Richard Reynolds, President, Reynolds Realty Management Inc.
Texarkana, riding a long-term economic boom with perfect positioning between Dallas and Little Rock, has enjoyed growth fueled by billions of dollars in external interstate projects, including I-30, I-369 and I-49, and hundreds of millions of dollars on the redevelopment of the city’s interstate infrastructure.
An abundance of water has secured large-scale industrial developments including the recently opened John W. Turk Jr. Power Plant, Domtar and International Paper.
Red River Army Depot (RRAD), the largest employer between Dallas and Little Rock, facilitates one of the largest wheeled and tracked military vehicle manufacturing centers in the world.
RRAD coexists with TexAmericas Center, the largest industrial park in Texas, to offer an unmatched land resource of 12,000 acres along with abundant rail access.
Texarkana’s strategic positioning, coupled with three interstates, ample rail and the proposed Red River Navigation Project, ensures long-term economic viability.
H. Ross Perot, Texarkana’s native son, has endowed millions of dollars to the city’s education, the arts, scouting and the Salvation Army to name a few.
Perot has been a major contributor to Texarkana College and Texas A&M University-Texarkana, helping facilitate the expansion of A&M’s four-year university programs to their new Bringle Lake campus, with a strong focus on STEM education.
Perot has consistently challenged our community to step up and exceed local capital improvement challenges for higher education. That same cohesive community spirit has allowed the city to win two national dog park contests, and more recently a national food bank grant.
Texarkana’s pro-development mentality is evident in the approximately $30 million investment in the retail corridor’s infrastructure to attract development, coupled with the establishment of Tax Increment Financing (TIF) districts for additional incentives.
This considerable infrastructure investment has allowed for outstanding regional transportation with easy mobility for consumers accessing Texarkana from all corners of the market.
Traffic congestion in the highly desirable Richmond Road corridor has pushed consumers west to the new University Avenue interchange.
Approximately 800,000 square feet of retail sits along the northwest corner of Richmond Road and I-30.
This has opened up new retail opportunity to the west at Waggoner Creek Crossing, with ample Big Box development opportunities north and south of I-30.
New additions to this area include Raising Cane’s, Chipotle Mexican Grill and Steak ‘n Shake, and a Panera Bread is proposed.
The new five-story, 121-room Marriott Residence Inn is the newest of 11 hotel chains that have moved into the area in the past few years, including Hilton Garden Inn Convention Center and the recently opened Holiday Inn & Texarkana Arkansas Convention Center at Crossroads Business Park.
Texarkana has maintained steady economic growth through a national recession and continues to thrive with state-of-the-art infrastructure, education and industrial development. Texarkana is a market worth consideration.
— By Richard Reynolds, President, Reynolds Realty Management Inc. This article originally appeared in the November 2014 issue of Texas Real Estate Business.