Weir Minerals, a global mining technology business and division of a major Scottish energy company, will expand its Fort Worth headquarters following a City Council vote.
At their Feb. 10 meeting, City Council members unanimously approved a three-year agreement under which Fort Worth would pay Weir up to $185,000, based on completion of the planned office expansion at the 777 Main downtown building and the salaries of jobs created and retained.
The local headquarters, located on the 16th floor of the building, will expand to 15,000 square feet from its current 11,000. The company agrees to sign a new eight-year lease with the building owner and invest at least $3.4 million in improvements.
The project, which is expected to start in the second half of this year, is expected to support downtown hotels through an estimated 260 hotel nights per year associated with corporate travel, according to a report from the city’s economic development department.
“We are pleased to expand the location of our minerals division headquarters in the heart of downtown Fort Worth,” Phil Carey, vice president of finance for Weir’s Minerals Division, said in a news release. “This investment reflects our confidence in the city, our commitment to our employees and our excitement about continuing to grow alongside the community.”
The deal includes a default provision that would allow the city to claw back some or all of the grant if the company does not meet its obligations.
The maximum agreement is based on the company completing its planned improvements; having at least 67 “new and retained jobs” by Dec. 31, and maintaining those for the three-year grant period; and meeting minimum average annual salaries of $160,000.
“The expansion of Weir’s downtown divisional headquarters is the latest sign that the Fort Worth business community continues to thrive,” Robert Allen, president and CEO of the Fort Worth Economic Development Partnership, said in a news release. “This announcement not only keeps jobs in the downtown area — it also has positive economic impact on nearby hotels and restaurants.”
City staff told council members at the Feb. 10 meeting the company has a $10 million payroll connected to the 777 Main office.
Built in 1982, 777 Main has a vacancy rate of 17.3%, according to a city presentation. That would increase to 18.4% if it lost Weir and drop to 16.9% with Weir’s expansion, according to the presentation.
A downtown fixture, 777 Main is owned by Atlanta-based Brookdale Group, which acquired the 1 million-square-foot, 40-story building in 2014.
The building will soon see another large tenant. Range Resources is moving its headquarters into a 94,500-square-foot space. The company is relocating from its current Two City Place site on the northwest side of downtown. Range Resources is a Fort Worth-based, independent natural gas producer that operates primarily in the Appalachian Basin.
In a separate vote, the City Council approved an agreement with a company that manufactures equipment used to cool data centers. Florida-based Stellar Energy is considering Fort Worth for a new plant that would bring nearly $80 million in investment and more than 1,400 new jobs.
If the company moves forward with the plans, it intends to occupy a 1.1 million-square-foot industrial site at 15060 Blue Mound Road in the AllianceTexas development.
The Fort Worth Economic Development Department recommended approval of the incentives for the project, including a 10-year tax abatement on 60% of real and personal property taxes, contingent upon the company meeting investment and job creation targets. The incentives are valued at $2.1 million with the payback on that coming by at least year six of the agreement, according to a presentation to City Council on Feb. 9.
Stellar Energy would make a minimum capital investment of $79.5 million by the end of 2026. That would be split between $34 million in real property construction costs and $45.5 million in business personal property costs, according to the presentation.
The company said it plans to create a minimum of 1,420 full-time jobs with a minimum average annual salary of $78,000 during the first full operating year at the end of 2027. Small business firms would receive 30% of real property improvements, such as office equipment and other items.
Fort Worth is competing with other sites in Dallas and Phoenix for the project.
If the company comes to Fort Worth, it plans to operate out of Alliance Westport 24, a Denton County spec building from Hillwood. That building is next to the 1.2 million-square-foot location of Southwire, a Georgia-based cable and wire company.
Denton County commissioners will consider a tax abatement for Stellar Energy at their Feb. 24 meeting.
If the company locates at AllianceTexas, it won’t be the only manufacturer to serve the data center market. Last August, Taiwan-based Wistron announced it will build two AI supercomputer manufacturing facilities in Fort Worth’s Alliance development, investing $761 million and creating more than 800 jobs.
Fort Worth city officials and Denton County commissioners approved tax abatements for the two plants in that project as well.
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.
Disclosure: Hillwood is a financial supporter of the Fort Worth Report. At the Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
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