Andrews Distributing, a Dallas based company, is building a distribution center on approximately 34 acres in North Fort Worth, on a site brokered by Lee & Associates brokers Trey Fricke and Reid Bassinger. The 400,000 square foot infrastructure plans to sit between the Northeast Loop 820 and Railhead Road.
Andrews acquired Coors Distributing of Fort Worth in 2014, which paved the way for this undertaking. With a price tag of approximately $37 million, Andrews sought out an abatement of up to 50% of the incremental value of real and business personal property stemming from the sites development. This yields a projection near $620,000 for 5 years, a number that mandated an approval vote from the Fort Worth city council and did so May 19th of this year.
The vote will needed to establish that the site fell into a reinvestment zone in order to qualify for the abatement. Of course this was not the only stipulation that was tied to the query, there is a list of qualifications Andrews must maintain to avoid a condition of default.
As of December 31st, 2017, the site would have to employ and maintain 460 full-time jobs, with at least 225 of those being held by Fort Worth residents. Employment stipulations didn’t conclude within its own company. Andrews must also spend $14 million in hard construction, with $8.75 million of that going to female and minority owned companies. In conjunction, additional spending amounts are in adherence to the supplies and other specific services in order to comply with the requirements of the tax abatement.