Page 163 - Hurst FY20 Approved Budget

CITY OF HURST

0233 ECONOMIC
GENERAL FUND ECONOMIC DEVELOPMENT DEVELOPMENT

MISSION STATEMENT

The Economic Development Division uses innovative and business friendly strategies to attract, retain and
promote existing and new commercial development within the City in an effort to ensure Hurst remains a vibrant
community.

DIVISION DESCRIPTION

The Economic Development Division is responsible for attracting new businesses to the City, working with
existing retailers and landlords in an effort to retain existing businesses while representing the City with different
community organizations and business support groups to enhance economic vitality.

PRIOR YEAR RESULTS & ACCOMPLISHMENTS

 Worked on the specific Implementation Recommendations of the Hurst Sustainability Plan and had
good activity this past year on five of the seven Catalytic Areas
 Worked with developer, Gardner Capital, to plan for new development and redevelopment for South
east Hurst and one housing development will open December 2019 and another is seeking City Council
approval.
 107 new businesses occupying 633,325 square feet opened in Hurst
 6.3 million square feet of the 6.6 million square feet in total retail square footage of inventory is now
occupied or 94.7%
 North East Mall and The Shops both ended the year at near 100% leased with 5 new store openings
 Nineteen new restaurants opened spread evenly throughout north and south Hurst, more restaurant
openings than any year in the past 10
 The “50 yard line” continued its successful redevelopment with the opening of six new restaurants
 Three new residential projects containing 57 lots began construction leading to a value of new
residential construction for the year of $3.9M
 Over 557 new families moved to Hurst purchasing existing single family residences, a +8% increase
over the year before with an average sales price of $247,500
 The new six story, 140 room Hilton Garden Inn opened next to the Hurst Conference Center and had a
strong first year in terms of total volume and occupancy rate
 $24M of new commercial construction occurred
 Worked with City Council ,the Bellaire Shopping Center owners and The Artisan Theater and executed
a 380 Agreement that allowed them a new five year lease extension while they work on raising funds
for their planned expansion in 2024

FUTURE INITIATIVES

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