Hillwood’s 27,000-acre master planned development.
Aircraft Spruce & Specialty Co. has been the go-to supplier for aircraft builders, owners, pilots and aviation businesses since 1965. Aero Performance, founded in 2002, is a leading distributor for aviation product manufacturers. This includes parts to corporate operators, flight schools, military and government customers nationwide.
Hillwood Construction Services was the general contractor on the new distribution center, and the project was completed in late 2024. The new facility replaces a 10,000-square-foot facility in Fort Worth where the company operated since 2014.
Roanoke Mayor Carl E. “Scooter” Gierisch joined Hillwood Chairman Ross Perot, Jr., Aircraft Spruce President Jim Irwin and Vice Presidents Nanci, Mike, Jeff and Rob Irwin at an event on Saturday, March 8. In addition, more than 400 Aircraft Spruce and Aero Performance customers, leaders and guests gathered to cut the ribbon and tour the company’s newest distribution center.
For more information, see the company websites at www.aircraftspruce.com and www.aeroperformance.com.
QUOTES:
“We’re honored to be in the aviation hotbed that is AllianceTexas. My parents founded Aircraft Spruce in the basement of our family home in 1965, selling only aircraft grade spruce. I grew up in the business, and in 1980, Nanci and I assumed leadership of the company, which had 25 employees in Fullerton, Calif. It has been a very rewarding journey, and our three sons now represent the third generation of Irwin family management at Aircraft Spruce.” — Jim Irwin, President of Aircraft Spruce & Specialty Co.
“North Texas has long been synonymous with aviation and aerospace excellence, with major industry players such as Lockheed Martin Aeronautics, Bell Textron, American Airlines, Southwest Airlines and Boeing’s Global Services all calling Dallas-Fort Worth home. And it’s great to see a family-owned company like Aircraft Spruce continuing its growth at AllianceTexas.” — Ross Perot, Jr., Chairman of Hillwood
“We are thrilled to welcome another outstanding family-owned business to the City of Roanoke, Texas! Aircraft Spruce and Aero Performance are leading distributors in the general aviation industry and are celebrating 60 years of success. We are confident they will bring excellent opportunities to our rapidly growing region.” — Carl E. “Scooter” Gierisch, Roanoke mayor
About Aircraft Spruce & Specialty Co.
Aircraft Spruce & Specialty Co. has been the supplier that aircraft builders, owners, pilots and aviation businesses have depended on since 1965. We carry a wide selection of aircraft parts, building materials, avionics, and pilot supplies, which are offered on our website and in the famous Aircraft Spruce catalog.
Aircraft Spruce supplies components for a wide variety of homebuilt aircraft including the Lancair, Vans Aircraft, and Cozy, as well as factory built parts for Cessna, Piper, Beech, and Mooney. Products include: Garmin avionics, tools, charts, propellers, spruce, software, instruments, aircraft engines and parts, aviation headsets, landing gear components, and aircraft batteries. We also carry a full line of aviation grade hardware, covering supplies, composite materials, airframe parts, electrical components, and steel and aluminum. For airplane parts and pilot supplies. Aircraft Spruce has over 300 employees in 10 locations in the U.S., Canada and Australia.
About Hillwood
Hillwood, a Perot company, is a premier commercial and residential real estate developer, investor, and advisor of properties throughout North America and Europe. With a diverse portfolio of properties and home to many of the world’s leading companies, Hillwood is committed to bringing long-term value to our customers, partners, and the communities we serve.?For more information, please visit www.hillwood.com.
Hillwood Properties, based in Fort Worth, is a leading real estate developer specializing in industrial-logistics, corporate office, and retail mixed-use development, as well as airport and property management. With a commitment to excellence and innovation, Hillwood has established a reputation for quality development that drives economic growth for communities throughout North Texas. Signature developments include AllianceTexas, Circle T Ranch and Frisco Station. To date, Hillwood Properties has developed and acquired 32 million square feet of industrial, 3.6 million square feet of retail and office and over 4,000 multifamily units. For more information on Hillwood Properties’ flagship development, AllianceTexas, please visit www.alliancetexas.com.
his year, MP Materials will become the first company in a generation to make rare-earth magnets in the United States, threatening one of China’s ace cards in the escalating trade war. And it’s doing it right here in North Texas.
MP Materials’ contribution to rebuilding a domestic rare-earth supply chain shows that savvy business sense and quiet enterprise can achieve more in the economic rivalry with China than self-destructive protectionist policies or berating heads of state in the Oval Office.
A bad bet
Eight years ago, James Litinsky, a Chicago hedge fund manager who specialized in distressed assets, found himself deep underwater on a junk bond bet tied to the Mountain Pass Rare Earth Mine. Mountain Pass is in a barren desert where Interstate 15 from San Diego to Las Vegas crosses the California-Nevada line. Opened just after World War II, the mine had led the world in production of these elements from the 1960s to the 1980s, particularly neodymium. Once refined and magnetized, this metal is made into neodymium-iron-boron alloy, used to produce NdFeB magnets, an essential component of many electrical machines.
The neodymium produced in Mountain Pass was made into this alloy by a joint venture between General Motors and the Japanese corporation Sumitomo in Michigan, before production shifted to Asia in the 1990s.
Mountain Pass was long past its peak when Litinsky visited in 2017. Rare-earth refining was no longer much of a thing in the U.S. The mothballed mine was maintained by a skeleton crew of eight people. A multibillion dollar effort to restart production had failed. There was even talk of Mountain Pass losing its licenses to operate from federal and state agencies, which would have reduced it to ghost-town status.
Even among distressed investors who specialize in buying into long-shot turnaround stories, the best move at this stage would have been to cut losses, write off the investment, and start picking through the other “fallen angels” on stock and bond markets.
A strategic asset
It’s possible Litinsky would have just taken the hit and moved on, if the Mountain Pass mine produced some other commodity. But rare earth minerals may be the closest thing on the planet to vibranium, the near-magic element in Marvel movies. Modern superpowers of communications, electric transportation and defense depend on these metals.
An extensive Commerce Department review of rare earth metals’ significance to the U.S. economy and defense was unequivocal. “NdFeB magnets are essential to U.S. national security,” the study found. “NdFeB magnets are currently irreplaceable in key defense applications such as fighter aircraft and missile guidance systems.”
That makes these minerals a strategic geopolitical asset, as President Donald Trump’s recent attempt at a deal with Ukrainian President Volodymyr Zelenskyy last month illustrates. Trump is escalating a trade war with China, which controls about 95% of rare-earth production, according to Reuters. In 2021, the United States imported 75% of its NdFeB magnet supply from China, the Commerce Department reported. That makes the need to source these minerals elsewhere even more urgent.
And it’s not just Trump’s trade war that threatens America’s position. The U.S. could lose access to the strategic mineral for any number of reasons, including pandemics or natural disasters.
Honey, I bought a mine
The conventional wisdom about rare earth metals on the internet is that they are not rare at all. This is true, to a certain extent, said MP Materials spokesman Matt Sloustcher. It’s relatively common to find traces of these metals in the soil, he said. But it’s extremely rare to find them in a great enough concentration to make mining economical.
There are only a few major mines in the world outside of Mountain Pass. One is in China, another is in war-torn Myanmar and another is in Australia.
Litinsky recognized that having a “single point of failure” in the rare-earth supply chain was a dangerous thing for U.S. manufacturers, and for the U.S. military, said Sloustcher.
Some men at Litinsky’s stage of life buy boats. A Matt Damon character famously bought a zoo. With Litinsky, it was a case of, “Honey, I bought a strategically important global asset.”
Litinsky raised money from investors, and eventually from the U.S. Department of Defense, and formed MP Materials to buy the mine outright.
“When he acquired the mine, there was no rare-earth production domestically,” said Sloutscher, a spokesman. “There was no mining, no separation or refining, and certainly no alloy magnet production.”
Making Fort Worth home
When it came to production, MP Materials decided on a site owned by the Perot family near Alliance Airport in Fort Worth. North Texas was one of the few areas nationwide the company was confident it could rapidly recruit hundreds of workers with the requisite engineering expertise. MP Materials now has more than 100 employees in Fort Worth, and has started trial production. Close relationships with the University of Texas at Arlington and Texas A&M University have helped the company with its recruiting.
The attraction to working with MP Materials is partly an intellectual one for some employees, such as Sloustcher.
“Magnets are these things you play with … in childhood, these kind-of magical things, and then you put them down and don’t really think about them again … until you do,” Sloustcher said.
The reason an EV motor can outrun a Ferrari but remains the size of a watermelon? Rare-earth magnets. And it’s not just EVs. Once Sloutscher started working at MP, he came to realize “they’re everywhere. … They’re in consumer drones. They’re in ABS brakes, in your phone, even in your electric toothbrush,” he said.
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Tarrant County College this morning celebrated the move of its aviation and logistics and supply chain management programs a decade ago to a 163,500-square-foot facility next to what’s now Perot Field Fort Worth Alliance Airport.
More than a building, the Erma C. Johnson Hadley Northwest Center of Excellence for Aviation, Transportation and Logistics is a talent magnet, drawing some of the brightest minds in Texas to train for high-demand, aerospace-focused professions.
In a video shown at today’s 10-year milestone celebration, remarks by the center’s namesake (TCC chancellor, 2010-2015) capture the spirit behind the pull: “We don’t do things halfway. If we’re going to do something, we want it to be first class.”
Expert faculty teach from their own true-to-career experience, combining their real world knowledge and skills to amplify student success. State-of-the-art classrooms and labs, industry-recognized simulators and advanced technology, fully operational hangars and the latest equipment ensure graduates are day-one job ready.
Head count over the years exceeds 6,000, with almost 1,200 graduates. Enrollment is growing.
Fort Worth Mayor Mattie Parker applauded the College’s commitment to workforce development, calling the center a launchpad to achievement.
“Here thousands of students have gained the skills and opportunities to build successful careers,” she said, “and our local businesses have gained a highly skilled workforce that keeps our city thriving.”
Tarrant County College Chancellor Elva LeBlanc, who was TCC Northwest president at the time, recounted the facility purchase from Bell Helicopter before the center opened in 2014. Hillwood, developer of the mixed-use AllianceTexas north of downtown, aided negotiations.
“In doing their due diligence, our Board of Trustees met with key influencers in the Alliance business community. They held special board meetings where the community made a strong case for Tarrant County College being here,” Dr. LeBlanc said. “To our many business partners, Hillwood in particular, my profound appreciation.”
“TCC’s name is synonymous with aviation, transportation and logistics,” added Christopher Ash, senior vice president of aviation development for the Alliance Aviation Companies at Hillwood.
A TCC Northwest alumnus, he noted that Trailblazers are among Hillwood’s top performers, whether in customer service, airport operations or on the flight line.
One of those top performers is Isaiah Eilander. He had an employment offer before he finished his Associate of Applied Science in nondestructive inspection, testing and evaluation — the only program of its kind in Texas. He now fills a vital role as NDT inspector at Mayday Manufacturing.
“Even though I’m only about three years into my career, I feel successful,” he said. “It is a success I can attribute to my hard work and my education.”
Current TCC Northwest President Zarina Blankenbaker: “The success of our graduates strengthens companies, drives economic development and fuels the innovation that keeps Texas and our country thriving. The Erma C. Johnson Hadley Northwest Center of Excellence for Aviation, Transportation and Logistics is a shining example of what happens when vision, collaboration and commitment come together.”
A tribute to Chancellor Hadley concluded this morning’s video. After a lengthy meeting June 20, 2013, the TCC Board of Trustees returned from its closed session just before 10:30 p.m. to announce final approval to purchase the Horizon Drive property from Bell Helicopter.
Called to the microphone by Chancellor Hadley, Dr. LeBlanc said, “It makes quantum sense for Tarrant County College to be here when you see the enormous growth along the Alliance Corridor. When you see the outcome, you won’t be disappointed.”
That was the cue for Hadley to burst into her favorite song for all occasions, “It’s a Wonderful Day in the Neighborhood.”
Chancellor LeBlanc: “It’s still a wonderful day in the neighborhood. We have much to celebrate. Our horizon is clear, unlimited and expansive. Our progress is definitive. And the best is yet to come.”
Learn more about program offerings at the Erma C. Johnson Northwest Center of Excellence for Aviation, Transportation and Logistics. Watch this morning’s video and tribute to Chancellor Hadley.
The drivers on I-20 and I-45 likely had no idea they were cruising alongside an 18-wheeler operated by artificial intelligence when Kodiak Robotics allowed me to ride in one of its autonomous vehicles on a rainy day in late January. From the seat of a standard vehicle, the safety driver likely appeared like any other trucker—but this operator didn’t have his hands on the wheel. As the truck safely navigated lane changes, overpasses, exits, and merges, my latent fears were put to rest.
Kodiak Robotics’ Lancaster operations hub is helping build the future of logistics where driverless vehicles will aid the nation with a labor shortage that has already arrived. The American Trucking Association estimates that the U.S. trucking industry is already short 80,000 drivers, and the number could double by 2030. Trucking moves 72 percent of the nation’s freight, and there already aren’t enough people to move the merchandise.
Kodiak Robotics is among the technology firms trying to address the shortage with artificial intelligence, and it is well on its way. The Lancaster operations hub is the seven-year-old San Francisco-based company’s center of excellence, testing new truck models and technology and serving as a command center for its vehicles. Kodiak’s technology is equipping vehicles already on roads between Atlanta and Phoenix, delivering freight via autonomous trucks for Walmart, Maersk, Ikea, and J.B. Hunt.
The company chose Dallas as its center of excellence because of the friendly regulatory environment, relatively good weather, and of course, miles of highway. The organization has worked with Hillwood’s Mobility Innovation Zone at Alliance, offering Kodiak a chance to train its technology in a freight environment with air, rail, and trucking modalities.
“It’s a convenient location that’s super efficient for testing and development,” says Kodiak CEO Don Burnette. “Hillwood and Alliance offer that capability and freight volume, so access to strategic partners is a huge advantage as well.”
During my visit to their depot near the intersections of I-20 and I-35 earlier this month, I was able to step into one of the Kodiak-branded 18-wheelers and ride with the team to see how the vehicle operated in traffic. With programmed following distances, defensive merging and lane changes, and a setting that automatically slows down when passing a stalled vehicle, the ride felt controlled and safe, even in busy traffic with slick roads and rainfall. If I hadn’t known I was being driven by artificial intelligence and hadn’t looked at the steering wheel, I would never have known.
A safety driver and another employee staffed the vehicle to monitor the trucks’ sensors and technology. Kodiak’s technology doesn’t rely on previously mapped routes and roads. It senses everything in real-time and makes adjustments as necessary.
The radar and lidar-enabled vehicles’ safe driving has delivered 10 percent fuel savings compared to a human driver. Not to mention that the AI doesn’t need to eat, sleep, or use stimulants to stay awake. Most of the company’s freight runs are between 10 and 12 hours or one day’s drive. Burnette says we are likely still several years away from entirely driverless long-haul trucks because there are hurdles like fueling and parking where humans are still needed, but the company launched driverless trucks in a different setting earlier this year.
The Launch of Driverless Trucking
The commercial launch of driverless trucks has long been a goal for the industry, and Kodiak recently made it a reality. An Austin-based company called Atlas Energy Solutions owns trucks outfitted with Kodiak Driver and operates them in the oil fields of West Texas in a truly unique setting. Atlas delivers sand around West Texas to be shot into fissures in the shale and push out extra oil via fracking.
The company built a 42-mile autonomous conveyor system across West Texas ranches that delivers sand from the sand mines to the oil rigs. Atlas’ Kodiak-driven vehicles take the sand from the conveyor belt on a 21-mile offroad route closer to the wells. The trips are the first time a customer has taken ownership of a RoboTruck and launched completely driverless commercial semi-trucking operations.
The driverless trucks made their first deliveries at the end of last year. This was the first time a company has owned and operated their own vehicles quipped with Kodiak’s technology, but Kodiak’s goal is to get out of the trucking business and be the tech behind the logistics.
“Those trucks are out running as we speak, which is pretty incredible,” Burnette says. “They have no driver in them and can operate 24/7, and Atlas is a 24/7 business out in the Permian. Now it’s all about scaling, delivering more trucks, providing more value, and improving efficiency.”
Because the Kodiak technology doesn’t rely on mapping, the vehicles can function in unmapped areas like off-road environments, making their use in West Texas a perfect fit. Even if it is the first time the vehicle has experienced a road or terrain, the AI can navigate its surroundings. This capability made the technology an ideal candidate for another client: the military.
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FORT WORTH, Texas (February 4, 2025)—AllianceTexas, Hillwood’s 27,000-acre master-planned, mixed-use development in north Fort Worth, remains one of the nation’s most formidable economic engines. Over the past 35 years, it has generated an estimated $130 billion in regional economic impact, with more than $10.2 billion created in 2024 alone, according to Insight Research Corporation’s annual economic impact report. In addition, AllianceTexas has produced $4.2 billion in total property taxes paid to local public entities in that time span.
Total investment at AllianceTexas surpassed $16.3 billion in 2024, with $15.2 billion coming from the private sector. Public investment totaling $1.1 billion has been invested in the project to date, representing a 14-to-1 private-to-public-dollar investment multiple. The multiple on the cumulative economic impact of $130 billion is almost 130 to 1.
See the full AllianceTexas Annual Economic Impact Report here.
AllianceTexas is now home to 590 companies, generating 66,269 direct jobs. Since 1989, 60 million square feet of office, retail and industrial space have been built. The development is home to corporate headquarters, healthcare providers, higher education centers, shopping and entertainment destinations and vibrant residential communities.
“2024 was a phenomenal year for Hillwood, culminating with AllianceTexas reaching $130 billion in total economic impact for the North Texas region,” said Mike Berry, president of Hillwood. “Thanks to our forward-thinking outlook and partnership between public and private sectors, we’ve built something that will last for many decades to come. About 70,000 people come to work at AllianceTexas each day for some of the world’s most iconic brands. These companies, including Amazon, FedEx, BNSF Railway, Meta, Charles Schwab, Fidelity Investments, Deloitte and UPS, continue to be attracted to Fort Worth’s business-friendly environment and workforce.”
Hillwood’s 35th anniversary year proved to be a defining moment, with transformative projects and strategic partnerships reinforcing its legacy as a leader in real estate development.
A major highlight of 2024 was Hillwood’s collaboration with the North Central Texas Council of Governments (NCTCOG), the Texas Department of Transportation (TxDOT), the City of Fort Worth, and the City of Haslet to secure an $80 million Infrastructure for Rebuilding America (INFRA) grant. This funding is a critical component of a broader $262 million public-private partnership designed to double activity at the AllianceTexas inland port, accelerating the expansion of its industrial real estate platform. The AllianceTexas Smart Port was the only project selected from Texas and one of just 44 awarded nationwide.
“From AllianceTexas’ leadership as an economic driver for our region to capturing the expanding industrial market and creating our cities’ most desirable residential communities, Hillwood continually charts the course for other developers to follow,” Fort Worth Mayor Mattie Parker said. “AllianceTexas is already a thriving corporate destination, and by winning the $80 million INFRA grant, it is ready to redefine what it means to be a modern logistics hub. AllianceTexas sets the standard nationally for providing companies with innovative resources and opportunities for growth.”
Hillwood also celebrated significant milestones in 2024 with key corporate partners. Southwire, the largest manufacturer of wire and cable used in electricity transmission and distribution, opened its nearly 1.2 million-square-foot DFW Customer Service Center, employing 250 team members. Additionally, Henry Schein, the world’s largest provider of healthcare solutions to office-based dental and medical practitioners, launched its largest single-building distribution center within its global network, bringing approximately 300 jobs to AllianceTexas.
Further strengthening its industrial footprint, Hillwood announced the launch of Alliance Westport 24, a 1.1 million-square-foot speculative industrial building, and Alliance Westport 14, a 766,994-square-foot facility. These developments are part of Hillwood’s strategic plan to deliver 3.5 million square feet of new industrial space at AllianceTexas, providing expansion and relocation solutions for its current and prospective customer base.
Aerospace additions at Perot Field Fort Worth Alliance Airport further underscored Hillwood’s impact. Embraer announced an expansion that will create approximately 250 new aviation jobs while strengthening its support for E-Jets customers. AVX Aircraft Company established its new headquarters, complete with a 7,000-square-foot prototype lab, where it will test unmanned aircraft systems (UAS) for military and commercial applications.
Expanding its vision beyond logistics and industrial development, Hillwood broke ground on Landmark, a first-of-its-kind, 3,200-acre mixed-use development in the City of Denton. Developed in partnership with Hillwood Communities, Landmark will feature 6,000 new homes, 5 million square feet of commercial and mixed-use space, and over 3,000 multifamily units along a five-mile stretch of I-35W. The project is designed around a 1,100-acre green ecosystem with parks, trails, recreation and S.T.E.A.M.-focused learning spaces.
Geographically, AllianceTexas encompasses nine municipalities, five independent school districts and two counties. Since 1990, $4.2 billion has been paid in property taxes cumulatively to the Cities of Fort Worth, Haslet, Roanoke, Northlake, Westlake and Corral City; Tarrant and Denton Counties; and Northwest, Keller, and Argyle Independent School Districts (City of Denton, Denton ISD, the City of Justin, and the City of Argyle were not included in the 2024 report, as development is still forthcoming). In 2024 alone, the project contributed $343.9 million in property taxes to these local entities.
MP Materials (NYSE: MP) has achieved a milestone in “restoring the U.S. rare earth magnet supply chain” at its flagship Independence facility in Fort Worth, the company announced. The facility has begun commercial production of neodymium-praseodymium (NdPr) metal and trial production of automotive-grade, sintered neodymium-iron-boron (NdFeB) magnets. A leading MP customer: General Motors and its electric vehicles.
NdFeB magnets are the world’s most powerful and efficient permanent magnets—serving as essential components in vehicles, drones, robotics, electronics, and aerospace and defense systems. But the U.S. has relied almost entirely on foreign sources for these critical inputs “for decades,” MP Materials said.
The Las Vegas-based company said it’s addressing that gap by building the Fort Worth plant, which it calls “the United States’ first fully integrated rare earth metal, alloy, and magnet manufacturing.”
MP began building the 200,000-SF plant in Hillwood’s AllianceTexas development in April 2022. Last March, MP received a $58.5 million award in the form of a 48C Advanced Energy Project tax credit allocation issued by the IRS and U.S. Treasury Department. The award was meant to advance MP’s planned delivery of products for General Motors’ EVs.
MP said its newly announced production achievements are bringing the U.S. closer to reestablishing “a fully integrated, domestic supply chain for these critical components for the first time in decades.”
Marking ‘a major step forward’
“This milestone marks a major step forward in restoring a fully integrated rare earth magnet supply chain in the United States,” James Litinsky, founder, chairman, and CEO of MP Materials, said in a statement. “With record-setting upstream and midstream production at Mountain Pass and both metal and magnet production underway at Independence, we’ve reached a significant turning point for MP and U.S. competitiveness in a vital sector.”
MP’s trial production of magnets in Fort Worth “will switch to commercial production towards the end of the year,” Chief Communications Officer Matt Sloustcher told Dallas Innovates, adding that the magnets “will power the drive motors in GM electric vehicles.”
The Fort Worth plant could ultimately power some 500,000 EV motors every year, the company said in 2021.
Record-setting production at Mountain Pass
With commercial NdPr metal production already online and trial production of sintered magnets underway, the Fort Worth Independence facility is poised to produce around 1,000 metric tons of finished NdFeB magnets per year, with a gradual production ramp beginning in late 2025, the company said.
The Fort Worth facility will supply magnets to General Motors and other manufacturers, sourcing its raw materials from Mountain Pass, MP Materials’ mine and processing facility in California.
Last year, MP Materials achieved record-breaking production at Mountain Pass, the company said, delivering more than 45,000 metric tons of rare earth oxides (REO) contained in concentrate—”an all-time high for U.S. primary production.”
Mountain Pass, America’s only active rare earth mining and processing operation of scale, also set a midstream production record, producing roughly 1,300 metric tons of NdPr oxide in 2024, in addition to cerium, lanthanum, and other separated and refined products, MP said.
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A self-driving-vehicle technology company is setting up shop at Hillwood’s AllianceTexas in north Fort Worth.
Virginia-based Torc Robotics Inc. announced Jan. 7 it will open a 22,000-square-foot office at 13119 Old Denton Road to test autonomous trucks and customer freight pilots and commercialization efforts targeted in 2027. Torc is a subsidiary of German vehicle giant Daimler Truck AG, part of Mercedes-Benz Group. Torc has leased the space and plans to build the new facility during the first half of this year.
The 17-acre site will feature a customer experience center, offices and control centers for fleet management and operations. Executives at Torc cite the central location as one reason for the office location, with major interstate routes leading to trade hubs such as Laredo. Laredo is the largest economic port of entry in the country, seeing $320 billion in trade in 2023, according to the Laredo Economic Development Corp.
“This new hub will enable us to better serve our current and future customers, enhance our operational capabilities, and drive forward the adoption of autonomous technology in the logistics industry,” Torc CEO Peter Vaughan Schmidt said in a statement. “As we work toward commercialization, the new hub will give us access to talent, resources and routes that we didn’t previously have, and we’re excited about the growth opportunities ahead.”
Dallas-Fort Worth is known as a hub for transportation innovation and AllianceTexas has become a hub of autonomous vehicle activity. Startup TuSimple operated an autonomous trucking hub in Alliance although it has since pivoted to AI gaming technology. Autonomous box car company Gatik, which works with grocers such as Kroger, operates in Alliance.
Ian Kinne, director of logistics innovation at Hillwood, said long highway routes to major destinations, state policy that’s friendly to testing and operating the technology and good weather are all factors that attract autonomous vehicle companies to the area. Many companies test technology at the Alliance Mobility Innovation Zone.
“Our goal is not to just to be a place where technology companies come, but also a place where our customers feel encouraged to deploy some of their maybe more challenging technologies that they think could be transformational to their business,” Kinne said. “And so by having groups like Torc here, we think that further enables a lot of our customers to not just introduce technology for technology sake, but to build reliability and resiliency into their supply chain models.”
Torc also plans to expand in Ann Arbor, Michigan and hire more than 100 positions. The company has engineering offices in Austin and Montreal.
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New space in AllianceTexas will support the growth and development of Torc’s autonomous driving product.
Torc, an independent subsidiary of?Daimler Truck AG?and a pioneer in commercializing self-driving vehicle technology, today announced the company has signed a leasing agreement for a facility located in Hillwood’s AllianceTexas development that will serve as Torc’s autonomous truck hub in the Dallas-Fort Worth area. The new location will be a hub for Torc’s autonomous testing efforts, customer freight pilots, and future commercialization slated for 2027.
The site will feature a customer experience center, offices, and dedicated control centers for fleet management and operations. Well into productization, Torc’s expansion in the Dallas-Fort Worth metro area positions the company for the next phase of autonomous driving and provides a strategic advantage due to its proximity to a major freight route between Dallas and Laredo, Texas, on Interstate 35. Laredo is the largest economic port of entry in the US, with more than 15,000 truck crossings per day and $320B in total trade last year, opening up a prime opportunity for Torc’s growth.
“Establishing our presence in the Dallas-Fort Worth area, a key region for the future of autonomous trucking, is a critical milestone for Torc,” commented Peter Vaughan Schmidt, CEO. “This new hub will enable us to better serve our current and future customers, enhance our operational capabilities, and drive forward the adoption of autonomous technology in the logistics industry. As we work toward commercialization, the new hub will give us access to talent, resources and routes that we didn’t previously have, and we’re excited about the growth opportunities ahead.”
“Opening our Dallas Fort Worth hub is a testament to the incredible progress Torc has made. This new hub not only expands our operational footprint but also reinforces our commitment to advancing autonomous technology,” said Andrew Culhane, Chief Commercial Officer for Torc. “This comes on the heels of the successful product acceptance test validation of our autonomous trucks without a driver in a multi-lane, closed-course, highway-speed environment, further showcasing our dedication to the highest safety and product maturity standards. As we continue through the productization phase of our development cycle, we are excited about the future and the opportunities this new hub opens up.”
“We are excited to welcome Torc to AllianceTexas. This collaboration highlights Hillwood’s commitment to fostering mobility innovation and building a more resilient supply chain ecosystem with industry-leading technology, reliable infrastructure, and forward-thinking customers,” said Ian Kinne, Director of Logistics Innovation at Hillwood. “The strategic location of this hub along the critical freight corridor of Interstate 35 is a testament to some of the unique advantages of AllianceTexas. Torc’s presence here will further drive innovation, enhance connectivity, and provide significant value to our customers as we work toward a more efficient and connected future in logistics.”
The hub will be located at 13119 Old Denton Rd., Fort Worth, TX 76177, and Torc plans to start occupying the new space early this year. The new site includes an 18-acre facility and 22,000 square feet of office space. The facility will be built out over the first half of 2025, ensuring it complies with the standards required for autonomous vehicle operations.
Announced in late 2024, Torc is also expanding its workforce in the Ann Arbor, Mich., area, where it plans to hire more than 100 positions in the coming months.