✈️Did Lockheed add storage for $$$ gains? Stockyards lasso Paul Paine

E-Space, a satellite communications company, and Arlington were expected to complete a deal last night for its new headquarters and manufacturing plant in the city. The public-private partnership paves the way for a 750,000-square-foot facility and 3,000 jobs. The city’s economic development corporation would contribute up to $50 million in municipal bond proceeds, and at end of construction, the EDC would lease the facility to E-space for a minimum $2 million per year. The city expects upward of $8B in taxable wages during the 30-year lease.

The Real Deal reports that Tides Equities, a Los Angeles-based firm,  is facing foreclosure on three Fort Worth multi-family properties. They are scheduled for a May foreclosure auction. The properties are Tides at Eastchase at 8900 Randol Mill Road, Tides at Woodhaven at 807 The Heights Drive, and Tides on Boca Raton South at 5950 Boca Raton Boulevard. 

Business networking group YTexas has renewed its multi-year facility partnership with the Dallas Cowboys. The business networking summit will continue to be held at AT&T Stadium. YTexas helps companies that want to relocate to or expand in the state with connections to government resources, media exposure and economic development incentives.

Two entities of the Will Rogers Memorial Center complex, which will undergo $110 million in renovations during the next five years, got money from Fort Worth yesterday...$687,805 for the roof of Will Rogers Memorial Auditorium and approximately $4 million for the electrical system within the Amon G. Carter Jr. Exhibits Hall.

Hillwood has purchased a 1-million-square-foot warehouse leased by Amazon in Jupiter, Fl., for $106.5 million. An affiliate of Truist Securities paid $21.8 million in 2020 for 100 acres and completed the warehouse a year later. 

The Labor Department raised the salary threshold for the overtime rule (now $35,568) and about 4 million more workers are eligible for 1.5x wages on hours more than 40 in a week. As of July 1, workers who earn less than $43,888 automatically qualify. On Jan. 1, 2025, that number jumps to $58,656.

A federal jury said BNSF Railway contributed to the deaths of two people exposed to asbestos decades ago when it shipped tainted mining material through Libby, Montana and thousands got sick. The jury awarded $4 million in compensatory damages to each of the estates of the two plaintiffs, who died in 2020. Jurors said asbestos-contaminated vermiculite that spilled in the rail yard was a substantial factor in the illnesses and death.

Lockheed Martin Corp. announced impressive first-quarter financial results with net sales of $17.2 billion, surpassing analyst estimates of $15.99 billion and reflecting a significant increase from $15.1 billion in the same quarter of 2023. Net earnings stood at $1.5 billion, or $6.39 per share, exceeding the analysts' EPS estimate of $5.81.

According to Holt Lunsford Commercial real estate, Lockheed Martin Corp. has signed a lease for 136,165 square feet of industrial space at Fort West Commerce Center at 3101 NW Centre Drive. The space would be for storage. The three-building industrial park has 531,601 square feet of space. 

Attorney General Ken Paxton secured a temporary administrative stay from the Supreme Court of Texas ordering Harris County not to distribute any public money. The program selected 1,928 residents to receive $500 cash payments for 18 months with “no strings attached.” Paxton claimed the program violates the Texas Constitution, which forbids “any county, city, town or other political corporation or subdivision … to grant public money or thing of value in aid of, or to any individual.”

Tootl Transport, a non-emergency medical transportation company founded in Chicago, is now in Arlington, as well as Denton, Johnson, Dallas, and Ellis counties. Tootl provides wheelchair-accessible transportation for people with mobility and cognitive disabilities, using special vehicles with drivers who are trained to handle mobility devices and interact with special needs individuals.

Following consultants' recommendations, Fort Worth voted unanimously to increase the maximum height of buildings on Panther Island along North Main St. from 96 feet to 20 stories (approximately 200 feet).

The Fort Worth, Fort Worth Hispanic, and Fort Worth Metropolitan Black chambers announced their joint support of Proposition A, the proposed 2-percentage-point increase to the Hotel Occupancy Tax Rate before Fort Worth voters on the May 4 ballot. The added tax is to benefit expediting Phase 2 of the Fort Worth Convention Center's expansion. 

The U.S. House has voted 360 to 58 to approve a bill that would force China's ByteDance to sell its popular video platform TikTok or face a ban in U.S. app stores. The legislation sets the sale deadline at 270 days but allows President Biden to extend the timeline 90 days.

Announcements:

• Fort Worth Stockyards, Inc.: Hires Paul Paine as President.

• @properties lone star Christie’s International Real Estate: Hires Michael Hoover as Regional Vice President for new Fort Worth office.

• D-FW International Airport: Hires Maiya N. Hollie as Senior Community Engagement Manager.

• Lennox International: Hires Diana Martinez as Sr. Manager-Lean Transportation.

• TCU: Names Heath Einstein Vice Provost for enrollment management. He had been Dean of Admission.

Last poll results: What is your favorite type of pizza crust? Thin (41%), Classic (30%), Deep dish (16%), Other (13%).