ALLEN, Texas, Sept. 28, 2018 /PRNewswire/ -- Through the work of the Allen Economic Development Corporation (AEDC), the City of Allen is growing faster than ever as it continues to attract high-profile companies looking to hang their hat in the city. As a result, Allen has and will continue to see an increase in revenue plus record-low tax rates. But what makes the City of Allen different is the thought process behind their growth strategy.
Mayor Steve Terrell explained that when the City is recruiting new businesses, they think through the overall value of the project, economical value and most importantly, the effect it will have on the quality of life for its citizens. There are several highly anticipated projects in the works that are bolstering Allen's status as a city positioned to house the next corporate relocation in North Texas.
When Cisco Systems moved a data center to Allen more than 10 years ago, it validated Allen as a city primed for expansion and growth. This year, CyrusOne, a premier global data center REIT, has broken ground and will open the first of three planned data centers, which could come out to be a billion-dollar investment. Thanks, in part, to businesses like Cisco and CyrusOne, Allen has been able to have three consecutive years with no sales tax increase for its citizens.
The 121 corridor, containing more than 700 acres of open land, is what Mayor Terrell has referred to as "the final frontier" with several exceptional developments coming to the area.
One of these is Monarch City, a new development by The Howard Hughes Corporation, announced earlier this year. This 238-acre mixed-use center is located where US-75 meets SH 121 and has over nine million-square-feet of mixed-use space planned for Class A office, urban, residential, retail and hospitality. It will also provide an urban community surrounding a central park which will provide a unique experience and open public space for workers, residents and visitors.
"We are creating a community and an amenity-rich environment organized around a great park," said Mark Bulmash, Senior Vice President, The Howard Hughes Corporation. "People will be excited about this. It's not going to be a typical office park."
Also coming soon is The Strand, a 138-acre mixed-use center with eight million-square-feet of office, retail, residential and unique green space. This project is being developed by Hines, a privately owned global real estate investment, development and management firm.
This month, officials broke ground on the Collin College Technical Campus along SH 121, scheduled for a fall 2020 opening. This 340,000-square-foot campus will serve as Collin County's central hub for technical and professional training. Serving up to 7,100 students when fully occupied, the campus will expand learning opportunities for individuals seeking careers in high-growth industries. The campus will also designate classrooms and labs during school hours to expand dual credit opportunities for students in Allen ISD.
The new Allen ISD STEAM (science, technology, engineering, arts and mathematics) Center, opening in Fall 2019, will serve as a satellite campus for Allen High School, as well as a field trip destination for students in grades K-8.
Allen is poised to be a serious contender in the ever growing DFW metroplex. The educated workforce, exemplary schools, and award-winning parks come together to enrich the lives of the entire community. Thanks to the work of the AEDC, the city is attracting great businesses and top-notch talent to the area. As Marc Kurbansade, Planning Director for the City of Allen, says, "It's not luck that brought us here, luck is preparation meeting opportunity, the city is positioned to make its own luck."
About Allen Economic Development Corporation
The Allen Economic Development Corporation (AEDC) is funded through a citywide half-cent sales tax and charged with facilitating company relocations and assisting the expansion of existing businesses, which creates jobs and generates additional tax revenue to the community. Today, Allen's total ad valorem tax base exceeds $8.5 billion. The AEDC was instrumental in bringing over $500 million in projects to completion in 2018 including the relocations of NETSCOUT Systems, a leading provider in business service assurance, cyber-security and business intelligence solutions, BossFight Entertainment, a world-class independent game development studio, and the expansion of WatchGuard Inc., the leading provider of mobile video solutions for law enforcement. To learn more, visit www.AllenEDC.com.
SOURCE Allen Economic Development Corporation