“What’s The GOOD News?” February 2019

“What’s The GOOD News?”

February 2019

1.*   Sixth terminal in sights as DFW earns Airport of the Year title. Efficient operations, the addition of multiple international flights and strong partnerships with its airlines proved to be a winning combination for Dallas Fort Worth International Airport, which was named 2019 Airport of the Year by Air Transport World, a leading industry publication. Sean Donohue, CEO of DFW Airport, said the honor is the aviation industry equivalent of receiving an Academy Award. “In the next year we’ll see even more (growth),” Donohue said, so a sixth terminal is also in the airport’s near-term growth plan, Donohue said. “When we look at the next 10 years, we’re probably going to get close to 100 million customers, and we’re going to need more facilities,” he said. Airport officials have determined DFW will need 20 to 30 new gates over that period.

2.*   Plano's $3 billion Legacy West development has landed another major Japanese company. The hugely successful real estate project at the southwest corner of the Dallas North Tollway and State Highway 121 is home to Toyota's North American headquarters. NTT Data, a unit of Japan's Nippon Telegraph and Telephone, has its U.S. headquarters there, too. Now another big Japan-based firm, international insurance giant Tokio Marine Holdings, is putting a big office there. The financial firm, which has more than 35,000 employees in 38 countries, has rented more than 22,000 square feet of offices in the One Legacy West tower at Legacy Drive and State Highway 121. Tokio Marine has its U.S. main office in New York and is the largest property and casualty insurance firm in Japan. In 2017, the firm had assets valued at over $200 billion.

3.*   Multiple home builders in North Texas are responding to a growing demand in the national housing market: multi generational housing. One of those builders, Lennar Homes, expects to sell around 125 of its Next Gen houses this year in the Dallas-Fort Worth area. The Next Gen homes feature a fully-equipped suite built into them, designed to provide a private living space for an adult family member within the confines of the larger, family home. "It's a fully functional home within a home," said David Grove, the Division President for Lennar Homes in DFW. The new houses have a living room, a full kitchen, an accessible bathroom and ample closet space on the ground floor. There's a separate entrance and a door that leads into the main house.

4.*   A development group has bought property in Frisco for a 250-acre mixed-use project. The project is planned for Legacy Drive in Frisco, next door to the site where PGA of America is building its headquarters and golf courses. The property will be within walking distance of the Omni Frisco Resort Hotel and Conference Center planned for the PGA site as well. Stillwater Capital, DSF Capital and investor Stephen Summers formed the partnership to acquire the property. The new owners say they will seek zoning to develop the site for retail, residential, office, medical and hospitality buildings.

5.*   DFW is home to 4 of the top 20 trending suburbs, but which are the most popular rental markets? RentCafe.com’s latest study used data from Yardi Matrix and the US Census Bureau to look into renter population changes between 2011 and 2016 and the change in rent prices. As a result, the study found Flower Mound was the third most popular market in the nation. The renter population in Flower Mound went up by a staggering 115%, while the average rent increased by 22% between 2011 and 2016. In 2018, the average monthly rent in Flower Mound was $1,546 (up 22% since 2014), one of the highest in the top 20. Allen was the eighth most popular suburb in the country.

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