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Good morning. Fort Worth just put real money behind its factory ambitions. A 10-year abatement worth about $6M aims to land Harting's $192.7M U.S. plant and the 700 jobs that come with it.
🎙️ No Cap Encore: While the guys take a short break, we're revisiting No Cap's most-watched episode to date: Bob Knakal on NYC real estate, dealmaking, and four decades in the business.
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Market Snapshot
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Incentive Bet
Fort Worth Trades a Decade of Tax Relief for a $192.7M Harting Plant
Fort Worth has agreed to court a German manufacturer with a decade of tax refunds, betting that a connector plant anchors its next wave of advanced manufacturing.
By the numbers: The council approved a 10-year abatement refunding up to 65% of the plant's property taxes, a break the city values at $6M. Officials call it a 3% participation rate that returns $32 for every public dollar.
The commitment: Harting would have to spend $31.1M on construction across three Whitebeam Brook and Gosden Close sites by the end of 2027, then another $161.6M on equipment by 2031.
Local spend baked in: The deal also asks Harting to steer 30% of its construction dollars to small businesses, a condition the city wrote into the incentive.
Still a contest: The connector maker, now run from Illinois, is weighing two other sites for its North American headquarters, so the award is not yet locked.
A bigger play: Fort Worth has been chasing semiconductor-linked tenants for a while. Wistron InfoComm opened a $700M plant this summer to build components for Nvidia's AI supercomputers.
➥ THE TAKEAWAY
Clusters compound: Each win makes the next pitch easier, as a growing base of advanced-manufacturing tenants lifts the value of Fort Worth's industrial land and the case for the incentives that draw them.
Around Texas
➥ Skybox Datacenters won rezoning for a 140-acre Hutto site, yet an ERCOT connection freeze leaves its data-center power unresolved until 2028.
➥ Drone-connectivity maker Doodle Labs is relocating its U.S. headquarters to Austin, drawn by the Army's research presence and a fast-growing defense-tech cluster.
➥ A Frisco project pairing a 12,500 SF Trader Joe's with a 158-unit senior living facility advanced at City Council, pushing grocery-anchored mixed-use forward.
➥ A former Midtown Redevelopment Authority manager drew a 10-year sentence for stealing millions meant for Third Ward affordable housing, a warning on public-development oversight.
Follow the Money
| RESIDENTIALFORT WORTH Hines acquired the 1,476-acre Brown Ranch to build 3,800 homes averaging about $500K over roughly 12 years. |
| POLICYDALLAS The city funded $500K for eviction defense inside a record $6B budget, though officials warned the money may not return in 2027. |
| OFFICEIRVING Test Valley renewed its 35K SF headquarters and lab at the Royal Jetstar Tech Center, keeping the Class-A flex project near DFW fully leased. |
| HOSPITALITYHILL COUNTRY A 106-acre Waldorf Astoria resort near Fredericksburg cleared a key approval, with 60 rooms, residences from $3.5M and a 2029 opening. |
📈 CHART OF THE WEEK
Texas employment grew 1.6% from May to August, led by professional and business services, leisure and hospitality, and manufacturing, while information, other services and oil and gas declined.
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