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Dallas Business Journal
Another longtime business to leave Sundance Square
An improv comedy company that has been located in Fort Worth's Sundance Square for roughly 27 years recently announced it is seeking another location.<\p> David Wilk, a founding member of Four Day Weekend, said the company found out two weeks ago that its lease at 312 Houston St. would not be renewed by the landlord when it expires July 31.<\p>
DFW suburb had record 2023 for economic development
2023 was a banner year for economic development in Mesquite, with around 2,800 new jobs pledged by companies moving into the city east of Dallas.<\p> While it's unlikely 2024 will reach those heights, city boosters are putting the pieces in place to hopefully sustain corporate interest for years to come.<\p>
East Dallas shopping center up for sale
A large shopping center in a well-off neighborhood near White Rock Lake recently hit the market.<\p> JLL Capital Markets on May 20 listed Skillman Live Oak Center, at the intersection of Skillman and Live Oak streets, for sale. The strip center spans 74,653 square feet and first opened in 1948. It is located in Lakewood, an affluent part of East Dallas. The average household income for the area is more than $142,000, according to data from JLL.<\p>
Dallas skyscraper has new owner
Slate Asset Management now owns Comerica Bank Tower, one of the biggest office skyscrapers in downtown Dallas.<\p> The Dallas Morning News reported May 24 that an affiliate of Canada-based Slate has acquired full ownership of the 60-story building at 1717 Main St. Slate was previously the lender on the property, according to DMN.<\p>
Real estate commissions shakeup will require more agent scrutiny
The National Association of Realtors and several brokerages have struck big money deals to settle an array of class-action lawsuits around real estate commissions.<\p> It might become harder for homebuyers to figure out how to pick the right agent to work with in the wake of the settlements. That's because the settlements, which now add up to hundreds of millions of dollars, will also bring with them changes in how buying agents are paid, how homes are listed and may require more buyers to pay for an agent directly when buying a home. And if buyers potentially shell out thousands of dollars or more, they will have to do their own due diligence.<\p>
What employers need to know about the crushing childcare costs
In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child-care options. <\p> But child-care costs are soaring, thanks to the child-care cliff, a lack of new child-care centers and workforce shortages in the industry, among other factors. <\p>
How big is Schwab in DFW — and how much more will it grow?
Charles Schwab Corp. could grow the workforce at and near its Westlake headquarters to 10,000 over the next few years, President Rick Wurster said.<\p> Schwab (NYSE: SCHW), which relocated its headquarters to North Texas from California in 2021, currently has around 7,000 people at its campus off State Highway 114, Wurster said during a May 21 briefing ahead of the financial giant's "Investor Day" on May 22. Executives laid out their growth plans, including what they see as an opportunity to add at least $500 billion in client assets following Schwab's multi-year integration of TD Ameritrade.<\p>
Red Lobster could shutter more restaurants
Another 120 lower-performing Red Lobster restaurants are being eyeballed for possible closure if the company can’t get better terms from its landlords, which would mean cutting up to another 8,400 jobs across the nation, based on it having 60-70 employees per restaurant.<\p> So said legal counsel for Red Lobster Management LLC this week during the company's first hearing before U.S. Bankruptcy Judge Grace E. Robson. No specific locations were mentioned.<\p>
DFW companies leave mark on Wall Street
The Dallas-Fort Worth region is awash with public companies — and we have the numbers to prove it.<\p> Dallas Business Journal today published its latest look at the public companies headquartered in North Texas. While we fit records on 40 companies in print, the online list below has data on more than 100.<\p>
2,000-home community in the works in Forney
Builders are cranking up pre-sales and opening their model homes in Walden Pond, a large, new multi-phased residential community in Forney.<\p> When fully developed, Walden Pond to the east and west of FM 548 will encompass 214 acres and offer 2,055 single-family home sites across three sections: East, West and South, according to the developer, Farmers Branch-based Centurion American Development Group. The development near Lake Ray Hubbard and east of Dallas will offer green space, parks, an amenity center, hike and bike trails, and is zoned for the Forney Independent School District, the company's website states. <\p>
Caterpillar's record profits are good news for everyone
Things are looking up for heavy equipment manufacturer Caterpillar Inc. — and thus for the entire global economy.<\p> The company that has long been held up as a barometer of the industrial sector has seen its market capitalization rise 18% in the past five months to about $174 billion as of May 20. That was up from $147.1 billion at the start of the year.<\p>
Irving-based Caterpillar investing $90M in 2 Texas plants
An industrial manufacturer headquartered in North Texas is making significant investments to its capabilities in the San Antonio area.<\p> Irving-based Caterpillar Inc. (NYSE: CAT) announced May 16 a $90 million investment in two of its facilities in the San Antonio suburbs of Schertz and Seguin. The firm is preparing the two sites to produce its new Cat C13D industrial diesel engine, with $70 million going to Schertz for new equipment installs and the remaining $20 million intended for Seguin to support engine assembly. 25 new jobs are slated for the Schertz facility. <\p>
Walmart reducing Dallas operations, impacting over 1,400 employees
Walmart Inc is reducing its operations in Dallas, a move that will impact more than 1,400 employees. <\p> The retailer is closing its facility at 603 Munger Blvd. in Dallas and a call center at 1025 W Trinity Mills Rd. in Carrollton, according to two Worker Adjustment and Retraining Notification letters sent to the state. A spokesperson for the company didn't immediately respond to a request for comment. <\p>
Strike ends as beer giant, union reach deal in DFW
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> Molson Coors and 420 workers at its Fort Worth brewery announced Wednesday that they reached an agreement on a new, three-year contract, ending a strike that lasted more than three months.<\p>
Behind Texas Capital Bank's public finance play
As Texas Capital Bank enters the public finance arena, its head of corporate and investment banking has a clear goal.<\p> "I think that there should be a Texas-based bank that is in the top three for Texas underwriters," Dan Hoverman said.<\p>
A Covid-era option for bankruptcy filings is about to expire
Small businesses will be left without a useful Covid-era bankruptcy tool when it expires in the coming weeks — a development occurring just as bankruptcies are on the rise.<\p> The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way. In March 2020, as the pandemic took hold across the country and worldwide, Congress raised that benchmark to $7.5 million, allowing many more businesses to use the Subchapter V option. <\p>
20 DFW leaders shaping our future
Dallas Business Journal is proud to present another edition of the Women in Technology Awards.<\p> DBJ is honoring 20 women from across North Texas in this year’s class. They have shaped our world through fields including global retail, cybersecurity, sales and marketing and biotech. The honorees hold multiple patents. A few have started companies. And others lead global companies or academic teams.<\p>
The 'lock-in' effect is hitting homebuyers. It may get worse.
Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.<\p> The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.<\p>
Exec dedicated to helping DFW firm serve military families
First Command Financial Services Inc. has brought on a new executive to help oversee a transformation in how the company serves and supports military clients and their families.<\p> The Fort Worth-based financial firm announced on May 22 it has appointed Nancy Nee to the newly created role of chief strategy and transformation officer. Nee, who previously worked in the same role within the treasury services division of the Federal Reserve Bank of Cleveland, will have responsibility for leading First Command's efforts in developing new products and services while also implementing new processes and technology systems.<\p>
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