FORT WORTH-GE Transportation will open a new locomotive manufacturing facility here, and with the addition of the plant, North Texas can now claim that it produces planes, trains and automobiles.
GE Transportation bought a 672,678-square-foot industrial building near Texas Motor Speedway and plans to invest $96 million in the new plant. The company plans to nearly double the size of the building, which is located at 12850 Three Wide Dr. The new facility will create more than 500 new high-tech manufacturing jobs with the potential to add 275 jobs in subsequent years.
GE Transportation will receive as much as $4.2 million from the Texas Enterprise Fund. In addition, the city of Fort Worth will vote next week on a proposal to provide the company with a tax abatement of 50% to 80% of personal property taxes for 10 years, according to David Berzina, executive vice president for economic development for the Fort Worth Chamber of Commerce. He says that Denton County also plans to vote on tax abatement incentives for GE Transportation.
Berzina tells GlobeSt.com that the Chamber first began working GE Transportation in March. “This was the fastest large deal I’ve ever had the pleasure of being involved in during my 23 years in this business,” he says, adding that the company considered several states and cities before short-listing three states including Texas. He declined to name the other states that competed for the facility.
“Other sites in Texas had already been ruled out, so the Fort Worth location was Texas’ last hope to get the facility,” Berzina notes.
GE Transportation will use the Fort Worth facility to assemble and remanufacture the company’s rail and transportation-related products. This includes its signature Evolution
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
