Richard Reynolds, Reynolds Realty Management
It has been a tremendous year for the Twin Cities of Texarkana, Texas and Texarkana, Ark. with the education sector topping $70 million and a $180 million major medical campus projected to commence in early 2016.
Educational Opportunity
Texas A&M University-Texarkana has been awarded $35.5 million in state funding for the construction of a new building to house and expand its nursing program, including the expansion of a Master’s Degree program, and to promote student success initiatives. The Texas A&M University system expanded its four year-university program to Texarkana in 2010, with the first freshman class admitted that year including Phase I dorms on the 300-plus acre Bringle Lake Campus.
University of Arkansas Community College at Hope (UACCH) expanded a satellite campus on Texarkana’s Arkansas side in 2012, with over $5.4 million going toward the construction of two buildings that service over 300 local students. Working hand in hand with the University of Arkansas at Little Rock, UACCH has expanded their four-year university program, and will continue to grow as the new health professions building completes construction.
Further education initiatives include a $29.2 million commitment from Texarkana Independent School District for the construction of a new sixth grade center and an arts-focussed elementary school facility. The building will compliment the science, technology, engineering and math (STEM)-based Martha and Josh Morriss Mathematics and Engineering Elementary nearby.
Industrial Growth
TexAmericas Center, one of the largest industrial parks in North America, has seen an influx in interest from national and international manufacturing and distribution companies. The second phase of the redevelopment is underway on the 12,000-acre campus, including more than 1 million square feet of industrial improvements.
Companies are assured access to a foreign trade zone and industrial infrastructure such as rail service from the Union Pacific Railroad, the Texas Northeastern Railroad (a Genesee & Wyoming company) and Lone Star Railcar Storage Co.
Additionally, Alcoa has announced the reopening of their plant to meet the demand for aluminum slab driven by the automotive industry. The reopening is expected to create 80 jobs by 2016.
Enjoying continued infrastructure growth, the completion of I-49 from Texarkana to New Orleans and the ongoing development of I-69 has translated to higher traffic counts where I-49 and I-369 converge. In addition, over $20 million in infrastructure projects are either underway or have been proposed by the two cities.
With a vibrant education sector and an aggressive medical sector, Texarkana’s retail offerings are extremely deficient with significant pent-up demand from approximately 500,000 local and regional consumers.
Pent-Up Demand
Texarkana offers excellent land available along I-30’s regional retail corridor, including the 500-acre, master-planned Waggoner Creek Crossing development west of Richmond Road, and the Crossroads business park east of Stateline Avenue.
— By Richard Reynolds, president of Reynolds Realty Management. This article originally appeared in the November 2015 issue of Texas Real Estate Business.