STATE of DOWNTOWN 2018

#DowntownFortWorth Foreword

Welcome to our fourteenth edition of the State of Downtown report. This publication is produced by , Inc. (DFWI) and Fort Worth Improvement Districts (PID), #1 and #14 to communicate the underlying economic trends shaping our center city.

Downtown Fort Worth continued its outstanding momentum in 2018. Office rental and occupancy rates compare favorably with other North Texas Submarkets while hospitality measures were among the strongest in the country. Retail remained strong and residential sales and leasing activity reached new highs.

The State of Downtown is your window into the economic forces shaping our center city. The data presented in the State of Downtown is compiled throughout the year by DFWI’s Director of Research. In addition, quarterly and monthly updates for certain market segments are available upon request and at www.dfwi.org.

Your thoughts on how to improve this publication are welcome, and we encourage you to share your insights with us.

On behalf of Downtown Fort Worth, Inc. and Fort Worth Improvement Districts #1 and #14, Arrie Mitchell thank you for your interest in Downtown. Director of Research [email protected]

Larry Auth Rick Baumeister Chairman Chairman of the Board Fort Worth Improvement Downtown Fort Worth, Inc. District #1 (PID)

Table of Contents

Year in Review ...... 2 Quality of Life ...... 46 Office and Employment ...... 10 Education...... 50 Population and Housing ...... 18 Transportation ...... 52 Hospitality ...... 34 PID Advisory Board ...... 58 Retail ...... 40

Cover Photo: TEXRail at Fort Worth Central Station ABOUT US

DFWI’s Mission TIF The mission of Downtown Fort Worth, Inc., is to be PID #1 the catalyst for transforming Downtown into a PID#14 vibrant place to live, visit, enjoy and conduct business through aggressive leadership of programs, projects and partnerships.

Who We Are

Formed in 1981, DFWI is Downtown Fort Worth’s planning, advocacy, public space and project management organization. DFWI also builds Downtown Fort Worth’s vitality by serving as a liaison, ombudsman and information source for property owners, residents, business owners, lenders, developers, community organizations and policy-makers.

What We Do

DFWI is a 501(c)(6) nonprofit membership organization. In addition to coordinating the Downtown planning process, advocacy, member services, communications and Downtown leadership, DFWI members founded the first Public Improvement District (PID) in the state of Texas in 1986. DFWI continues to manage PID #1 and also manages PID #14. These PIDs provide enhanced services to property owners including maintenance and landscaping, public space management, promotions and marketing, research, transportation, planning and security enhancements to 564 acres of Downtown. DFWI also administers the Downtown Tax Increment Finance District (TIF) by contract with the City of Fort Worth. Eligible TIF projects include parking, infrastructure assistance to new developments, historic preservation, affordable housing, transportation and education. DFWI staffs the Downtown Neighborhood Alliance, an organization of Downtown residents that promotes, preserves, encourages and enhances residential quality of life in Downtown Fort Worth. Downtown Fort Worth Initiatives, Inc. (DFWII) is a 501(c)(3) nonprofit corporation that provides a pathway for foundation grants, philanthropic donations and other contributions to help fund charitable, educational and public-purpose Downtown projects. Each year DFWII helps to bring more than 500,000 people to Downtown by producing the MAIN ST. Fort Worth Arts Festival and the GM Financial Parade of Lights. DFWII also developed the JFK Tribute in Fort Worth, redeveloped Burnett Park and is currently administering the Heritage Park restoration design. DFWII is a partner with Fort Worth Housing Solutions in the 172-unit, mixed-income Hillside Apartment community.

STATE OF DOWNTOWN FORT WORTH 2018 1 2 Year in Review STATE OF DOWNTOWN FORT WORTH 2018 DOWNTOWN BY THENUMBERS in property taxes paid inDowntown in2018 private payroll in2016 $3 per employee average private payroll $82,635 Downtown employees (all jobs) 45,245 private employees 36,397 Downtown businesses 1,571 4.3 2,752 in total taxes paid Downtown 1992–2018 $2,407,000,000 $63 Million in hotel taxes paid inDowntown 2018 $19.4 Million appraised value of property inTarrant County in2018 $228.1 Billion appraised value of property intheCity of Fort Worth in2018 $88.5 Billion $3.8 Billion appraised value of property inDowntown Fort Worth in2018

BILLION square miles

acres

county, contributing employment center inthe payroll thanany other Downtown generates alarger At residential units 4,323 Downtown residents 7,783 3,051 square feet of office space 13.8 MILLION 18.7 private payroll weight in its geographic hotel rooms $3,007,652,000

Sources: CityofFortWorth, Downtown FortWorth, Inc.,Tarrant County, U.S.CensusBureau, StateofTexas times

Big Picture: Downtown Fort Worth is a 4.3-square-mile, high-performing North Texas submarket. With over 45,000 employees, Downtown Fort Worth is the largest employment center in Tarrant County. Private payroll generated in Downtown exceeds $3 billion per year, the highest among employment centers in the county. The labor force in Fort Worth grew by 30.2% from December 2009 to December 2018. This growth rate is 4.4 times faster than the national labor force, which grew at 6.9%. Fort Worth grew 1.9 times faster than Texas at 15.8%. Over this same period, Fort Worth added 112,863 jobs, increasing its employment by 36.8%. During the same period, Texas increased its employment by 21.5%, while national employment increased by 13.7%. Trinity River The Fort Worth-Arlington metro area’s annual employment growth rate from December 2017 to December 2018 was 3.3% compared to 1.9% for the nation. The unemployment rate for the City of Fort Worth was 3.4% in December 2018, lower than the national rate of 3.9%. Downtown is bordered by The -Fort Worth-Arlington I-30, I-35 and the Trinity River. metropolitan area’s population grew from 5,161,544 in 2000 to 7,104,415 in 2016. 15.5% of this regional growth is attributed to Fort Worth.

Population: From 2000 to 2016, 30.2% of regional population growth (for cities with more Contribution of Fort Worth to Regional Growth than 100,000) occurred in Fort Worth. Dallas Richardson 2% Arlington 6% contributed 11.2%. Carrollton 2% Source: U.S. Census Bureau Plano 6% Dallas 11% Denton 5% Mesquite 2%

McKinney 11%

Irving 5%

%

0

Grand Prairie 6% 3

h t Garland 2% r o t W Frisco 12% For

Source: U.S. Census Bureau 2016

Employment: Employment in Job Growth From December 2009 to December 2018 Fort Worth grew by 36.8% from 160,000 December 2009 to December 2018. In Dallas it grew by 25.6%. 140,000 138,216 Source: Texas Workforce Commission 120,000 112,864 100,000

80,000

60,000

0 Dallas Fort Worth

STATE OF DOWNTOWN FORT WORTH 2018 3 4 Year in Review STATE OF DOWNTOWN FORT WORTH 2018

100% Downtown Fort Worth in4Q2018 was 81.4%. Office: efforts are alignedtodothis. choice. Newcityincentives,ChamberandDFWI to promote itselfasacompetitiveNorthTexas office indicates theneedforamore robust FortWorth push Frost Tower, office performanceinrecent years While negativeabsorptionin2018includesthenew added tothemarketin25-storyFrost Tower. In 2018,259,000sq/ftofClassAoffice spacewas

80%

50% 60% 90%

70% All Office Space Occupancy

91.1% USA Occupancy of Class Aoffice space in 4Q 2018

Fort Worth

90.0%

Downtown

Fort Worth 88.7%

Class AOffice Space Occupancy

USA 88.1%

Fort Worth 4Q 2018

88.7% >10,001 4,001–10,000 Downtown Source: CoStar <4,000 SPACE (SF) Leasing Activity, Share of Market

Fort Worth 81.4%

95.7%

USA Retail Space Occupancy 10% 22% 68% 2017

Fort Worth 4Q 2018

95.6%

Downtown Fort Worth 96.8% 12% 18% 70% 2018

Source: CoStar Unemployment Rate in 2018

4.2% Fort Worth Dallas USA 4.1% 4.1%

4.0% 4.0% 4.0% 4.0% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.7% 3.8% 3.8% 3.8% 3.8% 3.7%

3.7% 3.6% 3.6% 3.5% 3.5%

3.4% 3.4% 3.5% 3.5% 3.5% 3.4% 3.3% 3.4%

3.3% 3.3% 3.2%

3.0%

Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Source: Texas Workforce Commission Workforce Texas Source:

Employment Growth December 2018 Over December 2017

3.5%

3.0% 2.9% 2.8% 2.5% 2.0% 1.9% 1.5% 1.0% 0.5%

Source: Texas Workforce Commission Workforce Texas Source: 0.0% Dallas Fort Worth USA

Unemployment Rate Among 20 Largest U.S. Cities December 2018

10.0%

8.0%

6.0% 4.9% 4.9% 4.6% 4.5% 3.9% 4.0% 4.0% 4.0% 4.0% 3.5% 3.4% 3.4% 3.8% 3.3% 3.2% 3.1% 3.1% 2.5% 2.5% 2.3% 2.2% 2.0%

0.0% Source: U.S. Bureau of Labor Statistics U.S. Bureau Source:

Dallas Austin Boston Detroit Phoenix Charlotte Memphis San Jose Columbus San Diego Fort Worth IndianapolisJacksonville Philadelphia New York City San Francisco

STATE OF DOWNTOWN FORT WORTH 2018 5 6 Year in Review STATE OF DOWNTOWN FORT WORTH 2018 The multifamilyaveragerent inDowntownhasincreased by17.1%since2015,to$1.85persquare foot. stage oftheplanningprocess. expected tobreak ground in2019;attimeofpublication,there are 1,689unitsinsevenprojects atsome 274-unit apartmentcommunityonSamuelsAvenue whichbroke ground in2018.Severalnewprojects are under constructionis311Nichols,a55-unitapartmentcommunitynearingcompletion,andRocklyn, Kelley atSamuelsAvenue, a380-unitapartmentcommunity, allcompletedconstructionin2018.Currently Broadstone 5thandSummit,a345-unitapartmentcommunityadjacenttothePierOneBuilding;The 329 unitsunderconstructionbyDecemberof2018.AlexanSummit,a373-unitapartmentcommunity; 2018 Average Rental Apartment Rates andAverage Occupancy Rates Demand forcondominiumsandtownhomesremained highin2018. occupancyApartment averaged 96.7% in2018. Residential: Price of Condos andTownhomes increase since 2014. price persquare footforaDowntownresidential unitsoldthrough theMLSsystemwas $400,000 $200,000 $300,000 $250,000 $350,000 $1,800 $1,400 $1,500 $1,600 $1,850 $1,450 $1,650 $1,550 $1,700 $150,000 $1,750 through MLS,whilepricescontinuedtoincrease. Through thefourthquarterof2018,average 96.5% $250,542 Development remained strong inDowntownwith1,061unitsaddedandanadditional 2015 $219,000 $1,608 2014 Average Occupancy 96.9% $1,682 2016 $252,450 $341,872 2015 Median Sold by Year 97.0% Average Rental Rates $1,804 $262,750 2017 $326,421 2016 Average $258,000 $295,974 96.7% $1,831 2018 2017 93 owner-occupied units sold in 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0% $275,000 $365,799 2018

Source: Downtown Fort Worth, Inc.

Sources: National Association of Realtors and North Texas Real Estate Information System, Inc. $268, a35.4% Hospitality: Downtown Fort Worth hotels have consistently outperformed the national market and other large markets in the Dallas-Fort Worth metropolitan area. As a result, a new wave of hotel development is occurring in Downtown. In 2017, two projects added 359 rooms. In 2018, Aloft Downtown Fort Worth remodeled six floors of One City Place tower into a 180 - room hotel. The Marriott Autograph is remodeling the Sinclair Building into a 164-room hotel and the AC Hotel broke ground on a 16-story, 246-room hotel on Main Street These projects, combined with three other hotel projects currently in the planning process; are poised to bring an additional 1,308 rooms to Downtown. The occupancy rate in 2018 was 73.8%, higher than the national average of 66.2%. Revenue per available room Hotels in Downtown (RevPAR) was $121.81, significantly Fort Worth generate above the national average of $85.96. 32.9% of all annual Hotel occupancy taxes paid in hotel occupancy taxes Downtown averaged $4,846,784 per in the city. quarter in 2018. While 20% of all Fort Worth hotel rooms are located Downtown, 32.9% of all Fort Worth hotel occupancy taxes were paid in Downtown.

Omni Fort Worth Hotel

Hotel Occupancy Taxes Paid Downtown Fort Worth by Quarter

Millions $6.0

$5.5 $5.2 $5.1 $5.0 $4.6 $4.6 $4.5 $4.5 $4.5 $4.4 $4.2 $4.1 $4.3 $4.0 $4.0 $4.0 $4.0 $4.0 $3.8 $3.8 $3.8 $3.7 $3.6 $3.7 $3.5

$3.0

$2.5

$2.0

$1.5 Source: Texas Comptroller of Public Accounts Comptroller Texas Source:

$1.0

$0 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

STATE OF DOWNTOWN FORT WORTH 2018 7 8 Year in Review STATE OF DOWNTOWN FORT WORTH 2018

Source: City of Fort Worth $2,000 $2,500 $1,000 $1,500 Downtown was$22.68. local retailers andrestaurants. year-over-year growth, Downtowncontinuestoattractnationaland existing space. Retail occupancies maintained arobust rate of 96.8% in Retail: Cumulative Value of Building Permits Downtown Fort Worth 2002 Millions 90% 98% 98% 94% 94% 95% 95% 96% 92% Retail Occupancy Rate 93% 93% 97% 97% $500 91% 91% $0 4Q 2014 The Downtownretail marketcontinuestotighten.Withstrong 2002-08

$956 93.3% 95.5% 93.9% The averagerent persquare footforretail spacein $1,064 2009 4Q 2015 94.1% DFW 96.4%

$1,171 94.3% 2010 Downtown Fort Worth 4Q 2016 95.2% $1,223

2011 95.3% 95.1% 4Q 2017 $1,374 2012 95.3% 96.9%

95.5% USA $1,446 2013 4Q 2018 95.7% 96.8% $1,566

2014 95.7%

$1,672 Source: CoStar 2015 – 2018 $200 $300 $250 $100 $150 Millions $50 $0 $1,952 Annual Permits 2016 2016 $280 $2,032 2017 $80 2017 2018 $161 $2,193 2018 Sundance Square Retail $521 Million in New Construction Permits from 2016–2018

STATE OF DOWNTOWN FORT WORTH 2018 9 10 Office and Employment STATE OF DOWNTOWN FORT WORTH 2018 of office space every 1,000 square feet feet of retail space for Downtown has50square 5-year growth West’s leader inoffice-related amenities. stores withineasy walking distance to hotels, conference facilities andmass transit, Downtown istheMetroplex- fastest-growing cities, companies get alocation that is a magnet for talent. From scores of restaurants and when they locate inDowntown. With easy access to alarge workforce andapresence inoneof America’s list of companies withapresence inDowntown goes onandon.Companies get more thanjust theiroffice space Bank of America, Chase, Frost Bank, Pier1,Alcon, GMFinancial,Morningstar, TPGCapital, Cash America –the 10.8% space inventory: in Class Aoffice IN DOWNTOWN. COMPANIES GETMORE *Source: CoStar

convention center 253,326 sq. ft. 3,051 $3 BILLION 1,571 45,245 in private payroll

private businesses

hotel rooms

jobs inDowntown

777 Main 5,807,305 square feet of Class A office space

Class A Office Buildings Burnett Plaza 1,024,627 777 Main 954,895 Bank of America Tower 820,509 Wells Fargo Tower 716,533 Pier One Imports Building 460,000 Two City Place 330,000 The Carnegie 280,000 Frost Tower Fort Worth 259,000 One City Place 231,365 Chase Bank Building 202,123 Cash America 135,293 Cantey Hanger 86,300 The Westbrook 80,607 The Cassidy 66,940 Commerce Building 66,000 100 Lexington Building 63,113 The Tower 30,000 Source: CoStar

Chase Bank Building

Office Inventory and Occupancy Rate Downtown Fort Worth

Million Inventory Occupancy square feet 14 100% 13.87 13.82 13.82 13.8 95% 13.75 13.76 13.69 13.66 13.66 13.61 90.6% 13.6 91.5% 90% 88.5% 88.5% 89.0% 90.1% 88.6% 89.9% 13.4 86.1% 85%

13.2 80%

13 75% Source: CoStar 2010 2011 2012 2013 2014 2015 2016 2017 2018

STATE OF DOWNTOWN FORT WORTH 2018 11 12 Office and Employment STATE OF DOWNTOWN FORT WORTH 2018 100% Fourth Quarter 2018 Office Occupancy Rate 20% 40% 60% 80%

100% Downtown Fort Worth Class AOffice Occupancy Rates 0% Net Absorption of Office Space 2011 2012 2013 2014 2015 2016 2017 2018

95%

90%

85%

80%

75%

70% -1,200

88.5% 2008 74.5% 2013

2009 85.5% 86.1% 87.8%

88.9%

2010

88.6%

2014 88.8%

2011 Dallas CBD -700 -643 89.0% -621

89.5% 2012 88.5% -496

84.3%

2013

84.4% 80.5% 2015

2014 91.5% Fort Worth CBD -246 -271 -225 -220 -220 89.0%

88.0%

2015 -185 -200

86.4% 2016 77.1%

2016 90.1%

2017 90.3%

84.1% USA -51 Thousand Square Feet

81.4%

2018 -32

2017 77.3% 90.6% Source: CoStar 0 90.6% 15

2018 78.5% 88.7% 91.1% 200 234

300 Source: CoStar 422 Downtown Fort Worth 669 800 1,119 1,300

Source: CoStar Frost Tower Metro Area Office Vacancy Rates

Downtown Fort Worth Downtown Dallas Dallas Central Expressway Dallas Stemmons Freeway 50% 40% 23.0% 21.9% 30% 21.2% 19.3% 22.7% 22.0% 20% 11.0% 11.3% 10.6% 8.5% 9.9% 9.4% 22.9% 21.5% 9.8% 22.0% 21.2% 10% 14.4% 13.2% 11.7% 0% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Dallas LBJ Expressway North Irving West Plano Dallas Uptown 50% 40% 24.2% 30% 20.3% 21.8% 17.5% 19.1% 20% 16.5% 23.9% 24.7% 21.4% 13.3% 22.4% 10.1% 9.8% 11.0% 10% 18.8% 19.4% 13.6% 14.5% 10.5% 15.2% Source: CoStar – Fourth quarter 2018 0% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Metro Area Class A Office Vacancy Rates

Downtown Fort Worth Downtown Dallas Dallas Central Expressway Dallas Stemmons Freeway 50% 40% 30% 27.4% 21.6% 22.6% 18.6% 19.1% 20% 15.6% 13.6%15.9% 17.8% 17.3% 12.0% 23.4% 26.7% 24.9% 12.8% 19.0% 19.4% 10% 17.2% 12.5% 14.3% 0% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Dallas LBJ Expressway North Irving West Plano Dallas Uptown 50% 40% 26.6% 25.6% 30% 23.7% 22.2% 21.8% 19.5% 16.4% 20% 24.9% 12.8% 15.6% 15.3% 21.5% 20.9% 25.3% 10.0% 9.8% 10.7% 9.9% 10% 13.0% 15.9%

Source: CoStar – Fourth quarter 2018 0% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

STATE OF DOWNTOWN FORT WORTH 2018 13 14 Office and Employment STATE OF DOWNTOWN FORT WORTH 2018 10% 20% 30% 40% 50% 10% 20% 30% 40% 50% 10% 20% 30% 40% 50% 10% 20% 30% 40% 50% 0% 0% 0% 0% Metro Area Class BOffice Rental Rates ($/SF) Metro Area Class AOffice Rental Rates ($/SF) $16.81 $21.28 $22.03 2014 2014 $28.74 2014 2014 DallasLBJExpressway $17.39 Downtown Fort Worth DallasLBJExpressway Downtown Fort Worth $19.90 $28.66 2015 2015 2015 2015 $24.67 $20.92 $18.01 $28.55 $25.79 $25.79 2016 2016 2016 2016 $22.36 $19.11 $29.40 $26.69 2017 2017 2017 2017 $22.38 $19.42 $25.55 $30.22 2018 2018 2018 2018 $19.09 $25.63 $23.36 $23.36 $18.84 2014 2014 2014 2014 $26.72 $19.84 $20.16 $24.96 2015 2015 2015 2015 Downtown Dallas Downtown Dallas North Irving North North Irving North $20.65 $26.26 $22.74 $27.63 2016 2016 2016 2016 $25.69 $21.09 $21.26 $26.04 2017 2017 2017 2017 $19.46 $20.87 $25.43 $25.72 2018 2018 2018 2018 $19.71 $22.72 $24.86 $29.72 $29.72 2014 2014 2014 2014 Dla eta xrswy DallasStemmons Freeway DallasCentral Expressway Dla eta xrswy DallasStemmons Freeway DallasCentral Expressway $20.36 $20.36 $23.42 $27.13 $32.03 $32.03 2015 2015 2015 2015 $23.28 West Plano $23.67 $28.16 $32.42 West Plano 2016 2016 2016 2016 $26.22 $25.16 $32.53 $28.50 2017 2017 2017 2017 $26.14 $26.63 $33.07 $30.83 2018 2018 2018 2018 $13.87 $30.06 $30.06 $18.61 $35.69 2014 2014 2014 2014 $14.89 $31.49 $18.43 $37.80 2015 2015 2015 2015 DallasUptown DallasUptown $39.91 $39.91 $32.69 $15.65 $16.48 2016 2016 2016 2016 $32.01 $16.10 $18.68 $40.28 2017 2017 2017 2017 $31.62 $16.12 $18.82 $41.67 2018 2018 2018 2018

Source: CoStar – Fourth quarter 2018 Source: CoStar – Fourth quarter 2018 Average Office Rental Rates Downtown Fort Worth $35 Class A Class B

$30 $30.22 $29.22 $28.74 $29.40 $28.66 $28.55 $28.52 $27.52 $25 $26.80 $25.92 $24.96 $22.36 $22.38

$20 $20.86 $21.28 $20.92 $20.14 $19.60 $19.90 $19.05 $18.08 $18.29

Source: CoStar $15 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Downtown, the Near Southside and the West Side combined generate $6,168,767,000 in annual payroll. Downtown Fort Worth has the highest number of employees and generates the largest payroll among all the employment centers in the county.

Average Payroll Per Employee in Private Sector

PRIVATE-SECTOR PAYROLL PER ZIP CODE (SUBMARKET) EMPLOYEES PAYROLL EMPLOYEE

76102 (Downtown) 36,397 $3,007,652,000 $82,635 76104 (Near Southside) 29,822 $1,949,685,000 $65,377 76107 (West Side) 26,657 $1,211,430,000 $45,445

$90,000 $82,635

$65,377 $60,000 $45,445

$30,000 Source: U.S. Census Bureau 2016 Source: U.S.

$0 Downtown Near Southside Cultural District

STATE OF DOWNTOWN FORT WORTH 2018 15 16 Office and Employment STATE OF DOWNTOWN FORT WORTH 2018 Unemployment Rates in2018 4Q 2018 Dallas/Fort Worth MSA ($/SF) Average Class AandBOffice Rent, 4% 6% 5% 3% Dallas Central Expressway Dallas Stemmons Freeway North Irving/LasColinasNorth Downtown Fort Worth Fort Worth Southwest Dallas Preston Center 3.8% 4.1% Jan-18 3.8% Downtown Dallas Dallas Uptown West Plano Dallas LBJ Mid-Cities Alliance 4.1% Feb-18 3.8% 3.9% $0 4.0% 3.8% Mar-18 3.9% $5 $5 3.5% Apr-18 3.9% Class A 3.5% $10 USA May-18 3.8% 3.5% 3.5% Class B $15 Jun-18 4.0% 3.9% Dallas 3.9% $16.12 $20 $20 $18.82 $19.00 Jul-18 $19.42 $19.46 $19.87 3.9% 3.8% $20.59 $20.87 3.8% $22.38 Fort Worth Aug-18 $25 $25 $24.01 3.8% 3.7% $25.55 $25.43 $25.72 $25.72 3.7% $26.63 $26.14 $26.85 Sep-18 $28.14 $30 $30 $28.56 3.7% 3.5% $30.22 $30.83 $31.62 $31.62 3.6% $33.07 Oct-18 3.8% $35 $35 3.4% 3.3% Nov-18 3.7% $40 $39.41 3.3% 3.3% $41.67 Dec-18 3.4% 3.4% 3.9% $45

Source: Texas Workforce Commission Source: CoStar National Regional Office Statistics 4Q 2018 AVERAGE ASKING OVERALL RENT VACANCY RATE Atlanta $24.94 11.3% Austin $34.45 7.7% Boston $23.28 7.6% Chicago $24.79 11.9% Dallas/Fort Worth $25.61 14.6% $26.95 9.4% Houston $28.56 16.5% Los Angeles $36.74 9.9% New York $62.00 7.9% Philadelphia $23.10 7.8% Phoenix $25.61 12.6% Seattle $32.63 6.1% Washington, DC $25.90 12.8% Source: CoStar

Total private employees: 36,397 Business Profile – Number of Businesses Per Category Total number of Downtown Fort Worth businesses: 1,571 Accommodation and Food Services 93 Annual payroll: Administrative and Support 81 $3,007,652,000 Arts, Entertainment and Recreation 23 Construction 37 Education Services 8 Finance and Insurance 252 Health Care 92 Industries Not Classified 5

Information 55 Management of Companies 115 Manufacturing 26 Mining 81 Other Services 87 Professional, Scientific and Technical Services 392 Real Estate 100 Retail Trade 54 Transportation 28 Utilities 5

Source: U.S. Census Bureau Source: U.S. 2016 Wholesale Trade 37 0 50 100 150 200 250 300 350 400

STATE OF DOWNTOWN FORT WORTH 2018 17 LIVING THE DOWNTOWN Population and Housing Population

LIFESTYLE. Loop in Burnett Park

The Downtown residential inventory is growing dramatically. In 2018, 1,078 new units were completed, with an additional 329 units under construction. This new product will result in a 16.3% increase in the number of Downtown units. A testimony to the appeal of Downtown as a place to live: only 14.8% of Downtown residents list Downtown as their workplace. 36.7% of Downtown residents report that they live Downtown because of the lifestyle.

Reason for Living Downtown

Work 14.8% Lifestyle was selected as the primary reason Location 30.9% School 2.2% for living Downtown by 44.9% of condo/ townhome owners and 28.6% of

apartment renters. %

7 .

6 3 le Convenience ty 12.0% ifes Community L Source: Downtown Fort Worth, Inc., Survey December 2017 Inc., Source: Downtown Worth, Fort 3.4%

18 STATE OF DOWNTOWN FORT WORTH 2018 Downtown has $275,000 median sale maintained a 95.8% price of Downtown average apartment condos/townhomes 82% of Downtown purchased in 2018 residents have a bachelor's occupancy since 2011, degree or higher while increasing 19.6% increase in Downtown residents spend on inventory by 77.4% average apartment rent average $58 million a year in since 2010 - $1,531/2010 Downtown restaurants, bars to $1,831/2018 and retail 939 condo/townhomes Downtown units added 1,078 residential units 3,984 $2Million: in three projects apartment units top Downtown condo sale in 2018 in 2018 9,684 18.2% of the 2018 people live condo sales in Fort in Downtown Worth were located 2,018 residential rental in Downtown units planned or under Density of 3,026 residents per construction will increase square mile in Downtown 82.7% of Downtown condo (1,538 housing units/sq mile) the Downtown housing owners have income greater stock by 41% City of Fort Worth density of than $100,000 2,503 residents per square Downtown residents' median mile (942 housing units/sq mile) income is 53% greater than national median income

Neighborhood Safety Downtown Fort Worth Unsafe 4.0% Very unsafe 0.6% Residents perceive Downtown as safe.

• 95.4% of residents rated their neighborhood as safe Very Safe or very safe. 29.7% • 98.8% of residents feel safe Safe or very safe walking in 65.8% Downtown during the day. • 86.2% of residents feel safe or very safe walking in Downtown after dark. Source: Downtown Fort Worth, Inc., Survey December 2017 Inc., Source: Downtown Worth, Fort

STATE OF DOWNTOWN FORT WORTH 2018 19 Residential – For Sale

Housing affordability is one of Fort Worth’s competitive advantages. In 2017, the median value of a home in Fort Worth was $169,400, compared to $332,700 in Austin and $190,600 in Dallas. The median home value in the U.S. was $217,000. (U.S. Census 2017)

Currently, there are 939 owner-occupied condominiums and townhomes Downtown. The median sale price of a home in Downtown Fort Worth was $275,000 in 2018. Residential – For Rent

The rental market remained at historically high occupancy. Currently, there are 3,984 units in Downtown with monthly rents ranging from $1,120 to $7,800 (4Q 2018). The occupancy rate of rental units in Downtown has stayed above 94% since 2010. Although 1,078 units became available in 2018 (a 37.1 % increase), occupancy in established apartment communities remained above 96% and finished the year at 96.7%. During the national recession that lasted from December 2007 through June 2009, apartment occupancy in Downtown did not decline below 92% in any quarter, despite hefty additions to the inventory. Top 10 State Population Gain April 1, 2010, through July 1, 2017 Population and Housing Population Texas 3,158,496 California 2,282,135 Florida 2,179,806 Georgia 740,689 North Carolina 737,698 Washington 681,198 Arizona 623,961 Colorado 577,829 Virginia 471,289 Source: U.S. Census Bureau Source: U.S. New York 468,977 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000

Fastest-Growing Metropolitan Areas Population Added April 1, 2010, through July 1, 2017

Houston-The Woodlands-Sugar Land, TX 973,431 Dallas-Fort Worth-Arlington, TX 971,941 New York-Newark-New Jersey, NY-NJ-PA 754,396 Atlanta-Sandy Springs-Roswell, GA 597,993 Miami-Fort Lauderdale-Pompano Beach, FL 592,252 Washington-Arlington-Alexandria, DC-VA-MD-WV 580,228 Los Angeles-Long Beach-Anaheim, CA 544,141 Phoenix-Mesa-Scottsdale, AZ 524,946 Seattle-Tacoma-Bellevue, WA 427,240 San Francisco-Oakland-Hayward, CA 399,507 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 Source: U.S. Census Bureau Source: U.S.

20 STATE OF DOWNTOWN FORT WORTH 2018 Regional City Population Change 2000 – 2017 2000 2017 % CHANGE Austin, TX 656,562 950,714 44.8% Baton Rouge, LA 227,818 225,370 -1.1% Dallas, TX 1,188,580 1,341,103 12.8% El Paso, TX 563,662 683,583 21.3% Fort Worth, TX 534,694 876,060 63.8% Houston, TX 1,953,631 2,313,230 18.4% Little Rock, AR 183,133 198,594 8.4% Oklahoma City, OK 506,132 643,574 27.2% San Antonio, TX 1,144,646 1,511,913 32.1% Shreveport, LA 200,145 191,715 -4.2% Tulsa, OK 393,049 402,227 2.3% Source: U.S. Census Bureau

The Dallas- Fort Worth metropolitan area population grew by 973,431 from 2010–2017.

Sundance Square Plaza

Regional City Change in Median Family Income 2000 – 2017 CITY 2000 2017 % CHANGE Austin, TX $54,091 $87,200 61.2% Baton Rouge, LA $40,266 $58,785 46.0% Dallas, TX $40,921 $55,540 35.7% El Paso, TX $35,432 $50,933 43.7% Fort Worth, TX $42,939 $69,973 63.0% Houston, TX $40,443 $56,751 40.3% Little Rock, AR $47,446 $74,390 56.8% Oklahoma City, OK $42,689 $67,201 57.4% San Antonio, TX $41,331 $59,810 44.7% Shreveport, LA $37,126 $45,579 22.8% Tulsa, OK $44,518 $56,706 27.4% USA $50,046 $73,891 47.6% Source: U.S. Census Bureau

STATE OF DOWNTOWN FORT WORTH 2018 21 Demographics of Downtown Fort Worth Residential Population Age Income

54.5% of Downtown residents have income greater 38.8% 62.1% than $100,000 of Downtown of apartment residents are renters are under 40 under 40 years old years old Median household income in Downtown is $113,000

Household Type Education Population and Housing Population

52.2% 94.5% 44% 25.2% 12.9% of Downtown of households have no of residents a master’s degree a doctoral degree residents are children living in the have a bachelor’s (including JDs) unmarried household degree Previous Resident's Lifestyle Downtown resident’s previous place of residence

Lifestyle was cited as the primary reason for living Downtown by 44.9% of condominium/ 18.5% 44.5% 55.8% 67. 3% townhome owners within within within within and 28.6% of five miles of 10 miles of 20 miles of the apartment renters Downtown Downtown Downtown Metroplex

Employment Science & Health Care Education Finance Real Estate Retail Government Law Engineering

19.7% 11.8% 11.8% 11.8% 7.4% 5.9% 6.7% 6.1%

22 STATE OF DOWNTOWN FORT WORTH 2018 Residential Survey

With the addition of more apartments, the Downtown Fort Worth residential population is becoming wealthier and better educated and has grown at an annual rate of 7.1% since 2007. Currently, 9,684 people live in Downtown. DFWI has conducted five surveys of residents since 2007 to monitor trends in the changing demographics of the Downtown population. Our latest survey was conducted in December 2017.

A one-sheet survey instrument was delivered to 3,128 households in Downtown using first-class postage. The response rate was 11.1%, providing a margin of error of +/-.5% at a 95% confidence level.

A summary of the survey and trends are presented here. The full report is available for download from DFWI’s website at www.dfwi.org, or contact Arrie Mitchell at [email protected] to receive a copy.

The Tower Downtown Population Study Area

Affordable Housing

Of Downtown’s 4,923 residential units, 9.4% qualify as workforce or “affordable” housing. Downtown Fort Worth, Inc., and Fort Worth Housing Solutions (FWHS) are actively engaged in recruiting more affordable housing to Downtown. We are promoting the construction of these new units within mixed-income developments. Interested parties should contact Tyler Arbogast, FWHS at [email protected].

Age Distribution Downtown Fort Worth Residents Apartments Condos/Townhomes 60% 100% All Residents 81.6% 52.3% Condos/Townhomes 75% 50% 62.1% Apartments

50% 37.9% 40% 18.4% 33.6% 0.0% Residents Residents 30% 28.5% 29.1% 40 and under over 40 24.2% 24.1% 20.8% 20% 19.0% 17.1% 16.2% 11.8% 9.8% 10% 7.2% 5.2%

Source: Downtown Fort Worth, Inc. Survey December 2017 Inc. Source: Downtown Worth, Fort 1.3% 0% <25 25-40 41-55 56-65 >65

STATE OF DOWNTOWN FORT WORTH 2018 23 Children in the Household Marital Status Downtown Fort Worth Downtown Fort Worth

100.0% 95.5% 80.0% 2014 2017 94.5% 2014 2017

80.0% 60.0% 55.8% 52.2% 47.8% 60.0% 44.2%

40.0% 40.0%

20.0% 20.0% 5.5% 4.5%

Source: Downtown Fort Worth, Inc., Survey December 2017 Inc., Source: Downtown Worth, Fort 0.0% 0.0% Survey December 2017 Inc., Source: Downtown Worth, Fort With children Without children Married Not married

Highest Degree Completed Highest Degree Completed Downtown Fort Worth

60% 80.0% Population and Housing Population 2014 2017 Downtown Fort Worth USA

44.0% 60.0% 38.2% 40% 48.1% 44.0%

40.0% 36.9% 38.2%

19.3% 20% 18.5%

11.9% 20.0% 9.1% Sources: U.S. Census Bureau 2016 and Downtown Sources: U.S. Survey December 2017 Inc., Worth, Fort 0% 0.0% Survey December 2017 Inc., Source: Downtown Worth, Fort Bachelor’s Graduate/Professional Bachelor’s Graduate

24 STATE OF DOWNTOWN FORT WORTH 2018 Median Household Income Downtown Fort Worth

90% 82.7% 80% Apartments Condos/Townhomes 70%

60%

50% 46.1%

40%

30% 27. 3% 21.1% 20%

9.8% 10% 4.7% 6.0% 1.5% Source: Downtown Fort Worth, Inc. survey December 2017 Inc. Source: Downtown Worth, Fort 0.8% 0.0% 0% Less than $30,000 $30,000- $50,000- $75,000- More than $49,999 $74,999 $100,000 $100,000

Historic Electric Building and The Niel P. Household Income Trends Downtown Fort Worth 60% 60.0% 2014 2017 54.5%

Downtown 48.9% 54.5% Fort Worth 40.0% 41.7% 41.1% 60% 60.0% 2014 50%2017 54.5% Downtown 48.9% USA 54.5% 20.0% 41.7% 41.1% 9.4% Fort Worth 40.0% 4.4% 50% 0.0% USA 20.0% 9.4% 4.4% 40% Less than $50,000- $100,000 0.0% $50,000 $99,999 and above 40% Less than $50,000- $100,000 $50,000 $99,999 and above 30% 27.1% 27.2% 30% 27.1% 27.2% 21.5% 21.6% 21.5% 21.6% 20.6% 19.6% 20.6% 19.6% 19.2% 20% 18.2% 19.2% 20% 18.1% 18.2% 18.1% 17.8% 16.2% 17.8% 16.2% 14.0% 14.0% 10% 10% Sources: U.S. Census Bureau 2016 and Downtown Sources: U.S. Survey December 2017 Inc., Worth, Fort 1.1% 3.3% 0% 1.1% 3.3% Less than $30,000 $30,000- $50,000- $75,000- More than $49,999 $74,999 0% $100,000 $100,000 Less than $30,000 $30,000- $50,000- $75,000- More than $49,999 $74,999 $100,000 $100,000

STATE OF DOWNTOWN FORT WORTH 2018 25 Downtown residents patronize Downtown businesses.

97.8% go to Downtown restaurants, 84.4% to bars, 71.8% to convenience/drug stores and 73.7% to retail stores. Condominium and townhome owners eat at Downtown restaurants an average of 7.5 times per month and spend $125.51 per visit. Apartment renters eat at Downtown restaurants an average of 6.9 times per month and spend $80.58 per visit.

Average Monthly Visits to Downtown Restaurants by Downtown Residents and Spending Per Visit

Apartment Residents 6.9 Apartment Residents $80.58

Apartment Residents 6.9 Apartment Residents $80.58 Condo/Townhome Condo/Townhome 7.5 $125.51 Residents Residents Condo/Townhome Condo/Townhome 7.5 $125.51 Residents Residents All Residents 7.2 All Residents $101.67 Survey December 2017 All Residents 7.2 All Residents $101.67 Inc., Source: Downtown Worth, Fort 5 6 7 8 9 10 $0 $20 $40 $60 $80 $100 $120 $140

5 6 7 8 9 10 $0 $20 $40 $60 $80 $100 $120 $140 Average Monthly Visits to Downtown Bars by Downtown Residents and Spending Per Visit Population and Housing Population

Apartment Residents 4.5 Apartment Residents $52.19

Apartment Residents 4.5 Apartment Residents $52.19

Condo/Townhome 3.9 Condo/Townhome $67.10 Residents Residents Condo/Townhome 3.9 Condo/Townhome $67.10 Residents Residents All Residents 4.2 All Residents $58.61

All Residents 4.2 All Residents $58.61 0 1 2 3 4 5 6 $0 $10 $20 $30 $40 $50 $60 $70 Source: Downtown Fort Worth, Inc., Source: Downtown Worth, Fort Survey December 2017 0 1 2 3 4 5 6 $0 $10 $20 $30 $40 $50 $60 $70

Average Monthly Visits to Downtown Convenience/Drug Stores by Downtown Residents and Spending Per Visit

Apartment Residents 2.6 Apartment Residents $38.24

Condo/Townhome 2.2 Condo/Townhome $42.21 Residents Residents

All Residents 2.5 All Residents $40.05 Source: Downtown Fort Worth, Inc., Source: Downtown Worth, Fort Survey December 2017 0 1 2 3 4 5 $37 $39 $41 $43

Average Monthly Visits to Downtown Clothing Stores by Downtown Residents and Spending Per Visit

Apartment Residents 1.5 Apartment Residents $85.79

Condo/Townhome 2.0 Condo/Townhome $131.06 Residents Residents

All Residents 1.7 All Residents $108.83 Source: Downtown Fort Worth, Inc., Source: Downtown Worth, Fort Survey December 2017 0 1 2 3 4 5 $0 $50 $100 $150

26 STATE OF DOWNTOWN FORT WORTH 2018 Street and Sidewalk Cleanliness Downtown Fort Worth

Very unclean Unclean 3.9% 0.0%

Very Clean 43.2% Residents perceive Clean Downtown as clean. 52.9% 96.1% of residents rated the streets and sidewalks Downtown as clean or very clean. Source: Downtown Fort Worth, Inc., Survey December 2017 Inc., Source: Downtown Worth, Fort

Downtown Ambassadors and Clean Team

STATE OF DOWNTOWN FORT WORTH 2018 27 Sales Ratio of Condos and Townhomes to Single-Family Residences YEAR DALLAS FORT WORTH 2013 33.6% 3.9% 2014 26.9% 4.5% 2015 39.4% 4.2% 2016 37.6% 4.1% 2017 35.6% 4.6% 2018 36.5% 4.1% Source: North Texas Real Estate Information Systems, Inc.

T&P Lofts

Number of Residential Units Sold

14,000 Single-Family Residences Condos/Townhomes 568 512 12,000 3,284 10,000 3,131

Population and Housing Population 8,000 12,442 12,547 6,000 9,216 8,589 4,000

2,000

0 Dallas Fort Worth Dallas Fort Worth

2017 2018 Inc. Real Estate Information System, Texas Source: North

Condominiums and Townhomes Built and Sold Downtown Fort Worth

450 Built Sold

400

350

300

250 Market Opportunity

200

150 110 102 100 100 94 93 56 62 63 47 39 50 36

112 10 0 0 0 0 0 0 0 13 0 0 Inc. Real Estate Information System, Texas Source: North 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

28 STATE OF DOWNTOWN FORT WORTH 2018 Median Sales Price Average Residential Sales Price Per Square Foot Condominiums and Townhomes 2018 Condominiums and Townhomes 2018

$350,000 $300 $279 $302,500 $268 $300,000 $275,000 $250

$250,000 $224,000 $200 $172 $200,000

$150 $150,000

$100,000 $100

$50,000 $50

$0

Source: North Texas Real Estate Information System, Inc. Real Estate Information System, Texas Source: North $0 Inc. Real Estate Information Systems, Texas Source: North North Texas Downtown Dallas Downtown Fort Worth North Texas Downtown Dallas Downtown Fort Worth

Average Days on Market Condominiums and Townhomes 2018

90

80 78 Median sales 70 price for Downtown 60 condos and 50 44 43 40 townhomes increased 30 40.3% 20

10 since 2010.

Source: North Texas Real Estate Information System, Inc. Real Estate Information System, Texas Source: North 0 North Texas Downtown Dallas Downtown Fort Worth

Downtown Condominium and Townhome Sales As Percentage of City YEAR FORT DOWNTOWN WORTH 18.2% of all 2010 242 47 19.4% condominiums and 2011 216 39 18.1% 2012 315 62 19.7% townhomes sold in 2013 395 63 15.9% Fort Worth in 2018 2014 495 102 20.6% were in Downtown. 2015 483 100 20.7% 2016 479 63 19.6% 2017 568 110 19.4% 2018 512 93 18.2% Source: North Texas Real Estate Information System, Inc.

STATE OF DOWNTOWN FORT WORTH 2018 29 Median Residential Sales Price Downtown Fort Worth

$300,000 $281,000 $275,000 $262,750 $252,450 $258,000 $250,000 $219,900 $212,000 $219,000

$200,000 $196,000 $190,000

$150,000

$100,000

$50,000

$0 Inc. Real Estate Information Systems, Texas Source: North 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Median Residential Sales Price Per Square Foot Downtown Fort Worth

$300 $286 $268 Population and Housing Population

$250 $242 $243 $243 $219 $196 $198 $200 $183 $188

$150

$100

$50

$0 Inc. Real Estate Information Systems, Texas Source: North 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

30 STATE OF DOWNTOWN FORT WORTH 2018 The Neil P. Average Apartment Occupancy Rate Downtown Fort Worth

99.0% 98.0% 97.8% 97.5% 96.9% 96.9% 96.7% 96.7% 96.7% 97.0% 96.3% 96.5% 97.4% 97.1% 96.0% 96.0% 96.4% 96.4% 95.0% 95.6% 95.1% 94.0% 93.0% 92.0% 91.0%

90.0% Inc. Source: Downtown Worth, Fort 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 2017 2018

Average Apartment Rent Per Square Foot Downtown Fort Worth

$2.00 $1.90 $1.90 $1.87 $1.85 $1.81 $1.83 $1.80 $1.73 $1.76 $1.77 $1.81 $1.81 $1.70 $1.65 $1.61 $1.62 $1.58 $1.56 $1.60 $1.54

$1.50

$1.40 Source: Downtown Fort Worth, Inc. Source: Downtown Worth, Fort $1.30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 2017 2018

Average Apartment Rent Downtown Fort Worth $2,000

$1,886 $1,900 $1,861 $1,817 $1,803 $1,847 $1,800 $1,812 $1,727 $1,789 $1,774 $1,700 $1,657 $1,739 $1,605 $1,606 $1,599 $1,600 $1,565 $1,607

$1,500

$1,400 Inc. Source: Downtown Worth, Fort 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2015 2016 2017 2018

STATE OF DOWNTOWN FORT WORTH 2018 31 2,018 units currently planned or under construction.

Burnett Lofts

Residential Units Planned, Announced and/or Under Construction Downtown Fort Worth PROJECT UNITS YEAR 311 Nichols 55 2019 Population and Housing Population Kent Lofts 201 2020 Hilton Annex 143 2020 Burnett Lofts 330 2020 The Hampton 350 2020 The Worth 138 2020 901 Commerce 217 2020 Rocklyn 274 2020 1000 Weatherford 310 2020 Total 2,018

Source: Downtown Fort Worth, Inc.

The Worth

Average Monthly Apartment Rent Average Monthly Apartment Rent Per Square Foot Downtown Fort Worth Downtown Fort Worth $2.00 $1,850 $1.83 $1,804 $1,813 $1.81 $1,800 $1.58 $1.69 $1,750 $1.50 $1,700 $1,682 $1,650 $1.00 $1,608 $1,600 $1,550 $0.50 $1,500 $1,450 $0.00 Source: Downtown Fort Worth, Inc. Source: Downtown Worth, Fort 2015 2016 2017 2018 2015 2016 2017 2018 Inc. Source: Downtown Worth, Fort

32 STATE OF DOWNTOWN FORT WORTH 2018 Housing Construction in Downtown Fort Worth Housing Construction in Downtown Fort Worth Owner-Occupied Condominiums and Townhomes Renter-Occupied Units

1,000 4,000 3,984 939 units as of 2018 2016-2018 13 900 units as of 2018 3,500 800 1,458 700 3,000 2006-2010 542 600 Increase of 145% since 2005 2016-2018 500 2,500 280 2011-2015 400 2,000 Increase of 300 2006-2010 583 174% since 2000 2000-2005 200 347 1,500 2000-2005 209 100 Pre-1999

Source: Downtown Fort Worth, Inc. Source: Downtown Worth, Fort 37 1,000 0 Inc. Source: Downtown Worth, Fort

Pre-1999 1,454 500

0

901 Commerce Street

Average Monthly Apartment Rent Per Square Foot Rate of Growth Rate of Growth of Renter-Occupied Units Downtown Fort Worth Condominiums and Townhomes PERIOD FORT WORTH DOWNTOWN PERIOD FORT WORTH DOWNTOWN 2016-2018 14.9% 57.7% – 2006 2010 14% 141% 2011 – 2014 5.4% 12.4% – 2000 2005 17% 937% 2006 – 2010 17.7% 35% Sources: Downtown Fort Worth, Inc., and the City of Fort Worth 2000 – 2005 5.9% 14.3% Sources: Downtown Fort Worth, Inc., and the City of Fort Worth

From 2005 to 2018 only 13 for-sale units have been delivered. This reflects a significant market gap that can be quickly filled by developers.

STATE OF DOWNTOWN FORT WORTH 2018 33 34 Hospitality STATE OF DOWNTOWN FORT WORTH 2018 PLACE TO STAY. DOWNTOWN ISTHE TRAVELERS AGREE, BUSINESS ANDLEISURE $121.81 With rooms willincrease the Downtown inventory by 59%. hotels totaling 539 rooms. The addition of the recently completed planned and under construction more properties thatwilladdanadditional410 rooms. Plansare beingdrawn for anadditionalthree inventory. Since 2017, 539 new rooms were addedto themarket andconstruction started ontwo hub of Fort Worth’s visitor attractions, Downtown ishometo 3,051 hotel rooms, 20.9% of thecity’s Downtown Fort Worth hoteliers roll outthewelcome matandmore hotels are ontheway. Asthe occupancy taxes in2018 of Fort Worth’s hotel 780,000+ room nights sold in 2018, paid 32.9% Downtown

revenue peravailable room (RevPAR).

in Downtown hotel revenue in2018 theaverage hotel occupancy was 73.8% with Source: Downtown Fort Source: Downtown Worth, Inc. Total Waggoner (P) Building Kimpton Hotel(P) Avid Hotel(P) AC Hotel(UC) (UC) Marriott Autograph HOTEL Under Construction (UC) Hotels Planned(P) or $129+ MILLION ROOMS 949 200 232 107 246 164

Plano 7.0%

Richardson 3.1% Dallas 42.5%

Arlington 8.2% Area Hotel Room Supply

Irving 16.8% Source: Texas Comptroller of Public Accounts Comptroller of Public Texas Source: Fort Worth without Grapevine 6.4% Downtown 12.9% Downtown Fort Worth 3.2% Hampton Inn & Suites

Plano 6.3% Richardson 2.6% Dallas 43.6% Average 2018 Revenue Per Available Room Arlington 6.3% Arlington $21,287 Dallas $28,612 Area Hotel Downtown Fort Worth $42,630 Irving 15.2% Revenue Share Fort Worth without Downtown $19,962 Grapevine $52,458 Irving $25,182 Fort Worth without Plano $25,390 Grapevine 12.0% Accounts Comptroller of Public Texas Source: Downtown 9.2% Richardson $23,017 Downtown Source: Texas Comptroller of Public Accounts Fort Worth 4.9%

Hotel Occupancy 2018

USA 66.2%

Downtown Fort Worth 73.8%

Downtown 64.1% Dallas Source: Smith Travel Research Travel Source: Smith

60 % 65 % 70 % 75% 80%

Aloft

STATE OF DOWNTOWN FORT WORTH 2018 35 36 Hospitality STATE OF DOWNTOWN FORT WORTH 2018 $100.00 $120.00 $130.00 Hotel Revenue Per Available Room $110.00 $40.00 $80.00 $60.00 $50.00 $90.00 $70.00 $101.74 $115.49 2015 $78.67 Dallas CBD Fort Worth CBD $106.28 $114.23 2016 $81.19 USA $109.18 $123.24 2017 $83.57 $111.69 $121.81 2018 Fort Worth Water Gardens $85.96

Source: Smith Travel Research Current Hotel Room Inventory

9 NICHOLS HOTEL ROOMS HARDINGS

NICHOLS 9 ELM 1. Omni Fort Worth Hotel 614 HARDINGS

PECAN CRUMP

ELM JONES 2. Worthington Renaissance 504 TERRY CALHOUN

COMMERCE PECAN CRUMP Hotel MAIN BELKNAP JONES TERRY HENDERSON 1ST CALHOUN WEATHERFORD SPUR 280 COMMERCE 3. Sheraton Fort Worth 430

MILLS MAINND TAYLOR 2 2 BELKNAP Hotel HENDERSON ST RD 1 3 PECAN PEACH WEATHERFORD SPUR 280 SUNDANCE 9TH MILLS 7 ND SQUARE PLAZA BLUFF TAYLOR 2 2 THROCKMORTON 4. Hilton Fort Worth Hotel 294 RD 8 TH PEACH 2ND 3 6 PECAN 11 ST SUNDANCE TH ELM 1 126TH 9 BLUFF 3RD 7 SQUARE PLAZA THROCKMORTON 5. Hampton Inn & Suites 245 8 4 TH 2ND 6 11

TH ELM 51THST 12TH 8 3RD 6 5 9TH 6. LUELLADowntown Fort Worth 203 7TH 4 TH TH 5TH 8 11 12 Courtyard-Blackstone Hotel CONVENTION5 CENTER 10TH TH 9 3TH LUELLA 7TH 1 TH 4TH 7. Aloft Fort Worth Downtown 180 TEXAS 11 12 1 CONVENTION CENTER TH 10TH TH 5 MONROE 1 13 1 HOUSTON MACON CHERRY LAMAR TH 13 4TH 8. Embassy Suites Fort Worth 156 FOURNIER TEXAS 1 B 3 W TH 0 FOREST PARK 5 3 MONROE LANCASTER 1 1 Hotel Downtown H BALLINGER COLLIER LAKE I PENN SUMMIT HOUSTON B B

MACON E CHERRY LAMAR TH 13 S 0

FOURNIER 3 W B 5 IH 10 3 3 W PRESIDIO IH 0 B FOREST PARK LANCASTER 3 9. Marriott N TownePlace Suites 140 H BALLINGER COLLIER LAKE I W PENN SUMMIT B 5 EB S 3 0 TH 3 W FortH H Worth Downtown 5 I I 11 EL PASO 3 PRESIDIO 10 IH B N W 5 RIO GRANDE 3 TH 10. Holiday Inn Express Hotel 132 H 11 EL PASO I & Suites Downtown Fort Worth DAGGETT RIO GRANDE

SUNSET BROAD WAY 11. Fairfield Inn and Suites 114 DAGGETT WENNECA SUNSET

TH TH BROAD WAY 12. The Ashton 39

14 15 WENNECA Total 3,051

TH

TH

14 15

Seasonal Hotel Occupancy Rates

100.0% Downtown Fort Worth USA

90.0%

81.1% 80.2% 79.2% 77.1% 80.0% 77.5% 75.8% 73.0% 73.6% 73.8% 74.2% 73.5%

70.0% 74. 5% 71.4% 61.8% 68.5% 67.9% 68.2% 68.0% 69.9%

60.0% 63.3% 57.7% 61.7%

50.0% 54.5% 54.1%

40.0%

Source: Smith Travel Research Travel Source: Smith 30.0% Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

STATE OF DOWNTOWN FORT WORTH 2018 37 38 Hospitality STATE OF DOWNTOWN FORT WORTH 2018 Seasonal Revenue Per Available Room $100 $120 $140 $160 $20 $20 $40 $60 $80 $0 $123.92 $67.20 Jan-18 $142.29 $78.13 Feb-18 $129.01 $90.32 Mar-18 $139.50 $88.60 Apr-18 $124.20 May-18 $88.69 Downtown Fort Worth $125.82 Sheraton Fort Worth Hotel $99.16 Jun-18 $95.11 Jul-18 $98.32 planned orunder 949 949 rooms construction. $112.27 $93.45 Aug-18 USA $131.74 $89.15 Sep-18 $141.76 $93.57 Oct-18 Nov-18 $76.69 $118.23 Dec-18 $67.20 $80.75 Omni Fort Worth Hotel

Source: Smith Travel Research Average Daily Hotel Room Rate (RevPAR)

$190 Downtown Fort Worth USA

$170 $164.92 $165.62 $164.60 $161.76 $162.19 $154.68

$150

$146.82

$130 $129.83 $126.72 $123.97 $120.30 $110 $106.02 $115.14 $109.98

$90

$70

Source: Smith Travel Research Travel Source: Smith $50 2012 2013 2014 2015 2016 2017 2018

Largest Conventions 2018 by Hotel Rooms Reserved Fort Worth Convention Center Facts Downtown Fort Worth Total arena 70,960 SF NAME ROOMS SHOW RESERVED ATTENDESS Permanent seats in the arena 10,418 2018 Texas FFA Association Annual 8,741 10,000 Temporary seats in the arena 3,266 Convention and Trade Show Total exhibit hall 182,266 SF Total exhibit space 253,226 SF 2018 Kenneth Copeland Ministries 8,291 8,000 Southwest Believers’ Convention Ballroom space 28,160 SF 2018 Premier Designs Annual 6,975 8,500 Number of meeting rooms 41 Rally Hotel rooms within a 2,410 15-minute walk 2018 A-Kon 6,608 32,000 Source: Visit Fort Worth 2018 Texas Municipal League 6,290 4,500 Annual Convention 2018 Rapid Exposition 4,483 6,000 and Conference RevPAR in 2018 National Rural Water Association 4,446 1,500 Downtown Fort Worth Annual WaterPro Conference was 40.6% 2018 Texas Association of School 4,423 4,567 higher than the Business Officials Annual national average. State Convention 2018 Texas Emergency Medical 4,275 2,500 Services Annual Conference 2018 Conference for the 4,158 7,000 Advancement of Science Teaching Source: Visit Fort Worth

STATE OF DOWNTOWN FORT WORTH 2018 39 Retail DOWNTOWN HAS IT ALL – DINING, DRINKS, DANCING, SHOPPING, THEATRE AND MORE. Bass Hall

Downtown Fort Worth is a premier dining and entertainment destination. More than 70 restaurants can be found in the center city while live theatre, shopping, movies and comedy add to the mix. These diverse offerings and the vibrant street life they foster make Downtown more attractive to office users, Fort Worth locals, regional day-trippers, out-of-town visitors and Downtown residents.

Downtown has a 96.8% retail occupancy rate and soft goods retail is making strong gains. Several new retailers and restaurants have opened in Downtown, including 203 Café, Ashim’s Hibachi Grill, Cowtown Brewery, CVS Pharmacy, Earthbound Trading Company, FunkyTown Donuts and Drafts, Good Karma Cigar Lounge, Local Barber of Fort Worth, Novak Hair Studios, Sons of Liberty Coffee, Verizon, Vigor Active Fitness and Willow House.

Spending by 4.2+ monthly visits to Downtown Downtown retailers and convenience stores

residents in $109 average spent per retail visit Downtown 11.4 average monthly visits to Downtown restaurants and bars $58 MILLION+ annual spending by residents $101 average spending in Downtown per restaurant visit

40 STATE OF DOWNTOWN FORT WORTH 2018 State Exports

As the 10th-largest economy in the world, with a GDP of $1.6 trillion, the Texas economy continues to fare better than those of many other states. For the 14th straight year, Texas is ranked the top exporting state, according to the U.S. Department of Commerce. The value of state exports in 2017 totaled more than $264 billion. Texas’ top exporting industries in 2017 were petroleum and coal products, chemicals, computer and electronic products, non-electrical machinery and transportation equipment.

Texas Exports to Our Top Partners Mexico $97.5 billion Top Import Partners for Texas Goods Canada $22.2 billion Billions China $16.3 billion $100 $89.8 $90 Brazil $9.9 billion $80 South Korea $9.8 billion $70 Source: U.S. Census Bureau 2017 $60 $50 $42.7 $40 Downtown Fort Worth Private-Sector $30 Employees, Businesses and Payroll $20 $18.3 $9.1 Total Downtown $10 $7. 3 36,397 $0 private-sector employees Mexico China Canada South Saudi Source: U.S. Census Bureau 2017 Source: U.S. Korea Arabia Annual payroll $3,007,652,000 Average payroll per employee $82,635 Number of business 1,570 establishments Source: U.S. Census Bureau 2016

4.2+ monthly visits to Downtown retailers and convenience stores Downtown Retail Occupancy Rate

Downtown Fort Worth DFW USA 100% average spent per retail visit $109 96.9% 96.8% 96.4% 95.5% 95.3% 95.5% 95.7% 95.7% 95.2% 95.1% 95.3% 94.3% 95% 93.9% 94.1% 93.3% 11.4 average monthly visits to Downtown restaurants and bars 90%

85% $101 average spending per restaurant visit Source: CoStar 80% 4Q 2014 4Q 2015 4Q 2016 4Q 2017 4Q 2018

STATE OF DOWNTOWN FORT WORTH 2018 41 Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area Fourth Quarter 2018

Addison 92.9% Addison 92.9% Dallas CBD 97.7% Retail Dallas CBD Downtown Fort Worth 96.8%97.7% Downtown Fort Worth 96.8% East Dallas 97.2% East Dallas 97.2% East Fort Worth 95.7% East Fort Worth 95.7% Far North Dallas 94.2% Far North Dallas 94.2% Las Colinas 95.7% Las Colinas 95.7% North Arlington 95.3% North Arlington 95.3% Northwest Dallas 95.7% Northwest Dallas 95.7% Northwest Fort Worth 98.0% Northwest Fort Worth 98.0% Park Cities 97.1% Park Cities 97.1% Richardson 94.1% Richardson 94.1% Southlake 94.5% Southlake 94.5% Southwest Fort Worth 95.7% Southwest Fort Worth 95.7% Uptown Dallas 96.2% Uptown Dallas 96.2% West Frisco 92.3% West Frisco 92.3% West Plano 96.7% Source: CoStar 0%West Plano10% 20% 30% 40% 50% 60% 70% 80% 90% 96.7%100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Retail Rental Rates ($/SF) for Submarkets in the Dallas-Fort Worth Metropolitan Area Fourth Quarter 2018 Addison $17.60 Addison $17.60 Dallas CBD $28.00

DowntownDallas CBD Fort Worth $22.68 $28.00 Downtown Fort Worth $22.68 East Dallas $22 .74 $22 .74 EastEast FortDallas Worth $8.91 East Fort Worth $8.91 Far North Dallas $22.33 Far North Dallas $22.33 Las Colinas $24.80 Las Colinas $24.80 North Arlington $13.70 North Arlington $13.70 Northwest Dallas $14.84 Northwest Dallas $14.84 Northwest Fort Worth $19.42 Northwest Fort Worth $19.42 Park Cities $31.53 Park Cities $31.53 Richardson $15.36 Richardson $15.36 Southlake $21.63 Southlake $21.63 Southwest Fort Worth $14.22 Southwest Fort Worth $14.22 Uptown Dallas $38.31 Uptown Dallas $38.31 West Frisco $20.87 West Frisco $20.87 West Plano $23.16 $5West Plano $10 $15 $20 $23.16$25 $30 $35 $40 $45 Source: CoStar $5 $10 $15 $20 $25 $30 $35 $40 $45

42 STATE OF DOWNTOWN FORT WORTH 2018 Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area Fourth Quarter 2012

Downtown Adult Beverage Sales

Millions $65 $59.8 $60 $59.2 $54.1 $55 $52.4 $53.2 $50 $48.3 $48.6 $46.9 $45

Source: Texas Comptroller of Public Accounts Comptroller of Public Texas Source: $40

$35

$30

$25 2011 2012 2013 2014 2015 2016 2017 2018

Sources: CoStar and Downtown Fort Worth, Inc.

STATE OF DOWNTOWN FORT WORTH 2018 43 Household Income Downtown Fort Worth Trade Areas 10 MINUTES DRIVE TIME 20 MINUTES DRIVE TIME

HOUSEHOLD BY INCOME NUMBER OF PERCENTAGE OF NUMBER OF PERCENTAGE OF HOUSEHOLDS HOUSEHOLDS HOUSEHOLDS HOUSEHOLDS

<$15,000 7,814 19.98% 44,425 12.86% Retail $15,000 – $24,999 5,897 15.08% 39,961 11.57% $25,000 – $34,999 5,197 13.29% 40,632 11.76% $35,000 – $49,999 5,688 14.54% 50,604 14.65% $50,000 – $74,999 6,128 15.67% 64,675 18.72% $75,000 – $99,999 3,278 8.38% 41,508 12.02% $100,000 – $149,999 2,767 7.07% 38,521 11.15% $150,000 – $199,999 1,064 2.72% 12,801 3.71% $200,000+ 1,284 3.28% 12,336 3.57% Source: ESRI

Average Consumer Spending Downtown Fort Worth Trade Areas 10 MINUTES DRIVE TIME 20 MINUTES DRIVE TIME CATEGORIES AVERAGE/HHS TOTAL SPENT AVERAGE/HHS TOTAL SPENT Annual Budget Expenditures $49,071 $1,919,496,186 $58,121 $20,078,776,463 Apparel and Services $1,540 $60,237,590 $1,799 $621,600,532 Retail Goods $15,580 $609,439,439 $18,468 $6,379,874,096 Entertainment and Recreation $2,112 $82,633,618 $2,526 $872,521,784 Food at Home $3,851 $150,626,245 $4,470 $1,544,101,004 Food Away From Home $2,375 $92,912,788 $2,782 $961,174,401 Medical Services $725 $28,344,079 $880 $304,075,969 Vehicle Purchases $2,659 $104,030,795 $2,926 $1,010,700,419 Travel $1,256 $49,136,421 $18,468 $6,379,874,096 Owner Dwelling Mortgage Payments $12,051 $222,993,834 $13,217.71 $2,448,764,986 Renter Dwelling Rent $8,341 $171,914,809 $9,920.66 $1,589,299,546 Consumer spending is the amount spent on a variety of goods and services by households that reside in the market area. HHS: Households Source: ESRI

Retail Sales Downtown Fort Worth Trade Areas INDUSTRY GROUP NAICS 10 MINUTES DRIVE TIME 20 MINUTES DRIVE TIME Food and Beverage Stores 445 $462,080,000 $3,212,541,000 Clothing and Clothing Accessories Stores 448 $195,252,000 $952,950,000 General Merchandise Stores 452 $276,892,000 $2,823,470,000 Non-Store Retailers 454 $82,951,000 $407,783,000 Food Services and Drinking Places 722 $475,134,000 $2,066,703,000 Accommodation Sales 721 $173,849,000 $432,912,000 Arts/Entertainment Recreation Sales 71 $168,221,000 $561,540,000 Real Estate/Rent/Leasing Sales 53 $845,286,000 $3,016,898,000 NAICS: The North American Industry Classification System (NAICS) is the standard used by federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing and publishing statistical data related to the U.S. business economy. Source: ESRI

44 STATE OF DOWNTOWN FORT WORTH 2018 Drive Time Downtown Fort Worth

10 MINUTES

drive time

20 MINUTES drive time

Drive Time 2016 – 2021 Caption Downtown Fort Worth 10 MINUTES DRIVE TIME 2016 2021 Population 109,527 126,395 Households 39,117 44,821 Average household size 2.80 2.82 Owner-occupied housing units 35,596 38,568 Renter-occupied housing units 32,269 33,269 Median age 32.3 33.1 Source: ESRI

STATE OF DOWNTOWN FORT WORTH 2018 45 DOWNTOWN FORT WORTH

Quality of Life of Quality IS KNOWN FOR ITS OUTSTANDING QUALITY OF LIFE. Loop in Burnett Park

Downtown is known as a safe, clean and exciting place to live, work, shop and play. By providing a wide range of amenities, services and activities, our city center offers something for everyone. From cosmopolitan cultural experiences, relaxing parks and special events to fun entertainment options and action-packed outdoor opportunities, Downtown presents an excellent environment for urban livability.

46 STATE OF DOWNTOWN FORT WORTH 2018 Sundance Square Plaza Access to 40 miles of riverfront Entertainment trails for running, walking, cycling Home to the MAIN ST. and horseback riding Fort Worth Arts Festival Downtown’s Trinity Waterfront offers and GM Financial Parade seasonal canoeing, kayaking, paddle of Lights boarding and fishing

3,311 free 290,000+ night and weekend arts venue attendance parking spaces Parks/Recreation 412,000+ 385 acres items in circulation at the Central of park land servicing Downtown Library 6 childcare centers

AMC Palace 9

Source: Downtown Fort Worth, Inc., Survey

MAIN ST. Fort Worth Arts Festival

STATE OF DOWNTOWN FORT WORTH 2018 47 PID #1 & #14

Created in 1986, Downtown Fort AVENUE SAMUEL Worth Improvement District (PID) #1, administered by DFWI, offers a comprehensive program of services including research, marketing, BELKNAP NICHOLS

HARDINGS Downtown planning assistance, BLUFF

ELM sidewalk cleaning, street sweeping, PECAN C PID Districts R UMP JONES TER CALHOUN security enhancement, litter R PID #1 COMMERCE Y

HENDERSON THERFORD ST removal and bird abatement. A 1 SPUR 280 PID #14 BELKNAP WE TA MAIN MILLS YLOR 2ND

RD PEACH 3 PECAN SUNDANCE 9TH In November 2017, DFWI established BLUFF SQUARE PLAZA

THROCKMO 5TH TH 2ND 11 1ST TH ELM a new Ambassador Program that 3RD 6 R TON 7TH CHESAPEAKE provides hospitality services ENERGY 5TH 8TH 9TH LUELLA 7TH

Quality of Life of Quality including directions, safety escorts, 2TH HOUSTON 1

10TH TH 13 Y motorist assistance and much more. 4TH TEXAS 1 CHER R TH MONROE TH 15 ARK 13 MACON LAMAR 13TH

FOURNIER B W Ambassadors are trained to connect FOREST P 0 LANCASTER 3 H BALLINGER COLLIER LAKE I PENN SUMMIT B EB S 30 5W IH 3 those in need with proper social PRESIDIO IH B N W 5 3 TH H EL PASO I services while providing support to 11 Downtown safety providers (both RIO GRANDE public and private). From 1986 to 2009, the PID DAGGETTservices were renewed by petition every five years SUNSET BROAD WAY

by an overwhelming majority of property owners.WENNECA Because of the PID’s ongoing success, it was

TH TH

14 reestablished in 2009 for a 20-year period by the15 Fort Worth City Council, following the submission of petitions from property owners representing 83% of the property value and 80% of the land area in the District.

Downtown Fort Worth Improvement District #14 was established in June 2009. District contractors provide services along Samuels Avenue multiple days a week.

$3,051,950 in services annually

17 full-time 7,488 Clean Team members miles of curb and gutters 15,660 linear miles of cleaned annually/144 sidewalks cleaned miles weekly 13 Ambassadors

1,984 cubic yards (53,568 cubic feet) 27 dump trucks of of dirt/debris removed from streets, curbs recyclable material and gutters annually collected each year

1,249 trees serviced within PIDs 13,500 square feet of planters 218 Downtown trees lighted in bloom seasonally

75,000 plants planted annually

48 STATE OF DOWNTOWN FORT WORTH 2018 Tax Increment

Financing District #3 TIF: 3 Downtown NICHOLS HARDINGS TIF: 4 Southside/Medical District

A significant partnership ELM TIF: 6 Riverfront

PECAN CRUMP that adds to the success TIF: 8 Lancaster JONES TERRY of Downtown is the CALHOUN TIF: 9 Trinity River Vision COMMERCE

MAIN Downtown Tax Increment BELKNAP HENDERSON 1ST WEATHERFORDTHROCKMORTON SPUR 280 Finance District (TIF) and MILLS 2ND RD PEACH TAYLOR 3 PECAN SUNDANCE the other Downtown- TH 9TH BLUFF 4SQUARE PLAZA

TH oriented TIFs. The 2ND 11 1ST TH ELM Downtown TIF makes 3RD 6 strategic investments in PIER 1 5TH 8TH 9TH LUELLA 7TH parking, infrastructure, TH HOUSTON 12

10TH TH historic preservation and 13 TH TEXAS 14 TH residential development. TH 15 13 MACON CHERRY LAMAR TH

13 MONROE The TIF is a collaboration FOURNIER B W FOREST PARK 0 LANCASTER 3 H BALLINGER COLLIER LAKE I PENN SUMMIT of the City of Fort Worth, B EB S 30 5W IH 3 PRESIDIO IH B Tarrant County, Tarrant N W 3 3 TH H EL PASO I County Hospital District, 11

RIO GRANDE VICKERY

JARVIS District and Tarrant RegionalDAGGETT Water District.

SUNSET BROAD WAY To date, the TIF has obligated roughly $59 million, leveraging $836 MILLION in private development WENNECA

TH TH

and facilitating $52.25 million in public investment. In Tax Year 2017ADAMS theCOLLEGE TIFLIPSCOMB generatedHEMPHILL $12.3 million of

14 15 tax increment to the taxing district partners. The TIF revenue is capped at $5 million per year; the TH 8 remainder of the tax increment, $7.3 million, wasALABAMA returned to the taxing jurisdictions in 2018.

DFWI manages the Downtown TIF through a contract with the TIF Board of Directors.

Downtown TIF Costs, Investments and Tax Increment

Millions $1,400 City’s TIF Contribution TIF Cost Investments Taxable Value $1,206.83 $3,051,950 in services annually $1,200 Taxable Value of TIF Millions $1,400 $1,100 $1,207 $1,200 $1,000 $1,000 $800 Frost $600 Tower $900 $400 $322 $200 $836.25 $0 $800 Before Current TIF Value TIF Value

$700

Marriott Towne Oliver’s $600 Place Hunter Plaza Carnegie Cassidy $500 Trinity Building Building Bluff Westbrook, Commerce City Place Buildings $400 Garage/ Retail 13,500 Two City $300 The Pecan Place Family Place UTA square feet of planters Law Tower Center in bloom seasonally Chase $200 Building Crescent Ashton Garage/ Hotel 75,000 $100 Bass Hall $59.59 plants planted annually $28.46

Source: Downtown Fort Worth, Inc. and Tarrant County Appraisal District Appraisal County Inc. and Tarrant Worth, Fort Downtown Source: $0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

STATE OF DOWNTOWN FORT WORTH 2018 49 Education

EDUCATION IS KEY TO DOWNTOWN’S SUCCESS.

Tarrant County College – Trinity River Campus East

UTA, Texas A&M and TCC have a growing presence in Downtown and create workforce development opportunities. Our elementary and high school offerings are top performers and the Fort Worth ISD’s new flagship Science Technology Engineering and Math (STEM) and Visual Performing Arts (VPA) programs opened their downtown campus in 2018.

8,588 higher Downtown higher education enrollment has education grown by 1,136% in 15 years students Downtown in 2018 2003 695

• Potential customers 2017 8,588 • Future workforce • Potential residents 1,114 K-12 students Downtown in 2018

50 STATE OF DOWNTOWN FORT WORTH 2018 Higher Education Fall Semester Enrollment Downtown Fort Worth

Tarrant County College UTA Fort Worth

10,000 1,800

9,000 8 ,774 1,600 7,952 8,000 7,800 7,704 7,338 1,400 1,242 7,000 1,200 6,000 1,000 918 5,000 848 838 800 772 4,000 600 3,000 2,000 400 1,000 200

0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Source: Tarrant County College Source: University of Texas at Arlington

Texas A&M School of Law Number of Students Enrolled in Higher Education 1,000 Campuses in Downtown 900 800 702 10,757 700 12,000 10,712 10,394 9,229 9,358 600 581 10,000 9,163 8,588 500 8,000 439 412 412 400 6,000 300 4,000 200 2,000 100 0 0 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018

Source: Texas A&M School of Law Source: Downtown Fort Worth, Inc., Survey of Downtown Education Institutions

Young Women's Leadership Academy Educational Institutions Downtown Fort Worth FALL 2018 ENROLLMENT Montessori at Sundance Square 110 St. Paul Lutheran School 213 Texas A&M School of Law ranked in Young Women’s Leadership Academy 412 Top 100 U.S. News & I.M. Terrell Academy for STEM and Visual 154 World's Report list of Performing Arts the nation’s top Nash Elementary School 255 law schools Texas A&M School of Law 412 UTA Fort Worth 838 Tarrant County College, Trinity River Campus 7,338 Source: Downtown Fort Worth, Inc., Survey of Downtown Education Institutions

STATE OF DOWNTOWN FORT WORTH 2018 51 52 Transportation STATE OF DOWNTOWN FORT WORTH 2018 quickly find theparking options nearest to theirdestination. To inform the public aboutthemany parking options Downtown, Fortworthparking.com allows users to Downtown parking spaces. weekends, courtesy of theDowntown Tax Increment Finance District. There are more than41,000 Downtown visitors enjoy 3,311 free parking spaces available after 6p.m. onweekdays andallday on Share system. Downtown is also hometo 19 Bike Share stations. In 2018, there were over 43,000 trips on the Bike lines represent excellent commute options for Downtown employees. Downtown Fort Worth andDallas. TexRail offers seven-stop service to DFWInternational Airport.Both bus routes connect allparts of Fort Worth to Downtown. The TREoffers eight-stop service between TEXRail, , Greyhound Bus Line, taxis andtheMollyTrolley shuttle service. Currently, 28 Fort Worth Central Station isthegatheringpoint for , (TRE), community andtheDallas-Fort Worth area. Downtown Fort Worth offers excellent access to various transportation options throughout the WORTH’S TRANSIT HUB. DOWNTOWN ISFORT 49.1% increase in bus ridership 563,000+ since 2009 (10 years) Average daily traffic count on 384,363 Downtown highways Downtown riders on Trinity Railway Express (2018) 938,776 Molly the Trolley riders since four inception (May 2009) hours

Dallas-Fort Worth International Airport • 17 miles from Downtown • 69+ MILLION passengers in 2018 • 249 destinations 45 Bike Share stations • 23 carriers 19 in Downtown Every major city in the continental can be accessed within four hours Highways serving Downtown: • I-35 Meacham International Airport, • I-30 Texas' premier general aviation • Hwy 121 facility, is located just 5 miles • Hwy 287 • Chisholm Trail Parkway from Downtown

STATE OF DOWNTOWN FORT WORTH 2018 53 54 Transportation STATE OF DOWNTOWN FORT WORTH 2018 Millions shuttle busservice provides continuous connections between thestation andairline terminals. Station andDowntown DallasUnionStation, Monday through Saturday. The airport’s free Remote South The Trinity Railway Express links Downtown Fort Worth’s T&P andITC Stations to CenterPort/DFW Airport Trinity Railway Express Ridership Calendar Years 2009 TexRail Commuter 0.0 0.5 1.0 1.5 2.0 2.5 3.0 OPENED JAN 2019 Rail System Millions 2.50 3.00 3.50 4.00 4.50 5.00 5.50 2.00 2009 2.65 2009 3.02 2010 2.5

2010 3.09 2011 2.4 2011 3.49 2012 2.3 2.14 2013 2012 4.68 2014 2.29 4.49 2013 2015 2.16 2014 4.81 – 2018 2016 2.05 4.57 2015 2.07 2017 2.04 5.05 2016 2018 4.58 2017 4.50 2018

Source: Trinity Metro Thousands 500 550 600 300 350 400 450 498 2009 2010 2011 2012 2014 2015 2016 2017 2013 0 532 2010 2011 571 SH 287 50,000 2012 596 59,000 SH 121 59,000 59,000 59,000 65,000 65,297 67,000 67,000 2013 531 76,000 I-35W 100,000 2014 537 106,000 106,000 106,000 107,000 I-30 112,000 118,000 121,000 2015 515 150,000 140,000 141,000 143,000 147,000 147,000 147,000 2016 586 152,000 157,000 163,000 175,000 175,000 174,000 177,000 2017 563 200,000 197,000 197,000 197,000 Millions 3.0 Thousands 596 2.65 600 586 571 2.5 563 2.5 2.4 2.3 2.29 550 531 537 2.14 2.16 532 2.05 2.07 2.0 2.04 515 498 500

1.5 450

1.0 400

0.5 350

0.0 300 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017

SH 287 SH 121 I-35W I-30

65,000 2017 118,000 197,000 157,000

59,000 2016 121,000 197,000 152,000

59,000 2015 76,000 197,000 147,000

Annual Ridership for Bus Routes Serving Downtown Fort Worth 2009 – 2018 59,000 2014 106,000 Millions 175,000 5.50 147,000

5.05 65,297 5.00 4.81 2013 106,000 4.68 175,000 4.57 4.58 4.50 140,000 4.50 4.49

67,000 4.00 2012 107,000 174,000 147,000 3.50 3.49 67,000 3.09 106,000 3.02 2011 3.00 177,000 141,000

2.50 59,000 112,000 2010 163,000

Source: Trinity Metro Source: Trinity 2.00 143,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0 50,000 100,000 150,000 200,000 Annual Ridership for Molly the Trolley Serving Downtown Fort Worth 2011 – 2018

140,000 124,848 120,000 105,470 104,905 Mid-year2018, 100,000 92,746 91,157 88,958 84,833 Molly the Trolley 80,000 72,600 was returned to a free service. 60,000

40,000

20,000 Changed Fare Changed Fare

Source: Trinity Metro Source: Trinity 0 2011 2012 2013 2014 2015 2016 2017 2018

Average Daily Traffic Count on Selected State and Millions National Highways Serving Downtown Fort Worth 3.0 Thousands 596 2.65 600 586 571 2.5 563 2.5 2.4 2.3 2.29 550 531 537 2.14 2.16 532 2.05 2.07 2.0 2.04 515 498 500

1.5 450

1.0 400

0.5 350 Source: Texas Department of Transportation Source: Texas 0.0 300 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017

SH 287 SH 121 I-35W I-30

65,000 STATE OF DOWNTOWN FORT WORTH 2018 55 2017 118,000 197,000 157,000

59,000 2016 121,000 197,000 152,000

59,000 2015 76,000 197,000 147,000

59,000 2014 106,000 Millions 175,000 5.50 147,000

5.05 65,297 5.00 4.81 2013 106,000 4.68 175,000 4.57 4.58 4.50 140,000 4.50 4.49

67,000 4.00 2012 107,000 174,000 147,000 3.50 3.49 67,000 3.09 106,000 3.02 2011 3.00 177,000 141,000

2.50 59,000 112,000 2010 163,000 2.00 143,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0 50,000 100,000 150,000 200,000 56 Transportation STATE OF DOWNTOWN FORT WORTH 2018 100 100.0% 100.0% 80.0% 80.0% 80.0% 40.0% 40.0% 40.0% 60.0% 60.0% 60.0% 20.0% 20.0% 20.0% 25.0% 25.0% 25.0% 10.0% 10.0% 10.0% 15.0% 15.0% 15.0% Means of Transportation to Work: Walk orBike Means of Transportation to Work: PublicTransportation Means of Transportation to Work: Car, Truck orVan 4.0% 4.0% 4.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 5.0% 6.0% 5.0% 6.0% 6.0% 2.0% 2.0% 2.0% by the U.S. Census Bureau but are not graphed inthispublication. by theU.S. Census Bureau butarenotgraphed categories ofMeans Additional Transportation aretracked .0% Downtown Downtown Downtown Downtown Downtown Downtown Downtown Downtown Downtown Austin* Austin* Austin* Austin* Austin* Austin* Austin* Austin* Austin* 17.7% 17.7% 17.7% 62.6% 62.6% 62.6% 2.1% 2.1% 2.1% Downtown Downtown Downtown Downtown Downtown Downtown Downtown Downtown Downtown Dallas** Dallas** Dallas** Dallas** Dallas** Dallas** Dallas** Dallas** Dallas** 73.8% 73.8% 73.8% 12.6% 12.6% 12.6% 3.3% 3.3% 3.3% Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Downtown Downtown Downtown Downtown Downtown Downtown Downtown Downtown Downtown 78.6% 78.6% 78.6% 4.2% 4.2% 4.2% 11.2% 11.2% 11.2% Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth Fort Worth 92.9% 92.9% 92.9% 1.5% 1.5% 1.5% 0.9% 0.9% 0.9%

*ZIP code 78701 is used for downtown Austin. *ZIP code 78701 is used for downtown Austin. *ZIP code 78701 is used for downtown Austin. Source: U.S. Census Bureau 2016. Source: U.S. Census Bureau 2016. Source: U.S. Census Bureau 2016. **ZIP codes 75201 and 75202 are used for downtown Dallas. **ZIP codes 75201 and 75202 are used for downtown Dallas. **ZIP codes 75201 and 75202 are used for downtown Dallas. Millions 3.0 Thousands 596 2.65 600 586 571 2.5 563 2.5 2.4 2.3 2.29 550 531 537 2.14 2.16 532 2.05 2.07 2.0 2.04 515 498 500

1.5 450 Average Daily Traffic Count Selected State and Federal Highways Serving Downtown Fort Worth 1.0 400

0.5 All counts were taken within a radius of 2 350 miles from the intersection of I-30 and I-35W, SH 121 and SH 287 in Downtown Fort Worth. 0.0 300 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017

SH 287 SH 121 I-35W I-30

65,000 2017 118,000 197,000 157,000

59,000 2016 121,000 197,000 152,000

59,000 2015 76,000 197,000 147,000

59,000 2014 106,000 Millions 175,000 5.50 147,000

5.05 65,297 5.00 4.81 2013 106,000 4.68 175,000 4.57 4.58 4.50 140,000 4.50 4.49

67,000 4.00 2012 107,000 174,000 In 2018, construction was completed 147,000 3.50 3.49 on a $1.6 billion project to rebuild 67,000 3.09 10 miles of I-35W north of I-30 to 106,000

3.02 2011 Department of Transportation Source: Texas 3.00 North Tarrant Parkway. This increased 177,000 capacity by adding four toll lanes, 141,000 2.50 auxiliary lanes and additional 59,000 112,000 frontage road segments. 2010 163,000 2.00 143,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0 50,000 100,000 150,000 200,000

Downtown Parking Availability

Parking spaces 41,866

Total metered spaces 1,967

Free evening and weekend 3,311* parking spaces

Free daytime 1-hour parking spaces 300

Free daytime 2 1/2-hour spaces 164 with validation

*This number reflects the changes made to the free parking program at the end of January 2019. Source: Downtown Fort Worth, Inc.

STATE OF DOWNTOWN FORT WORTH 2018 57 Larry Auth Michelle Lynn Chair Building Owners & Managers Association Omni Fort Worth Hotel Renee Massey Rita Aves Red Oak Realty Oil & Gas Building Robbie Tawill Johnny Campbell The Worthington Renaissance Fort Worth Hotel Sundance Square Karen Vaughan Gary Cumbie StarPoint Commercial Properties, LLC The Cumbie Consultancy Joy Webster Jim Finley MorningStar Capital Finley Resources Inc. Jed Wagenknecht Taylor Gandy Downtown Fort Worth Blackstone Courtyard Ron Investments, Ltd. John Yeung

PID Advisory Board PID Advisory Suzan Greene Sheraton Fort Worth Hotel ONCOR Electric Delivery Marie Holliday, DMD Flowers to Go in Sundance Square Chris Jeans XTO Energy Inc. Walter Littlejohn The Fort Worth Club PID Ambassadors and Clean Team

58 STATE OF DOWNTOWN FORT WORTH 2018 Credits Downtown Fort Worth, Inc., is grateful to the following organizations and individuals for their assistance in producing the State of Downtown publication: Hannah Behrens Mary McCoy Andrea Timbes

Briggs Freeman Sotheby’s Administration CRM Analyst Credits International Realty Tarrant County Appraisal Visit Fort Worth District Mary Margaret Davis Ebonie Wingo Real Estate Broker Natalie Watkins Performance and Mary Margaret Davis Planning and Regulatory Standards Real Estate Team Development Department Trinity Metro City of Fort Worth Special thanks to Rachel Delira, Joseph Haubert, Brian Luenser, Sundance Square, Trinity Metro and Visit Fort Worth for their photography.

Downtown Fort Worth, Inc. The North Central Texas Becky Fetty Publications Council of Governments Director of Membership Trinity Metro and Marketing • Annual Report U.S. Bureau of Diana Hahn • In View Economic Analysis • Residential Survey Report U.S. Bureau of Labor Statistics Production Manager • State of Downtown U.S. Census Bureau Melissa Konur U.S. Department of Commerce Information Sources Director of Planning University of Texas at Arlington City of Fort Worth Visit Fort Worth Arrie Mitchell CoStar Young Women’s Director of Research Downtown Fort Worth, Inc. Leadership Academy Barbara Sprabary ESRI Downtown Fort Worth, Inc. Federal Housing Finance Agency Executive Assistant/ Staff I.M. Terrell Academy for STEM Office Manager and Visual Performing Arts Andrew Taft Nash Elementary School President National Association of Realtors North Texas Real Estate Matt Beard Information System, Inc. Director of Office of Governor, Economic Public Improvements Development and Tourism Nicole Browne Smith Travel Research St. Paul’s Lutheran School Marketing and Tarrant County Special Projects Manager Appraisal District Cleshia Butler Tarrant County Clerk Tarrant County College Administrative Assistant Texas A&M Real Estate Center Jay Downie Texas A&M School of Law Event Producer Texas Comptroller of Public Accounts Brandi Ervin A service of Texas Department Controller Downtown Fort Worth, Inc. of Transportation Texas Workforce Commission

STATE OF DOWNTOWN FORT WORTH 2018 59

PMS 286 Published in April 2019 /DowntownFortWorth Downtown Fort Worth, Inc. 777 Taylor Street, Suite 100 /DTFortWorth Fort Worth, Texas 76102 817.870.1692 | dfwi.org /DowntownFortWorth

#DowntownFortWorth