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✈️Perot's 2100 D-FW; To compete or not; EV credits to change

PLUS: More bite-size business news to keep you informed and make you smarter

October 11, 2023

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📣NEWS OF THE DAY:

Apartment rents in the Dallas-Fort Worth region slipped 0.3% in September, the third consecutive month of rent cuts and the steepest monthly decline since November 2022. Annually, rents are down 1%.

Halloween has become a big deal with 82% of homeowners decorating this year, according to a poll of homeowners by Lombardo Homes. An average of $145 is spent on decorations, with Texas ranking fourth in the country as the state that most gets into the spirit of Halloween.  

Ross Perot Jr. says he's building for a 2100 future in which DFW is the nation's largest metro. The Hillwood/Alliance developer spoke recently with the Dallas Business Journal about how changing transportation technology could impact real estate.

  • Transportation technology has evolved rapidly in recent years, and continued iterations will help shape growth in the North Texas region. "The technology really hitting now is the autonomous truck. In our world, we’re running trucks every day from Alliance to Houston. When you get autonomous trucking, the impact on Alliance with its (millions of) square feet of industrial space, that’s a big change. In the future, look at what we’ve done with Walmart, with Google and Wing...We’re now using Google Wing in our Frisco program, and we’re doing drone delivery within a 5-mile radius of Frisco."

  • “We’re the fastest growing region in the country. When we started Alliance, we had 3 million people. Now we have 8 million, meaning 5 million people showed up in 35 years...Where are we going to be in 2050? We think we’ll be at 13 million to 16 million, meaning we could double the size of Dallas-Fort Worth in the rest of my life."

  • "We don’t have any limits to our growth, and there are no barriers. We’re going to pass Chicago and be the third largest region in the nation. New York, Los Angeles, Dallas-Fort Worth. New York can’t grow any more; it’s got the Atlantic Ocean. L.A. has the Pacific Ocean and mountains. We can grow in 360 degrees uninterrupted. In 2100, Dallas-Fort Worth will be the largest city in the United States. Houston will be number two, Austin will be number three. The three largest regions in the nation are going to be in Texas. For the next 70 years, that’s what we’re building for.”

The Texas Permit Delay Law, enacted in June to expedite the construction permit process, is off to a slow start. The law requires local governments to decide permit applications within two weeks of their review deadline. If they fail to do so, developers can take their applications to another municipality or any licensed engineer in Texas. Cities are still figuring out how to implement it, and many developers don’t know it exists. Supporters of the law believe that it will help boost economic growth by reducing delays in the process.

One in five Americans is bound by a non-compete, employment agreement, but that could change if the Federal Trade Commission finalizes its proposal to bar them. The FTC contends non-competes undermine economic liberty, hinder workers’ ability to pursue better options, and suppress wages. Many business owners are adamant they need to be able to use non-competes. The pros and cons are explored in a series of podcasts here.

Provident Realty Advisors and Trez Capital announced the acquisition of a development site in Burleson. Roaming Trails RV Retreat is 15 minutes south of downtown Fort Worth and will have 196 pads on 22 acres, with gated concrete streets, open spaces and multi-vehicle parking. Other amenities include resort pools, package lockers, dog parks and digital fiber internet.

Starting in January, eligible electric vehicle buyers can receive a federal tax credit as an upfront discount at the dealership, instead of having to wait to claim EV credits on their federal income tax returns.

High Circle Ventures, a Southlake-based alternative investment firm, has raised $3.25 million for a fund titled "HCV 011 LLC." Fund founder Hemath Golla has led previous investments in ChatGPT developer OpenAI, Robinhood and SpaceX.

Fort Worth Chamber explains its relationship to the Fort Worth Economic Development Partnership and details its future intentions. (link)

The Greater Fort Worth Chapter of the PRSA has selected Opal Lee, the “Grandmother of Juneteenth,” as the 2023 Communicator of the Year, and Matt Zavadsky, the chief transformation officer at MedStar, as the 2023 Douglas Ann Newsom PRSA Professional of the Year.

“Do you mind? I’m reading the prospectus carefully before investing.”

👞👠PEOPLE ON THE MOVE:

  • Ribbon: Names Shay Feeney Head of Marketing and Partnerships

  • Balcom Agency: Hires Linda Goelzer as Director of PR

✂️SNIPPETS:

  • Missouri man breaks Guinness World Record for longest journey on 1,208-pound pumpkin vessel.

  • Set sail: Cruise prices are way up as operators meet surging travel demand.

  • Billionaire with 'more wine than could be drunk in a lifetime' to sell 25,000 bottles worth $50 million. Some bottles could sell for as much as $190,000.

⌚TODAY IN HISTORY (October 11):

  • 1975: "Saturday Night Live," created by Lorne Michaels, premieres on NBC with George Carlin as host.

  • 1984: Astronaut Kathryn Sullivan becomes the first American woman to walk in space.

  • 2001: The Polaroid Corporation files for federal bankruptcy protection.

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