A 155.783-acre tract of land near Texas Motor Speedway was annexed into the Town of Northlake at its Oct. 1 council meeting.
Additionally, Council voted to change the zoning for the land to Industrial Planned Development, which is “established to accommodate industrial development which represents a type of economic development appropriate for the diversification of the employment base of the Town,” according to the Town.
Under industrial zoning, the Town permits buildings like aviation facilities, light manufacturing factories, research facilities, warehouses, distribution centers and storage centers.
Other buildings could be approved with a Special Use Permit.
The industrial buildings, part of Northlake’s Tax Increment Reinvestment Zone (TIRZ) No. 2, will join the nearly 900 acres of land planned to be developed by Hillwood over the next 25 years.
TIRZ No. 2 was created in May 2024.
According to Town documents, the developer, Provident Industrial, plans to construct three buildings on the land, which will total about 1.5 million square feet.
The project, called Northlake Park Commerce, is expected to cost $21.4 million, which will be funded by revenues from the TIRZ and Northlake Fresh Water Supply District No. 1, which was requested and approved earlier this year.
Northlake said there are no bonds or town-backed public debt planned for the project.
Park Commerce is estimated to produce $150 million in taxable value by 2029 and $250 million by 2055, which will produce about $7.6 million in tax revenue, total.
Northlake’s Planning and Zoning Commission unanimously recommended approval of the plan at its Sept. 16 meeting.
Developer Provident Realty was formed in 1991 and has developed or invested more than $6 billion of real estate across the nation.
Other industrial projects Provident has completed include the Hwy 114 Distribution Center in Roanoke and many others in North Texas.
