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Dallas Business Journal
This North Texas suburb ranks 5th in U.S. for best place to live
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> North Texas' ever-growing sprawl of suburbs has produced plenty of competition: From best schools to best cities for renters to safest communities, and anything and everything in between.<\p>
These North Texas hospitals ranked among the best in the state
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> Five of the top 15 hospitals in the state are in North Texas, according to new U.S. News and World Report rankings.<\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
Corporate cash, hotel stays, home runs coalesce at MLB's big party
Arlington and Fort Worth officials say the MLB All-Star Game and surrounding events have come with major league economic impact as both cities continue to elevate their sports identities.<\p> Brent DeRaad, president and CEO of the Arlington Convention and Visitors Bureau, estimated in- and out-of-state visitors and Major League Baseball would spend about $86 million across the region during the festivities.<\p>
High-rise to get high-end restaurant spanning 3 floors
A Latin fusion restaurant called Bocado is taking three floors of the commercial space in one of the tallest buildings in Fort Worth.<\p> It has leased 16,397 square feet in The Tower, a 35-story condominiums building at 500 Throckmorton St., including room for a 5,200-square-foot speakeasy bar. The Tower's retail space is at the foot of the building.<\p>
Dallas energy giants form JV
Two Dallas-based oil and gas giants that have been active dealmakers so far in 2024 just agreed to pursue a joint venture in the Permian Basin.<\p> Energy Transfer LP and Sunoco LP announced July 16 that they will combine their crude oil and produced water-gathering pipelines and related equipment in the Permian Basin, which spans West Texas and New Mexico. Energy Transfer (NYSE: ET) will serve as the operator of the joint venture and hold a 67.5% interest, while Sunoco (NYSE: SUN) will hold a 32.5% interest.<\p>
Walmart expands in DFW with different kind of facility
Walmart Inc. has opened a 730,000-square-foot perishable distribution center in Lancaster, the latest investment by the corporate behemoth in southern Dallas County.<\p> Located at 940 East Pleasant Run Road, the distribution center will employ more than 500 people full-time, according to a July 16 announcement. It is the retail giant’s second facility in Lancaster, following the 2023 opening of a fulfillment center in the city.<\p>
Design-build company names new regional leader
LGE Design Build has named Ray Catlin as its new regional vice president for Texas. <\p> Catlin officially stepped into his new role on July 15 and will oversee the expansion of the design-build construction company’s business and impact in the state. He has 27 years of construction experience and most recently served as the president at Threecore LLC. He’s previously led several construction firms including Peinado Construction and Schimenti Construction Co. as president and executive vice president, respectively, according to his LinkedIn.<\p>
Mesquite lands $100M plant, 140-plus jobs
A manufacturer of clean energy storage products is investing $100 million in a new 483,874-square-foot facility in Mesquite. <\p> The new battery module and system assembly plant by Hithium Tech USA Inc. will be located in the 20 East Trinity Pointe business park, the Dallas Morning News reported. This marks Hithium’s first production location in the U.S. and will generate 141 manufacturing jobs in five years. <\p>
Michelin recognition coming for Texas eateries
After years of anticipation, restaurants in some Texas cities are now eligible for recognition in the Michelin Guide, one of the most-renowned distinctions in the restaurant world.<\p> The French-based tire company that has established itself as a culinary barometer announced July 16 that it will consider establishments in Austin, Dallas, Fort Worth, Houston and San Antonio for its new Michelin Guide Texas, expected to publish before the end of 2024. The announcement comes after several restaurant associations have advocated for Texas to be included among other cities in the guide, including New York, San Francisco and Chicago.<\p>
Slync CEO sentenced in fraud case tried to buy English soccer clubs
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> The former CEO of a North Texas tech company last week was sentenced to 20 years in prison, accused of living a lavish lifestyle while defrauding investors in his company.<\p>
Discount retailer expects to close dozens of stores
After posting a nearly half-billion-dollar loss last year, Big Lots is concerned about its future and expects to close dozens of stores.<\p> In the Ohio-based company's quarterly report filed in June, it concluded there is a "significant likelihood" it won't be able to pay its debt within the next year, raising "substantial doubt" about its "ability to continue."<\p>
Veteran-owned firms produce hundreds of millions in revenue in DFW
Byrne Construction Services' expertise building complex municipal projects helps explains its packed project pipeline.<\p> The Fort Worth-based company recorded $248.4 million in revenue in 2023, more than any other company that responded to Dallas Business Journal's new list of veteran-owned businesses in North Texas.<\p>
Crescent's newest tenant sought office with 'energy of Uptown'
Law firm Fisher Phillips LLP has moved its Dallas office to Uptown from downtown as it continues to grow its presence in the region.<\p> The Atlanta-based firm, previously located at Lincoln Plaza in downtown Dallas, now occupies more than 10,000 square feet at The Crescent in Uptown. Fisher Phillips also announced July 15 it has tapped Adam Sloustcher as its new regional managing partner in the Dallas office. Sloustcher succeeded Michael Abcarian, who had led the Dallas office since it opened in 2005.<\p>
What MLB Draft at Cowtown Coliseum looked like
Last night wasn’t Major League Baseball's first rodeo with its annual draft in tandem with the All-Star Game — that setup first debuted back in 2021 — but this was certainly MLB’s first time in a rodeo.<\p> MLB staged Sunday’s draft in Cowtown Coliseum in Fort Worth, the 116-year-old home of the world’s only year-round rodeo. About 2,000 fans filled the seats while select guests, league officials and media were stationed on the dirt floor.<\p>
CMBS apartment distress surges as operators struggle to refinance
Distress in the multifamily sector of commercial real estate is mounting as debt issued during a time of ultra-low interest rates is coming due.<\p> Among commercial mortgage-backed securities loans for single-borrower, large multifamily properties, the rate of distress is up 185% in the past six months, according to an analysis by Wayne, Pennsylvania-based commercial real estate data-analytics platform CRED iQ.<\p>
Old Parkland East signs marquee tenant
Polsinelli PC, a major law firm with more than 1,000 total attorneys, is gearing up to relocate its Dallas office to a high-profile new location.<\p> Currently located in the Frost Tower in the Harwood District just north of downtown, Polsinelli has leased 41,000 square feet in Old Parkland East, a new addition by developer Crow Holdings to the well-known office campus. The law firm targets a summer 2025 move-in.<\p>
Lifetime achievement winner crowned
Anne Chow, the former CEO of AT&T Business who has remained an influential voice on leadership since leaving the telecommunication giant, is the 2024 recipient of the Women in Business Lifetime Achievement Award.<\p> Chow was selected by Dallas Business Journal leaders with feedback from community stakeholders. She will be recognized at Dallas Business Journal's Women in Business Awards on Aug. 29, along with this year's 27 other honorees.<\p>
Air taxis considered by Southwest
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> Southwest Airlines on Friday announced a partnership with an air taxi company to "develop operational plans" for air taxi networks at California airports where Southwest operates. <\p>
$46B division of financial services firm has new leader
Integrity Marketing Group LLC has tapped a longtime financial industry executive to lead its newly formed wealth management division.<\p> Dallas-based Integrity announced July 10 the appointment of Craig Walling as president of its $46 billion-asset wealth management division. The financial services firm is a distributor of life and health insurance and also provides wealth management and retirement planning services.<\p>
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