STATE of DOWNTOWN

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STATE of DOWNTOWN Powered By Docstoc
					   S TAT E o f
DOW N TOW N

2010
Table of Contents
Foreword                            1

About Downtown Fort Worth, Inc.     2

The Year in Review                  4

Office                              6

Population | Housing                14

Hospitality                         28

Retail                              34

Quality of Life                     40

Transportation | Parking            46

Board of Directors                  48




Cover photo courtesy of Geno Loro
                                                                                                                  Table of Contents
Foreword
 Welcome to Downtown, and our sixth edition of the State of Downtown report. This
 publication is produced by Downtown Fort Worth, Inc. (DFWI) and Fort Worth Public
 Improvement District #1 (PID) to help communicate the underlying economic trends
 shaping our center city.

 Emerging from the recession, Downtown continued to move forward in 2010.
 A modest increase in office occupancy and rental rates mirrored national
 averages while our hotels outperformed national averages significantly. Trinity
 Uptown delivered 369 new apartments in Downtown and the occupancy rate
 remained above 90%. Retail occupancy and rental rates remained stable             Nasser Haghighat, Ph.D.

 throughout the year.

 The State of Downtown is your window into the diverse economic forces shaping our center city.
 The data presented in the State of Downtown is compiled throughout the year by Dr. Nasser
 Haghighat, DFWI’s Research Director. In addition, quarterly and monthly updates for certain
 market segments are available upon request. Your thoughts on how to improve this publication are
 welcome, and we encourage you to share your insights with us.

 On behalf of Downtown Fort Worth, Inc. and Fort Worth Public Improvement District #1, thank
 you for your interest in Downtown.




                        Robert Jameson              Johnny Campbell, Chairman
                        Chairman of the Board       Fort Worth Public Improvement
                        Downtown Fort Worth, Inc.   District #1




                                                                              state of downtown fort worth 2010        1
About Downtown Fort Worth, Inc.

                                        Downtown Fort Worth, Inc.
                                        In the early 1980s, Fort Worth began the urban revitalization of its Downtown central business district. The goal for
                                        Downtown was to be a center city bustling with activity morning, noon and night, both during the work week and on
                                        weekends. To provide a private sector voice for this revitalization effort, Downtown Fort Worth, Inc. (DFWI) was estab-
                                        lished by a handful of concerned property owners in December 1981.
                                        Since its inception, DFWI has evolved into a significant advocate for progress and excellence. This membership-based
                                        organization has contributed to Downtown Fort Worth’s vitality by serving as a liaison, ombudsman and information
                                        source for property owners, developers and prospective businesses.
                                        Every 10 years, DFWI partners with the City of Fort Worth and The T to update the Downtown Strategic Action Plan.
                                        This plan is incorporated into the City’s comprehensive plan and implemented through a series of committees and pub-
                                        lic/private partnerships. The 2003 Strategic Action plan can be downloaded at www.dfwi.org.
                                        DFWI expanded its management role in 1986 by establishing Fort Worth Improvement District #1 (PID). The PID pro-
                                        vides enhanced services to 335 blocks within Downtown Fort Worth. These services include maintenance and landscap-
                                        ing, promotions and marketing, research, security enhancement, transportation, planning and parking.
                                        In 1988, Downtown Fort Worth, Inc. formed Downtown Fort Worth Initiatives, Inc. (DFWII). This 501(c)(3) non-
                                        profit organization provides a pathway for foundation grants, philanthropic donations and other contributions to help
                                        fund charitable, educational and public-purpose Downtown projects. DFWII was a central partner in the development
                                        of the 172-unit Hillside apartment community. The organization manages Burnett Park and produces the MAIN ST.
                                        Fort Worth Arts Festival, the Chesapeake Energy Parade of Lights and the Sundance Square Christmas Tree. Each year,
                                        these events bring more than 500,000 people Downtown.
                                        In 1995, Downtown Fort Worth, Inc. championed the creation of the Downtown Tax Increment Financing (TIF)
                                        District. The TIF is managed by Downtown Fort Worth, Inc. through a contract with the TIF Board of Directors, is
                                        capped at $72 million and has an annual budget of $5 million. The TIF has leveraged and obligated $60 million in public
                                        commitments into $449 million in private sector investment and generated more than a $650 million dollars in taxable value.
                                        In 2009, the Fort Worth Public Improvement District #1 (PID) was renewed by property owners and City Council for
                                        a 20-year life. Previous renewals were on five-year cycles, keeping the PID’s horizons relatively short. The new 20-year
                                        authorization allows a much more strategic perspective.
                                        PID#14 was also created in 2009 and is
                                        managed by DFWI under contract with         Downtown by the Numbers
                                        the city of Fort Worth.                     Size:                                                                        1,206 acres
                                                                                    Number of businesses in 2008:                                                     1,437
                                        Through the programs of Downtown            Number of private employees in 2008:                                             35,044
                                        Fort Worth, Inc., members take an           Annual private payroll 2008:                                             $2,802,545,000
                                        active role in the management of and        Average payroll per employee:                                                   $79,972
                                        advocacy for the center city. Several       Number of employees in 2008:                                                     51,254
                                        standing committees and special task        Property tax paid in 2010:                                                  $83,194,852
                                        forces work to fulfill the organization’s   Personal commercial property tax 2010:                                       $8,491,612
                                        mission of creating a vibrant, healthy      Sales tax paid in 2009:                                                    $110,288,207
                                        and attractive center in which to work,     Total hotel taxes paid in 2010:                                             $11,196,347
                                        live and play.                              Total property, hotel and sales taxes paid in 2009:                        $197,263,946
                                                                                    Total taxes paid from 1992-2009:                                           $966,740,020
                                                                                    Property tax paid to City of Fort Worth in 2010:                            $24,305,532
                                                                                    Property taxes paid to Tarrant County in 2010:                               $7,504,866
                                                                                                                 Source: State of Texas, Tarrant Appraisal District, U.S. Census Bureau




   2                              state of downtown fort worth 2010
    Fort Worth Improvement




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    District #1 (PID)




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                                                              EL PASO


                                      RIO GRANDE




Texas Leads the Way in Recovery
COLLEGE STATION (Real Estate Center) – The Texas economy continues to outperform the U.S. economy in the current
recovery, according to the Real Estate Center's latest monthly economic review.
The state’s economy gained 194,400 jobs from November 2009 to November 2010, an annual growth rate of 1.9 percent, com-
pared with the nation’s 842,000 jobs, an annual growth rate of 0.6 percent.
Texas’ private sector continues to play a key role in job creation. The state’s private sector posted an annual employment growth
rate of 2.2 percent compared with 1 percent for the U.S. private sector from November 2009 to November 2010.
The state’s seasonally adjusted unemployment rate was 8.2 percent in November 2010, the same as in November 2009, while
the nation’s rate decreased from 10.0 to 9.3 percent over the same period.
All Texas industries except the trade and information industries had more jobs in November 2010 than in November 2009.
The state’s mining and logging industry ranked first in job creation followed by professional and business services, education and
health services and manufacturing.
All Texas metro areas had more jobs in November 2010 than in November 2009. The state’s actual unemployment rate in
December 2010 was 8 percent. Fort Worth unemployment rate was 8.2%, Dallas 8.5% and USA 9.1%.




                                                                                                                                                                                                                       state of downtown fort worth 2010                              3
                                                                                                                     Gross Sales per Square Mile
                             Office: The office market improved in 2010 after a modest decline
The Year in Review

                                                                                                          Millions For     All Industries 2009
                             in 2009. Downtown’s occupancy rate increased to 92.5% in 4Q                  $900                                                856

                             2010, a couple of points better than the same period in 2009                 $800




                                                                                                                                                                                                          Source: Texas Comptroller of Public Accounts
                                                                                                                                  712
                             (90.9%). Net absorption improved significantly. During the nation-           $700
                                                                                                          $600
                             al recession that started in December 2007 and ended in June 2009,
                                                                                                          $500
                             downtown office occupancy remained above 90% in spite of adding
                                                                                                          $400
                             846,300 SF of new office space. The stability of the office market           $300
                             may be due in part to the fact that a majority of office space is leased     $200                                        143                 137
                             by small businesses. Growth in petroleum based companies also                $100             77            74

                             helped stabilize the downtown office market.                                    $0
                                                                                                                         Includes vacant land        Excludes vacant land


                              Leasing Activities in 2010                                                            Property Value per Square Mile
                                                                                                        Millions
                                                                                                                    2010
                                                                                                        $2,500
                                  Space (SF)                        Share of market
                                  < 4,000                                68.1%                          $2,000




                                                                                                                                                                                Source: Tarrant County Appraisal District
                                                                                                                                                             1,825
                                  4,001 - 10,000                         19.1%                                                  1,519
                                                                                                        $1,500
                                  >10,000                                12.8%
                                                                                                        $1,000

                                                                                                          $500
                             Residential: Residential development continued Downtown, dom-                               156            148
                                                                                                                                                     289              276

                             inated at the north end by a collection of new apartment buildings              $0
                                                                                                                      Includes vacant land           Excludes vacant land
                             built by Lincoln Properties in Trinity Uptown. These 369 rental
                             units entered a market with a 96.2% occupancy rate. During the                 City          Downtown Fort Worth           City without Downtown
                                                                                                          City of Fort Worth:  348 sq. miles, contains 46% vacant land.
                             national recession (December 2007-June 2009), apartment occu-                Downtown Fort Worth: 1,875 sq. miles, contains 16.75% vacant land.
                             pancy in Downtown remained strong and did not decline below
                             92%. The completion of Villa de Leon, Downtown’s first midrise
                             condominium project, punctuated the skyline at Trinity Uptown.
                                                                                                                    Cumulative Value
                                                                                                                    Cumulative Value of Building Permits
                                                                                                                    Downtown Fort Worth
                                                                                                         Millions
                             Villa de Leon and the Omni Residences have delivered luxury units          $1,400
                             at the high end of the price spectrum while Westview by CityHomes                                                                            1,207
                                                                                                        $1,200                                                    1,100
                             delivered ten new units much closer to the 2010 downtown sales                                                                 992
                                                                                                        $1,000
                             price average. Currently 5,709 people live Downtown.                                                                    788
                                                                                                         $800                                  646




                                                                                                                                                                                        Source: City of Fort Worth
                                                                                                                                        518
                             Hospitality: The hotel market, which virtually doubled the num-             $600
                                                                                                                                  430
                             ber of downtown rooms in late 2008, experienced a 16.7% increase            $400               306

                             in room nights sold in 2010, bringing thousands more out-of-town            $200
                                                                                                                    36
                             visitors to discover our city. RevPAR (revenue per available room)
                                                                                                            $0
                             for 2010 was $90.47, up 11.6% from $81.07 the previous year.                           2002 2003 2004 2005 2006 2007 2008 2009 2010
                             Coming out of the recession, Downtown Fort Worth’s RevPAR is far-
                             ing much better than the national average which increased by 5.5%.                      Building Permits Valuation
                                                                                                          Millions
                                                                                                          $250
                             Retail: Retail occupancies stayed virtually flat in existing space,                                        204
                             maintaining a robust 97.9% rate. Retail/office space is now available        $200

                             in the new city Convention Center parking garage and in City
                                                                                                          $150              141
                             Place. Occupancy of these spaces will add light and vitality at the
                                                                                                                                                                                               Source: City of Fort Worth




                                                                                                                                                      107            107
                             street level when they are occupied.                                         $100

                             The average rent per square foot for all retail space in Downtown was          $50
                             $22.89.
                                                                                                              $0
                                                                                                                           2007         2008          2009           2010




  4                  state of downtown fort worth 2010
                                                                                                                 Office Occupancy Rate
                                                                                                                 Downtown Fort Worth
          Office occupancy and rental rates showed slight                                                100%     96.2 94.9            95.0
                                                                                                                               92.8           92.9 93.6 91.7 91.8                    92.7 92.5
          declines during the recession of 2007-2009. However,                                                                                                    91.3     90.9 91.8
          the rate of decline has slowed and in the case of class                                        90%
          B office space, rental rates are higher than the pre-
                                                                                                         80%
          recession level.
                                                                                                                                 National recession
          In spite of the addition of more than 16,000 SF of retail                                      70%
          space during the recession, occupancy showed very
                                                                                                         60%
          little decline and was on the rise in 2010.
                                                                                                         50%
                                                                                                                 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10




          Office Rental Rate                                                                                     Retail Occupancy Rate
          Downtown Fort Worth                                                                                    Downtown Fort Worth
   $40                                                                                                   100%
                                                                                                                 99.4 99.4 99.4 98.9 98.0 98.3
                                                                                                                                               97.1 97.4 96.3                97.9
   $35                                                                                                                                                        95.5 96.1 96.4
             29.03 29.03 30.19 30.07 30.20 28.97                                                         90%
                                                 28.23 27.97 27.98 27.94 27.70 27.67 27.42
   $30
   $25                           21.30 21.12                                                             80%
             18.37 19.14 19.30                 19.37 19.15 18.93 18.79 18.79 19.09 19.05 19.04
   $20
                                                                                                         70%                     National recession
   $15                     National recession
   $10                                                                       Class A
                                                                             Class B                     60%
     $5
     $0                                                                                                  50%
          4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10                          4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10




          Hotel Occupancy Taxes Paid
          Downtown Fort Worth
 Thousands
                                                                                                                                                                          2,991
$3,000                                                                     National recession                                  2,723                  2,735      2,763              2,705




                                                                                                                                                                                                     Source: Texas Comptroller of Public Accounts
                                                                                                                   2,452                  2,404
$2,500                                                                                                   2,378

                                         1,992                                     2,063
                                                               1,920     1,943                   1,918
$2,000
                   1,620     1,687                   1,652
$1,500

$1,000

  $50

    $0
                   1Q 07     2Q 07       3Q 07       4Q 07     1Q 08     2Q 08    3Q 08      4Q 08       1Q 09    2Q 09        3Q 09      4Q 09       1Q 10      2Q 10   3Q 10     4Q 10


                                                                                                                 Hotel Taxes Paid
                                                                                                                 Downtown’s Share As Percentage of City
          Downtown hotel revenue grew moderately during                                                  45%
          the recession and showed accelerated growth with                                                                                                       39.3 40.1 40.0
                                                                                                                                                                                         40.5 40.0
                                                                                                                                                                                                            Source: Texas Comptroller of Public Accounts




          the addition of the Omni in 4Q 2008. Hotel taxes paid                                          40%                                         36.9 37.0
                                                                                                                                                                                  38.0

          in downtown set an all time record of $2,991,929 in                                            35%                                  32.2
          3Q 2010.                                                                                                                     29.3
                                                                                                         30%            28.2
                                                                                                                 25.7          25.8
          Downtown’s share of hotel taxes generated, as a
                                                                                                         25%
          percentage of city hotel taxes, grew rapidly from 25.7%                                                               National recession
          at the beginning of the recession to 37% at the end,                                           20%
          an increase of more than 43% in six quarters.
                                                                                                         15%
                                                                                                                 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10




                                                                                                                                                       state of downtown fort worth 2010                                                                   5
                Downtown Fort Worth has 11 class A office buildings                                                         Class A Office Buildings                                              Square Feet
Office

                totaling 5,040,280 square feet, with an average rental
                                                                                                                            Burnett Plaza                                                           1,024,627
                rate of $27.42 per square foot. In addition, there are 37
                                                                                                                            Carter Burgess Plaza                                                      954,895
                class B office buildings with a total rentable building
                                                                                                                            D.R. Horton Tower                                                         820,509
                area of 3,155,854 square feet and a rental rate of
                                                                                                                            Wells Fargo                                                               716,533
                $18.79 per square foot. Currently, 92.5% (4Q 2010)
                                                                                                                            Chesapeake Tower                                                          460,000
                of all office space is occupied. 1,462 businesses operate
                                                                                                                            Two City Place                                                            330,000
                in downtown.
                                                                                                                            The Carnegie                                                              280,000
                In all, 24 Fortune 500 companies are headquartered in                                                       CHASE Bank                                                                202,123
                the Dallas-Fort Worth metropolitan area.                                                                    Cash America                                                              135,293
                                                                                                                            Cantey Hanger                                                              86,300
                State ranking by the number of Fortune 500 companies:
                                                                                                                            The Tower                                                                  30,000
                                 Texas: 57
                                 California: 57
                                 New York: 56

                Number of Fortune 500 in Fort Worth: 4
                Number of Fortune 500 in Downtown Fort Worth: 2


                 National Downtown Office Statistics                                             Fourth Quarter 2010
                 Downtown      Class A Asking Rents                          Class B Asking Rents                                                                       Overall Vacancy Rate
                  — — — — — — — — — — — — — -                                                                                                                                                               —
                 — — — — — — — — — — — — — —---------------------------------------------------------------------------------------------------------------------------------------------------------------— —
                 Atlanta             $20.76                           $17.13                           21.3%
                 _________________________________________________________________________________________________________________
                 Austin                             $35.17                                                     $27.49                                                    15.5%
                 ___________________________________________________________________________________________________________________
                 Boston                             $56.89                                                     $32.03                                                    11.3%
                 _________________________________________________________________________________________________________________
                 Chicago                            $36.65                                                     $30.21                                                    17.4%
                 __________________________________________________________________________________________________________________
                 Dallas                             $21.71                                                     $16.10                                                    26.3%
                 __________________________________________________________________________________________________________________
                 Denver                             $33.62                                                     $24.83                                                    14.9%
                 _________________________________________________________________________________________________________________
                 Fort Worth                         $27.42                                                     $19.04                                                       7.5%
                 ___________________________________________________________________________________________________________________
                 Houston                            $36.03                                                     $24.98                                                    12.4%
                 _________________________________________________________________________________________________________________
                 Los Angeles                        $37.92                                                     $30.48                                                    16.0%
                 ___________________________________________________________________________________________________________________
                 New York                           $45.04                                                     $36.35                                                    11.4%
                 __________________________________________________________________________________________________________________
                 Philadelphia                       $27.73                                                     $24.08                                                    14.2%
                 __________________________________________________________________________________________________________________
                 Phoenix                            $26.21                                                     $18.57                                                    23.2%
                 __________________________________________________________________________________________________________
                San Francisco      $33.64                        $26.60                         15.0%
                _______________________________________________________________________________________________________
                Seattle            $32.04                        $24.06                         16.8%
                _______________________________________________________________________________________________________
                Washington DC      $55.51                        $41.32                         12.7%
                  — — — — — — — — — — — — -                                         — — -                                                                                                                  — —
                 — — — — — — — — — — — — —------------------------------------------- — —------------------------------------------------------------------------------------------------------------------- —
                 Source: Grubb & Ellis




                Net Office Absorption and Change in Office Occupancy                                                                       Major Central Business Districts in Texas
                Downtown            Change in Occupancy 2010 over 2009                      Net Absorption 2010 (SF)
                ________________________________________________________________________________________________________________
                Austin                                                 0.70%                                          142,084
                __________________________________________________________________________________________________________________
                Dallas                                                0.10%                                         -877,662
                ________________________________________________________________________________________________________________
                Fort Worth                                            1.80%                                           168,474
                __________________________________________________________________________________________________________________
                Houston                                               -0.60%                                         -456,396
                __________________________________________________________________________________________________________________
                San Antonio                                          -4.80%                                         -67,673
                ________________________________________________________________________________________________________________
                Source: Grubb & Ellis




 6       state of downtown fort worth 2010
          Office Occupancy Rate                                                                                                                      Relative Central Business District Office Market Size
          Fourth Quarter 2010
                                                                                                                                           Million Square Feet
                            Dallas CBD       Fort Worth CBD        US
100%                 92.9
                                                                                                                                               40
                                                  90.9                 92.5                                                                                      35.49
                            88.2                         86.9                 88.6
                                                                                                                                               35
 80%          75.4                        73.6                  73.7                                                                           30
                                                                                                                                                                                 26.63




                                                                                       Source: Grubb & Ellis, Costar Group
 60%                                                                                                                                           25
                                                                                                                                               20
 40%




                                                                                                                                                                                                                                                         Source: Grubb & Ellis
                                                                                                                                               15
                                                                                                                                               10                                                 8.74            8.39
 20%
                                                                                                                                                 5                                                                            4.46

 0%                                                                                                                                              0
                  2008                       2009                      2010                                                                               Houston           Dallas         Fort Worth            Austin    San Antonio
          Data reported for multi-tenant office space over 20,000 square feet.                                                                        Data reported for multi-tenant office space over 20,000 square feet.




          Downtown Office Occupancy                                                                                                                  Office Occupancy Rate
          Fourth Quarter 2010                                                                                                                        Downtown Fort Worth
100%                                                                                                                                       100%
                                                                                                                                                                                                          96.2
                                          92.5                                                                                                                                                   94.9
                                                                                                                                            95%                                      93.2                           92.9
                                                                                                                                                                                                                                     92.5
90%                                                      87.6                 88.6
                                                                                                                                                                                                                           90.9
                                                                                                                                                                           90.9
                 84.5                                                                                                                                             89.0
                                                                                                                                            90%
                                                                                             Source: Grubb & Ellis, CoStar Group




80%                                                             77.8
                              73.7                                                                                                          85%        82.4
70%




                                                                                                                                                                                                                                                          Source: Grubb & Ellis
                                                                                                                                            80%
60%                                                                                                                                         75%

50%                                                                                                                                         70%
               Austin       Dallas Fort Worth Houston San Antonio USA                                                                                 2002 2003 2004 2005 2006 2007 2008 2009 2010
          Data reported for multi-tenant office space over 20,000 square feet.                                                                        Data reported for multi-tenant office space over 20,000 square feet.




                                                                   Net Absorption of Office Space
   2010




             -887.6                                                                                                                                                                                      Downtown Dallas
                                                                                                                                                                         168.4
                                                                                                                                                                                                         Downtown Fort Worth
   2009




                                         -614.7
                                                                              -223.5
   2008




                                                                                                                                   -90.2
                                                                                                                                                                                         301.5
   2007




                                                                                                                                                                  114.7
                                                                                                                                                                       165.1
                                                                                                                                                                                                                                        Source: Grubb & Ellis
   2006




                                                                                                                                                                                 241.3
                                                                                                                                                                         153.0
   2005




                                                                -337.3
                                                                                                                                                                                                 375.7

  -1000                     -800             -600               -400                 -200                                                         0                      200                 400                   600                800
                                                                                                                                   Thousand Square Feet




                                                                                                                                                                                                  state of downtown fort worth 2010                                               7
                     Metro Area Office Vacancy Rates
Office


                                 Downtown Dallas                     Downtown Fort Worth                  Dallas Central Expressway                               Dallas Stemmons Freeway
               50%
                                                                                                                                                                          40.3   36.6             39.8
               40%                                                                                                                                               35.5                   36.2


               30%              25.2            26.4   26.3
                        23.3             24.6
                                                                                                      18.8      19.4          19.0     19.8      19.4
               20%
                                                                                     9.1
               10%                                             5.1
                                                                              7.1           7.5
                                                                       3.8

                0%
                       2006     2007     2008   2009   2010   2006    2007    2008   2009   2010       2006       2007         2008      2009     2010           2006     2007   2008   2009      2010



                               Dallas LBJ Expressway                   Irving/Las Colinas                      Richardson/Plano/Allen                            Dallas Uptown/Turtle Creek
               50%

               40%

               30%                                     26.2                          24.7                                                          26.5
                       23.6                     24.5                          23.1
                                21.4                                                        22.4        21.3          21.8
                                        19.0                  19.5     19.9                                                     19.3                                                              20.6
                                                                                                                                         18.6
               20%                                                                                                                                                               15.6    16.6

                                                                                                                                                                  8.2      9.4
               10%

                0%
                       2006     2007    2008    2009   2010   2006     2007   2008   2009   2010       2006       2007         2008      2009      2010          2006     2007   2008    2009      2010

                     Source: Grubb & Ellis




                Office market performance summary                                                              Energy Efficient Class A Office Space
                                                                                                   Million Square Feet
               Office market performance varied significantly among the                                   5
               Dallas Fort Worth submarkets. All comparisons are for 4Q                                                      4,356,417
               2010 over 2009.                                                                            4
                                                                                                                                                3,516,537

               1- Office Vacancy Rate                                                                     3
                  Highest vacancy rate: Dallas Stemmons
                    Freeway, 39.8%                                                                        2
                  Lowest vacancy rate: Downtown Fort Worth, 7.5%



                                                                                                                                                                                                      Source: CoStar
                  Largest increase in vacancy rate:                                                       1                                                                       817,000
                    Richardson/Plano/Allen, from 18.6% to 26.5%
                                                                                                                                                                  22,880
                  Largest decrease in vacancy rate:
                                                                                                          0
                  Irving/Las Colinas, from 24.7% to 22.4%                                                               Total Energy Energy Star Leed Certified Leed Certified
                  National vacancy rate: 12.6%                                                                         Efficient Space Certified    (Gold)         (Silver)
                                                                                                               Office Rental Rates
               2- Class A office rent                                                                          Downtown Fort Worth
                                                                                                             ($/SF)
                  All eight submarkets showed a decline from 2009                                     $35
                  Largest decline: Irving/Las Colinas, -5.2%                                                                                                                                Class A
                                                                                                                                                                                            Class B
                  Smallest decline: Dallas Stemmons Freeway, -0.1%                                                                                                          $30.20
                  Downtown Dallas: -3.6%                                                              $30                                               $29.20   $29.03
                                                                                                                                                                                     $27.98
                  Downtown Fort Worth: -2.0%                                                                                                                                                    $27.42
                                                                                                                                         $26.08

               3- Class B office rent                                                                 $25
                  Performance was mixed among submarkets.
                                                                                                                                                                                                                   Source: Grubb & Ellis




                                                                                                                $21.45 $21.12                                               $21.12
                  Largest decline: Dallas Uptown /Turtle Creek, -3.6%
                  Smallest decline: Dallas Stemmons Freeway: -0.1%                                    $20                                                                            $18.79     $19.04
                                                                                                                                                          $18.13 $18.37
                  Downtown Dallas: +4.5%                                                                         $16.22
                                                                                                                                           $17.02
                                                                                                                                $16.08
                  Downtown Fort Worth: +1.3%
                                                                                                      $15
                                                                                                                  2003 2004 2005 2006 2007 2008 2009 2010




 8       state of downtown fort worth 2010
      Metro Area Class A Office Rental Rates ($/SF)
                    Downtown Dallas                                   Downtown Fort Worth                      Dallas Central Expressway                      Dallas Stemmons Freeway
$35
                                                                                $30.20
                                                             $29.20    $29.03
$30                                                                                      $27.98   $27.42

                              $24.41                                                                                            $24.37
$25               $24.04                                                                                              $23.65              $23.09   $22.63
        $21.97                          $21.95                                                             $21.76
                                                                                                                                                             $18.24                        $17.80    $17.78
$20                                                                                                                                                                    $16.68   $17.13


$15

$10
       2006       2007       2008       2009       2010      2006       2007     2008     2009     2010    2006       2007       2008     2009      2010     2006      2007      2008      2009      2010



                 Dallas LBJ Expressway                                 Irving/Las Colinas                           Richardson/Plano/Allen                   Dallas Uptown/Turtle Creek
 $35                                                                                                                                                                   $32.87
                                                                                                                                                                                           $32.03
                                                                                                                                                                                 $33.85             $31.08
                                                                                                                                                             $29.35
 $30
                   $24.95     $24.87                                   $25.43   $25.04
 $25    $22.84                           $22.62                                          $22.95                                  $22.80   $22.54
                                                    $21.90   $22.71                                                    $22.18                      $22.02
                                                                                                  $21.76    $20.98
 $20

 $15

 $10
        2006      2007        2008       2009      2010       2006      2007     2008     2009      2010   2006       2007       2008     2009      2010     2006       2007     2008       2009      2010

       Source: Grubb & Ellis




      Metro Area Class B Office Rental Rates ($/SF)
                    Downtown Dallas                                   Downtown Fort Worth                     Dallas Central Expressway                      Dallas Stemmons Freeway
$25

$22                                                                             $21.12
                                                                                                                                $19.73    $19.81
                                                                                         $18.79   $19.04                                           $19.39
                                                             $18.13    $18.37                                        $18.49
$19                                                                                                        $17.84
                 $16.91     $16.42
       $16.26                                     $16.10
                                       $15.41                                                                                                                                   $15.17
$16                                                                                                                                                          $14.31                       $14.32    $14.30
                                                                                                                                                                      $14.09

$13

$10
       2006      2007       2008       2009        2010      2006      2007     2008     2009     2010     2006      2007       2008      2009     2010     2006       2007     2008      2009      2010




                Dallas LBJ Expressway                                  Irving/Las Colinas                       Richardson/Plano/Allen                      Dallas Uptown/Turtle Creek
$25
                                                                                                                                                                                          $23.54
                                                                                                                                                                                $24.80              $22.70
                                                                                                                                                                      $22.39
$22
                                                                                                                                                            $20.15
                                                                       $19.23   $19.47   $19.58   $19.55
$19                                                          $17.68                                                   $17.88    $17.59
                             $17.56     $16.63                                                                                            $17.08
                                                  $16.20                                                   $16.60                                  $16.60
       $15.94     $17.26
$16

$13

$10
       2006       2007       2008       2009       2010      2006       2007    2008      2009     2010    2006      2007       2008      2009     2010      2006      2007     2008       2009      2010

      Source: Grubb & Ellis




                                                                                                                                                            state of downtown fort worth 2010                 9
                                                    Average Class A and B Office Rental Rates Dallas-Fort Worth-Arlington MSA
Office


                                                                                                                                           $20.24
                Arlington-North/Grand Prairie                                                                                                                                      Class A
                                                                                                                               $17.79
                                                                                                                                                                                   Class B
                                                                                                                                                 $21.71
                                   Dallas CBD
                                                                                                                      $16.10

                  Dallas Central Expressway                                                                                                         $22.63
                                                                                                                                     $19.39

                              Dallas-Far North                                                                                                             $23.71
                                                                                                                                  $18.25
                                                                                                                                                 $21.90
                                    Dallas LBJ
                                                                                                                       $16.20
                                                                                                                               $17.78
                             Dallas Stemmons                                                                    $14.30
                                                                                                                                                                                         $31.08
                  Dallas Uptown/Turtle Creek
                                                                                                                                                    $22.70
                                                                                                                                                                          $27.42
                               Fort Worth CBD                                                                                       $19.04
                                                                                                                                                                    $25.92
                              Fort Worth-West                                                                                        $19.19
                                                                                                                                                                          $27.32
                        Grapevine/Southlake
                                                                                                                                                       $23.07
                                                                                                                                   $18.72
                       Hurst/Euless/Bedford                                                                              $16.25




                                                                                                                                                                                                      Source: Grubb & Ellis
                                                                                                                                                 $21.76
                             Las Colinas/Irving                                                                                         $19.55
                                                                                                                                                             $24.44
                          Plano-West/Frisco                                                                                                   $21.19
                                                                                                                                                  $22.02
                     Richardson/Plano/Allen                                                                              $16.60

                                     ($/SF)        $0                 $5                     $10                $15                 $20                    $25                  $30                   $35



                               Unemployment Rate
                               Not Seasonally Adjusted
                     12%
                                   10.6
                                                  10.4
                                                              10.2
                                                                                                                      9.7                                                          9.8
                     10%                                                      9.5                        9.6                         9.5
                                    9.2                                                      9.3                                                    9.2
                                                  8.9                                                    9.0          9.0                                           9.0                        9.1
                                                              8.8             8.7                                                    8.8                                           8.8




                                                                                                                                                                                                         Source: US Bureau of Labor Statistics
                                                                                             8.6                                                                                               8.5
                                                                                                         8.9          8.9                           8.4             8.4
                                    8.8                                                                                              8.8
                                                   8.5         8.4            8.5                                                                                                  8.5
                       8%                                                                    8.3
                                                                                                                                                    8.1             8.1                        8.2




                       6%                                                     Dallas      Fort Worth      USA



                       4%
                                Jan-2010 Feb-2010 Mar-2010 Apr-2010 May-2010 Jun-2010 Jul-2010 Aug-2010 Sep-2010 Oct-2010 Nov-2010 Dec-2010


                              Most Jobs Created in 2010 by State
                250,000                                                                                                                                   230,800


                200,000
                                                                                                                                                                                                                 Source: US Bureau of Labor Statistics




                150,000

                100,000                             87,500
                                                                                                                                        65,600
                                                                     43,500            46,300          45,600
                  50,000           33,700                                                                             37,000                                                 34,600          34,000


                         0
                                     AZ                  CA            FL               IL             MA                NY                PA                TX               VA              WA



10       state of downtown fort worth 2010
Inflow and Outflow of Employees – Downtown Fort Worth




                       Inflow of employees                               Outflow of downtown
                       to downtown: 50,745                               residents to work: 3,226




                                               Downtown residents that
                                               work downtown: 509




Source: US Census Bureau Employment Dynamics



Current Residence of Downtown Employees




                                                                                          state of downtown fort worth 2010   11
                Current Residence of Downtown Employees
Office

                Cities with greater than 800 employees in downtown

                Number of downtown
                employees that live in:

                Fort Worth: 18,272
                Arlington: 4,608
                Dallas: 1,722
                North Richland Hills:
                1,096
                Burleson: 866
                Benbrook: 848
                Haltom City: 847
                Grand Prairie: 824




                       Count by City




                                                           Business Profile
                                                           Downtown Fort Worth
                Accommodation and food services                                           90

                                      Admin, support                                          94

                              Arts and entertaiment                23

                                         Construction                        47

                                 Education services            8

                             Finance and insurance                                                                             234

                                     Forestry, fishing         1
                                          Health care                                    80

                                          Information                    39
                        Management of companies                         36
                                                                                                                                                               Source: U.S. Census Bureau Business Pattern 2008




                                       Manufacturing                30

                                               Mining                              72

                                       Other services                                              111

               Professional, scientific and technical                                                                                                    382
                                          Real estate                               74
                                          Retail trade                  42
                                       Transportation              27                                          Total private employees: 35,044
                                                                                                               Total number of businesses: 1,437
                       Unclassified establishments             3
                                                                                                               Annual payroll: $2,802,545
                                               Utilities       3

                                    Wholesale trade                           41


                                                           0             50              100             150     200          250          300     350         400




12       state of downtown fort worth 2010
     Multi-Tenant Office Buildings
     Over 50,000 Square Feet within Fort Worth Public Improvement District #1


     1. Wells Fargo Tower




                                                                                                                                                                                                                                                                                                         NIC
     2. D.R. Horton Tower




                                                                                                                                                                                                                                                                                                            HO
                                                                                                                                                                                                                                                                                              HA


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                                                                                                                                                                                                                                                                                               RD
     3. Two City Place




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                                                                                                                                                                                                                                                                                                     S
     4. CGI




                                                                                                                                                                                                                                                                     ELM
     5. CHASE Bank




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                                                                                                                                                                                                                                                                                       CR
     6. Mallick Tower




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                                                                                                                                                                                                                                                 AN
                                                                                                                                                                                                                                  JON




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                                                                                                                                                                                                                                                                      TER
     7. The Tower Annex




                                                                                                                                                                                                                      CA

                                                                                                                                                                                                                                   ES
                                                                                                                   TCC Riverfront




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     8. Burk Burnett                                                                                                 Campus                                   KN                   D




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                                                                                                                                                                                                                                                                                                   28
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     9. Sinclair




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                                                                                                                                                          WE                                              1




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                                                                                                                                                                                                                                                                            22




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     10. STS Tower                                                                                                                                                                                                            2




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     11. Virtuoso                                                     CH

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                                                                PEA                                                                                                                                   3




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     12. Wagner Oil                                                             F                                                                                                                             H                   12




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                                                                          F                                                                                                                                 4T            11




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                                                                      BLU                                                                                                                                         8




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                                                                                                                                                                                                                                  27




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     13. Maddox-Muse Center                                                                                                                                                            5                                  9
                                                                                                                                      D
     14. Cash America                                                                                                               2N          4                       25                                    10
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                                                                                                              1S                            D                                                                             6T
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                                                                                                                                         3R                                                                                             21
     15. Burnett Plaza                                                                           24                                                                              7                          XTO
                                                                                                                                                                                                                                XTO
                                                                                    6
     16. Bank of America                                                                                                                                                                                  18




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                                                      Chesapeake                                                                                                                                                                    20
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                                                                                                                                                                                      r-Te
                                                                                                             5TH                                                                                          17
     17. Fort Worth Club Tower




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                                                                                                                                                                       26                                                                 9T
                                                                                                                                                                                                                                             H




                                                                                                                                                                                             ram
     18. Fort Worth Club Building             14                                                             7TH                                                                 16                         19
                                                                                                                                                                                                                                                                                   H
     19. Oil & Gas/Commerce
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                                                                                                                                                                                                                                                                                 12




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                                                                                                                                                                        15




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     20. ONCOR                                                                                               10TH                                                                                                                                                                        H




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     21. Carter Burgess Plaza




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                                                                                                                                                                                                                 MONROE
                                                                                                                                                                                                                                                                                             14




                                                                                                                                                                                                                                                                    ent
                                                                                                              TEXAS
     22. Tindall Square                                                                                                                                                                                                                                                                                 H
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                                                                                                                                                              CHERRY

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     23. Water Gardens Place                                                                                                                                                                              13TH
                                                                                    BALLINGER




     24. One Hundred Lexington
                                                                                                  COLLIER
                                                                       SUMMIT




                                                                                                              LAKE
                                                              PENN




                                                                                                                                                                                                                              LANCASTER                                                23
     25. The Carnegie
     26. Cantey Hanger
                                                                                    PRESIDIO
     27. Caceria




Major Private Employers Downtown Fort Worth
Employer                                  Number of employees
XTO Energy                                                    1,275
RadioShack                                                    1,200
AT&T                                                            737
Pier One                                                        550
JACOBS                                                          541
Star-Telegram                                                   350
Cash America                                                    344
ONCOR                                                           325
EOG Resources                                                   275
Quicksilver Resources                                           250
Source: Star Telegram, DFWI Survey 2011




                                                                                                                                                                                                                 state of downtown fort worth 2010                                                               13
Population | Housing

                                   Residential – For Sale
                                   Fort Worth and Tarrant County have experienced steady residential growth in recent years. Ranked by the Census
                                   Bureau as America’s 17th-largest city in July 1, 2009, Fort Worth has added 196,894 residents in nine years since 2000,
                                   increasing the population to 731,588 in 2009 (U.S. Census Bureau), an annual growth rate of 4.1% The estimated
                                   population in 2010: 736,200 (North Texas Council of Governments).
                                   The latest U.S. Census Bureau data reports a daytime population increase of 14% due to commuting. Using this per-
                                   centage, Fort Worth’s estimated daytime population is 834,010. With a population of 1,789,900, Tarrant County was
                                   ranked the nation’s 16th-largest county in 2009. It was ranked 18th in 2008. The county population grew by 2.2%
                                   from 2008 to 2009.
                                   Much of Fort Worth’s population increase is attributed to the region’s diversified economy, strong job growth, relative-
                                   ly low land cost, land availability, a revitalized and growing Downtown and rejuvenated central-city neighborhoods.
                                   Housing affordability has been one of Fort Worth’s competitive advantages. In December 2010, the median price of
                                   a home in Fort Worth was $121,600 compared to $192,100 in Austin and $163,000 in Dallas. The median price in
                                   the U.S. was $169,300.
                                   Downtown Fort Worth is currently experiencing a residential renaissance as individuals and families embrace an urban
                                   lifestyle. Currently, there are 926 owner-occupied residential units in Downtown, up from 610 in 2006. In 2010, ten
                                   units were added to the inventory.
                                   In 2009, the price of downtown homes ranged from $115,000 to $1,625,000 with an average of $479,146. In 2010,
                                   prices ranged from $124,900 to $1,685,000 with an average of $327,873. The average price per square foot declined
                                   from $285 in 2009 to $219 in 2010.


                                   Residential – For Rent
                                   The rental market remained at historically high occupancy. Currently, there are 2,246 units in downtown with
                                   monthly rents ranging from $673 to $5,320 (4Q 2010). The occupancy rate of rental units in downtown has
                                   remained above 90% since 2006. Although 369 units became available in 1Q 2010, occupancy remained high and
                                   ended the year at 95%. During the national recession, December 2007 through June 2009, apartment occupancy in
                                   downtown did not decline below 92% in any quarter.




  14                   state of downtown fort worth 2010
  Top Ten State Population Gain
  July 1, 2008 through July 1, 2009 (Source: U.S. Census Bureau)                                                   Texas                      478,012
                                                                                                                   California                 381,293
         Texas
     California                                                                                                    North Carolina             133,750
North Carolina                                                                                                     Georgia                    131,373
      Georgia                                                                                                      Florida                    114,091
       Florida                                                                                                     West Virginia               98,122
 West Virginia
                                                                                                                   Arizona                     96,401
      Arizona
     Colorado                                                                                                      Colorado                    89,535
       Virginia                                                                                                    Virginia                    87,166
    New York                                                                                                       New York                    73,664
                  0             100,000     200,000           300,000     400,000          500,000



  Domestic Migration - Most Populous States                                                International Migration - Most Populous States
  July 1, 2008 through July 1, 2009                                                        July 1, 2008 through July 1, 2009

       150,000                                                        143,423                200,000

       120,000                                                                                           165,600
         90,000
                                                                                             150,000
         60,000

         30,000
                                                                                             100,000                  87,381                             88,116
              0
                                                                                                                                              75,099
        -30,000
                                  -31,179
                                            -48,249                                           50,000
        -60,000                                                                                                                    35,839

        -90,000
                      -98,798                               -98,178
       -120,000                                                                                      0
                  California      Florida    Illinois      New York     Texas                            California   Florida      Illinois   New York   Texas




  Net Migration - Most Populous States
  July 1, 2008 through July 1, 2009
        250,000                                                                                                                 231,539


        200,000


        150,000


        100,000
                            66,802
                                                        56,202
         50,000


              0
                                                                                -12,410
                                                                                                     -23,079
        -50,000
                           California                   Florida                 Illinois             New York                    Texas




                                                                                                                                     state of downtown fort worth 2010   15
Population | Housing

                                  Domestic Migration Rate of Change -                                                               International Migration Rate of
                                  Most Populous States                                                                              Change - Most Populous States
                                  July 1, 2008 through July 1, 2009                                                                 July 1, 2008 through July 1, 2009
                                                                                                      5.8%
                                  6%                                                                                               5%                     4.7%
                                                                                                                                           4.5%
                                  4%                                                                                               4%                                                   3.9%
                                                                                                                                                                                                   3.6%
                                  2%
                                                                                                                                   3%                                 2.8%
                                     0
                                                                                                                                   2%
                                 -2%                      -1.7%
                                             -2.7%
                                 -4%                                                                                               1%
                                                                         -3.7%
                                                                                       -5.0%
                                 -6%                                                                                                 0
                                         California       Florida       Illinois      New York        Texas                              California       Florida     Illinois      New York       Texas



                                  Net Migration Rate of Change - Most Populous States
                                  July 1, 2008 through July 1, 2009
                                               10%                                                                                                                               9.4%

                                                8%

                                                6%

                                                4%
                                                                                                  3.0%

                                                2%                   1.8%


                                                     0
                                                                                                                      -1.0%                       -1.2%
                                               -2%
                                                                California                     Florida                Illinois                New York                        Texas



                                  Domestic Migration by County                                                                       International Migration by County
                                  July 1, 2008 through July 1, 2009                                                                  July 1, 2008 through July 1, 2009
                               20,000                                        19,002                                          25,000                                  24,371


                               15,000                                                   13,788
                                                                                                                             20,000                   19,785
                                              10,797                                                      10,484
                               10,000
                                                                                                                             15,000
                                 5,000
                                                                                                                             10,000
                                         0                                                                                                                                              6,894
                                                                                                                                                                                                  5,516
                                -5,000                                                                                           5,000
                                                                                                                                          2,940
                                                            -7,494
                               -10,000                                                                                              0
                                               Bexar        Dallas          Harris      Tarrant            Travis                         Bexar       Dallas        Harris          Tarrant        Travis
                              Major Cities: San Antonio     Dallas       Houston       Fort Worth           Austin       Major Cities: San Antonio    Dallas        Houston        Fort Worth       Austin



                                  Net Migration by County
                                  July 1, 2008 through July 1, 2009
                                             50,000
                                                                                                                     43,373

                                             40,000

                                             30,000
                                                                                                                                                20,682
                                             20,000                                                                                                                           16,000
                                                                    13,737                     12,291
                                             10,000

                                                     0
                                                                    Bexar                      Dallas                Harris                    Tarrant                        Travis
                                               Major Cities: San Antonio                         Dallas              Houston                  Fort Worth                      Austin

                                                                                                                                                                                   Source: U.S. Census Bureau
  16                   state of downtown fort worth 2010
   Domestic Migration                                                                   International Migration
   Most Populous Metropolitan Area                                                      Most Populous Metropolitan Area
   July 1, 2008 through July 1, 2009                                                    July 1, 2008 through July 1, 2009
 80,000                                                                        120,000
                                              45,241                                         100,669
 40,000                                       13,788                           100,000

      0                                                                         80,000                    75,062
                                                            -7,577
 -40,000                                                                        60,000
                                    -40,389

 -80,000                                                                        40,000                                33,363          31,571
                       -79,900

-120,000    -110,278                                                            20,000                                                                                      12,944

-160,000                                                                                0
           New York Los Angeles Chicago        Dallas/ Philadelphia                         New York Los Angeles Chicago              Dallas/ Philadelphia
                                              Fort Worth                                                                             Fort Worth


   Net Migration by Most Populous Metropolitan Area
   July 1, 2008 through July 1, 2009
           80,000                                                                                 76,812



           55,000




                                                                                                                                               Source: U.S. Census Bureau
           30,000

                                                                                                                              5,367
            5,000
                                                   -4,838                  -7,026
                           -9,609
           -20,000
                         New York               Los Angeles               Chicago             Dallas/Fort Worth          Philadelphia




  Fastest Growing Metropolitan Areas
  Population Added July 1, 2008 through July 1, 2009

                                 Dallas-Fort Worth-Arlington, TX                                                                                                                146,530

                          Houston-Sugar Land-Baytown, TX                                                                                                                     140,784

                   Los Angeles-Long Beach-Santa Ana, CA                                                                        106,402

  New York-Northern New Jersey-Long Island, NY-NJ-PA                                                                         101,295

       Washington-Arlington-Alexandria, DC-VA-MD-WV                                                                         98,305

                        Atlanta-Sandy Springs-Marietta, GA                                                            89,627
                                                                                                                                                                                          Source: U.S. Census Bureau




                                  Phoenix-Mesa-Scottsdale, AZ                                                   76,771

                          Chicago-Naperville-Joliet, IL-IN-WI                                             64,931

                       San Francisco-Oakland-Fremont, CA                                               57,617

                                 Denver-Aurora-Broomfield, CO                                    51,811

                                                                      0             30,000      60,000             90,000       120,000                                     150,000


   The Dallas Fort Worth Metropolitan area grew by 146,532 from 2007-2008 and by 146,530 from 2008-2009. It added
   more population per year than any other metro area since 2006.



                                                                                                                                       state of downtown fort worth 2010                                               17
Population | Housing

                               Metropolitan Population Growth
                               2000-2009 (Source: U.S. Census Bureau)
                               Metropolitan areas ranked by 2009 population            Population (Thousands)             Change, 2000-2009
                                                                   2009 Rank 2000 Rank   Thousands     % Change
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               New York-Northern New Jersey-Long Island, NY-NJ-PA   19,069   1      18,323   1    746             4.1%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Los Angeles-Long Beach-Santa Ana, CA                 12,874   2      12,366   2    508             4.1%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Chicago-Naperville-Joliet, IL-IN-WI                  9,580    3      9,098    3    482              5.3%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Dallas-Fort Worth-Arlington, TX                      6,447    4      5,162    5    1,285                             24.9%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Philadelphia-Camden-Wilmington, PA-NJ-DE-MD          5,838    5      5,687    4    281              4.9%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Houston-Sugar Land-Baytown, TX                       5,728    6      4,715    8    1,152                             24.4%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Miami-Fort Lauderdale-Pompano Beach, FL              5,414    7      5,008    6    539                     10.8%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Washington-Arlington-Alexandria, DC-VA-MD-WV         5,358    8      4,796    7    680                       14.2%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Atlanta-Sandy Springs-Marrietta, GA                  5,376    9      4,248    11   1,227                                28.9%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--
                               Boston-Cambridge-Quincy, MA-NH                       4,522    10     4,391    10   131             4.5%
                                — — — — — — — — — — — — — — — ––––— — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — —–––– — — — — — — — — — — — — — — — — — — — — — — — —--




                               Regional Population Change, 2000-2009
                               (Source: U.S. Census Bureau)

                                         City                 2009        2000                    %Change
                                 Albuquerque, NM   529,219   448,607                18.0%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                     Austin, TX    786,386   656,562                 19.8%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                 Baton Rouge, LA   225,388   227,818  -1.1%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                     Dallas, TX   1,299,542 1,188,580        9.3%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                    El Paso, TX    620,456   563,662         10.1%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                   Fort Worth, TX  727,577   534,694                        36.1%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                    Houston, TX   2,257,926 1,963,631             15.6%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                 Kansas City, MO   482,299   441,545         9.2%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                  Little Rock, AR  191,933   183,133      4.8%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                   Memphis, TN     676,640   650,100     4.1%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                Oklahoma City, OK  560,333   506,132          10.7%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                    Phoenix, AZ   1,593,659 1,321,045                 20.6%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                  San Antonio, TX 1,373,668 1,144,646                 20.0%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                  Shreveport, LA   199,244   200,145  -0.5%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                    Tucson, AZ     543,910   486,699            11.8%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
                                     Tulsa, OK     389,625   393,049  -0.9%
                                — — — — — — — — — — — — — — — — — — — — — — — — — — — — -
                               — — — — — — — — — — — — — — — — — — — — — — — — — — — — —




  18                   state of downtown fort worth 2010
Population Change, July 1, 2008 - July 1, 2009
Cities with population greater than 500,000 (Source: U.S. Census Bureau)

        Detroit        -0.2%
     Baltimore         -0.1%
     Memphis           0.0%
    San Diego          0.0%
    Milwaukee             0.1%
  Jacksonville                   0.4%
  Philadelphia                     0.5%
     New York                      0.5%
       Tucson                          0.6%
     Louisville                        0.6%
        Atlanta                          0.7%
      Chicago                             0.8%
  Los Angeles                             0.8%
    Las Vegas                                 0.9%
  Indianapolis                                0.9%
San Francisco                                 0.9%
      Houston                                 0.9%
 Albuquerque                                        1.1%
      Nashville                                      1.1%
       Boston                                          1.3%
    Columbus                                           1.3%
Oklahoma City                                                1.5%
      Phoenix                                                1.5%
  Washington                                                     1.6%
         Dallas                                                  1.6%
      Portland                                                    1.7%
     San Jose                                                     1.7%
       El Paso                                                      1.8%
  San Antonio                                                       1.8%
        Seattle                                                                2.3%
     Charlotte                                                                   2.4%
         Austin                                                                    2.5%
       Denver                                                                              2.9%
    Fort Worth                                                                                      3.3%

        -0.5        0.0          0.5          1.0          1.5          2.0      2.5       3.0        3.5




Estimated 2010 Population of North Texas Cities
Population Greater than 100,000 (Source: North Central Texas Council of Governments 2010)

  1,500,000
                                         1,316,350
                                                                                                                          Growth Rate 2009-2010
                                                                                                                           — — — — — — — — —
                                                                                                                          — — — — — — — — —
  1,200,000                                                                                                               Dallas:     0.77%
                                                                                                                           — — — — — — — — —
                                                                                                                          — — — — — — — — —
                                                                                                                          Arlington:  0.05%
                                                                                                                           — — — — — — — — —
                                                                                                                          — — — — — — — — —
                                                                                                                          Plano:      0.45%
    900,000                                                                                                                — — — — — — — — —
                                                                                                                          — — — — — — — — —
                                                                   736,200                                                Fort Worth: 2.21%
                                                                                                                           — — — — — — — — —
                                                                                                                          — — — — — — — — —
    600,000
                  370,650
                                                                                                                                          265,000
    300,000                                                                             229,600             213,700
                                                                                                  169,350
                               122,100                110,300                                                         126,900   139,550
                                                                              107,050                                                                101,200


            0
                  Arlington Carrollton    Dallas      Denton        Fort      Frisco    Garland   Grand      Irving   McKinney Mesquite    Plano    Richardson
                                                                    Worth                         Prairie




                                                                                                                                state of downtown fort worth 2010   19
Population | Housing

                              Median Family Income 2009                                                             Change in Median Family Income, 2000-2009
                              Texas cities with population greater than 500,000                                     (Source: U.S. Census Bureau)
                              (Source: U.S. Census Bureau)
                                                                                                                           City                2009          2000                 %Change
                              80,000
                                                                                                                    Albuquerque, NM $54,819 $46,979              16.7%
                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                              70,000
                                                                                                                         Austin, TX   $62,153 $54,091         14.9%
                                        $62,153                                                                      — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                              60,000                                                                                Baton Rouge, LA $51,952 $40,266                            29.0%
                                                                          $54,404                                    — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                $51,002
                              50,000                                                     $47,329
                                                                                                                         Dallas, TX   $42,699 $40,266 4.3%
                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                   $42,699 $42,418
                                                                                                                        El Paso, TX   $42,418 $35,432               19.7%
                              40,000                                                                                 — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                      Fort Worth, TX  $54,404 $42,939                       26.7%
                              30,000                                                                                 — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                       Houston, TX    $47,329 $40,443            17.0%
                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                              20,000
                                                                                                      San Antonio
                                                                                                                     Kansas City, MO $55,040 $46,012                19.6%
                                                                            Fort Worth




                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                            Houston
                                                                El Paso




                                                                                                                      Little Rock, AR $50,818 $47,446    7.1%
                                          Austin




                              10,000
                                                       Dallas




                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                       Memphis, TN    $45,540 $37,767                20.6%
                                    0                                                                                — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                    Oklahoma City, OK $54,721 $42,689                         28.2%
                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                       Phoenix, AZ    $53,906 $46,467          16.0%
                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                     San Antonio, TX  $52,666 $41,331                        27.4%
                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                        Tucson, AZ    $45,224 $37,344                 21.1%
                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                         Tulsa, OK    $55,464 $44,518                     24.6%
                                                                                                                     — — — — — — — — — — — — — — — — — — — — — — — –
                                                                                                                    — — — — — — — — — — — — — — — — — — — — — — — —
                                                                                                                                                                                       USA=22.1%


                              National Cost of Living Equivalent
                              Cities with population greater than 500,000 (Source: CNN-Money)

                                       Austin                                                                          $57,094
                                   Baltimore                                                                                         $71,323
                                     Boston                                                                                                   $79,154
                                   Charlotte                                                                          $55,719
                                    Chicago                                                                                         $69,828
                                  Columbus                                                                           $54,942
                                       Dallas                                                                        $54,882
                                     Denver                                                                                $61,637
                                      Detroit                                                                            $59,336
                                     El Paso                                                                         $53,985
                                  Fort Worth                                                                         $54,404
                                    Houston                                                                          $55,061
                                Jacksonville                                                                         $55,539
                                  Las Vegas                                                                               $60,860
                                Los Angeles                                                                                        $68,785     $81,426
                                   Memphis                                                                          $52,730
                                  Milwaukee                                                                               $60,800
                                   New York                                                                                                                                            $129,373
                              Oklahoma City                                                                          $54,822
                                Philadelphia                                                                                               $75,567
                                                                                                                                                         Income required to enjoy the same standard
                                    Phoenix                                                                              $60,143
                                                                                                                                                         of living as a family in Fort Worth earning the
                                    Portland                                                                                     $66,480
                                                                                                                                                         2009 median income of $54,404.
                                San Antonio                                                                            $57,154
                                  San Diego                                                                                                   $78,975
                              San Francisco                                                                                                                    $97,927
                                   San Jose                                                                                                                $93,264
                                      Seattle                                                                                         $72,458
                                     Tucson                                                                            $57,632
                             Washington, DC                                                                                                      $83,638
                                                   0                                     $30,000                    $60,000                      $90,000                  $120,000                $150,000


  20                   state of downtown fort worth 2010
Third Quarter 2010 Value of a $200,000 Home Purchased in First Quarter 2008
(Source: Federal Housing Finance Agency)
$250,000

                                                             $201,228
$200,000                                                                                                                                   $192,420
                          $185,278                                                                                   $186,900
               $170,141               $169,473                           $166,351                        $169,914
                                                  $152,534
$150,000
                                                                                      $129,437                                  $125,336


$100,000



 $50,000



           0
               Atlanta    Boston      Chicago      Detroit     Fort         Los        Miami              New       Philadelphia Phoenix Washington
                                                              Worth       Angeles                         York




 Net Change in Third Quarter 2010 Value of a $200,000 Home Purchased in First Quarter 2008
 (Source: Federal Housing Finance Agency)

                                                -$29,859                                       Atlanta
                                                             -$14,722                          Boston
                                             -$30,527                                          Chicago
                           -$47,466                                                            Detroit
                                                                                  $1,228       Fort Worth
                                           -$33,649                                            Los Angeles
   -$70,563                                                                                    Miami
                                             -$31,086                                          New York
                                                               -$13,100                        Philadelphia
-$74,664                                                                                       Phoenix
                                                                        -$7,580                Washington

-$80,000 -$70,000 -$60,000 -$50,000 -$40,000 -$30,000 -$20,000 -$10,000                    0       $10,000




                                                                                                                            state of downtown fort worth 2010   21
Population | Housing

                                   Median Home Price                                                                                                                       Change in Median Home Price
                                   (Source: Texas A&M Real Estate Center, Dec. 2010)                                                                                       December 2010 over 2009


                                   $200,000   $192,100                                                                                                                      9%
                                                                                                                                                                                          7.03%
                                                                                                                                                   $169,300
                                                          $163,000                                                                                                                                               5.74%                      5.73%
                                                                                                     $157,800 $155,000
                                   $150,000                                                                                                                                 5%
                                                                      $134,100                                                                                                                                             3.54%
                                                                                     $121,600
                                                                                                                                                                                 1.64%
                                   $100,000                                                                                                                                 1%                        -0.67%
                                                                                                                                                                                 Austin   Dallas                 Fort      Houston        San                     USA
                                                                                                                                                                                                      El Paso    Worth                   Antonio




                                                                                                                             San Antonio
                                                                                                                                            San Antonio
                                                                                                                                                                           -3%




                                                                                                                                                                                                                                                    San Antonio
                                    $50,000
                                                                                        Fort Worth

                                                                                                      Fort Worth




                                                                                                                                                                                                                           Fort Worth
                                                                                                      Houston

                                                                                                                   Houston




                                                                                                                                                                                                                                        Houston
                                                                         El Paso


                                                                                        El Paso




                                                                                                                                                                                                                 El Paso
                                                 Austin



                                                             Austin




                                                                                                                                                                                             Austin
                                                             Dallas


                                                                         Dallas




                                                                                                                                                                                                        Dallas
                                                                                                                                                               USA
                                                                                                                                                                                                                                                              -4.89%

                                          0                                                                                                                                -7%
                                              Fort Worth has the lowest median home price among
                                              Texas cities with population greater than 500,000.


                                   Mortgage Payment as of Percentage of Median Family Income
                                   (Source: U.S. Census Bureau ACS 2009, Texas A&M Real Estate Center)

                                      25%
                                                          22.9%
                                                                                                     20.9%
                                      20%     18.9%                   18.8%                                            18.5%
                                                                                                                                                          17.1%


                                      15%                                             13.5%
                                                                                                                                                                         Mortgage payment includes principle and interest and is
                                                                                                                                                                         calculated with 10% down payment at an interest rate of
                                      10%
                                                                                                                                                                         5.5% for 30 years. Purchase price is equal to median
                                                                                                                                                                         home price in December 2010 for each city, and median
                                                                                                                   San Antonio


                                                                                                                                                           San Antonio
                                                                                                                                           San Antonio
                                                                                                                                           San Antonio
                                                                                   Fort Worth




                                                                                                                                                                         family income is used for all calculations.
                                                                                                     Fort Worth
                                                                                                     Fort Worth
                                                                                                     Fort Worth




                                        5%
                                                                                                     Houston


                                                                                                                   Houston
                                                                                                                   Houston
                                                                                                                   Houston
                                                                        El Paso
                                                                                   El Paso
                                                                                   El Paso
                                                                                   El Paso
                                                Austin
                                                Austin


                                                             Austin
                                                             Dallas
                                                             Dallas

                                                                        Dallas
                                                             Austin


                                                                        Dallas




                                                                                                                                                           USA




                                                                                                                                                                         Fort Worth has the lowest cost of housing among Texas
                                          0                                                                                                                              cities with population greater than 500,000.




  22                   state of downtown fort worth 2010
      Number of Residential Units Sold
                                                                                                                                                              Fort Worth – SFR
                                                                                                                                                              Fort Worth – Condos and Townhomes
      16,000
                                                                                                                                                              Dallas – SFR
                                                                                                                                                              Dallas – Condos and Townhomes

      12,000




                                                                                               Source: North Texas Real Estate Information System
                                                                                                                                                            Condominiums to Single Family Residence
                         1,902
                                                                                                                                                            Sales Ratio
                                         286
       8,000                                                        1,746            242                                                                     — — — — — — — — — — — —
                                                                                                                                                            — — — — — — — — — — — —
                                                                                                                                                             Year    Dallas Fort Worth
                                                                                                                                                             — — — — — — — — — — — —
                                                                                                                                                            — — — — — — — — — — — —
                                                                                                                                                             2007    23.6%    3.7%
                         9,122           7,795                      6,737            7,226                                                                   — — — — — — — — — — — —
                                                                                                                                                            — — — — — — — — — — — —
       4,000                                                                                                                                                 2008    20.5%    3.4%
                                                                                                                                                             — — — — — — — — — — — —
                                                                                                                                                            — — — — — — — — — — — —
                                                                                                                                                             2009    20.8%    3.6%
                                                                                                                                                             — — — — — — — — — — — —
                                                                                                                                                            — — — — — — — — — — — —
                                                                                                                                                             2010    25.9%    3.3%
               0                                                                                                                                             — — — — — — — — — — — —
                                                                                                                                                            — — — — — — — — — — — —
                                 2009                                       2010
                23% of all condominiums and townhomes sold in Fort Worth in 2010 were located in downtown.



       Condominiums and Townhomes Built and Sold                                                                                                               Downtown Condominium and Townhome Sales
       Downtown Fort Worth                                                                                                                                     As % of City

                                                                                           Built
                                                                                                                                                                     Year             Fort Worth             Downtown                     %
                                298
300                                                                                        Sold                                                                  2005     276       40      14.4%
                                                                                                                                                               — — — — — — — — — — — — — — — — — — — —–
                                                                                                                                                              — — — — — — — — — — — — — — — — — — — — –-
250                                                                                                                                                              2006     395       95            24%
                                                                                                                                                               — — — — — — — — — — — — — — — — — — — —–
                                                                                                                                                              — — — — — — — — — — — — — — — — — — — — –-
200                                                                                                                                                              2007     367      103              28%
                                                                                                                                                               — — — — — — — — — — — — — — — — — — — —–
                                                                                                                                                              — — — — — — — — — — — — — — — — — — — — –-
150                                                                                        114                                                                   2008     275       80               29%
                                                        95        103                                                                                          — — — — — — — — — — — — — — — — — — — —–
                                                                                                                                                              — — — — — — — — — — — — — — — — — — — — –-
100                                                                             80                                                                               2009     286      114                   40%
                                                                                                                                                       58
                                              40                                                                                                               — — — — — — — — — — — — — — — — — — — —–
                                                                                                                                                              — — — — — — — — — — — — — — — — — — — — –-
 50                                                                                                                                                              2010     242       58           23.9%
           8         7                                                                                                                                         — — — — — — — — — — — — — — — — — — — —–
                                                                                                                                                              — — — — — — — — — — — — — — — — — — — — –-
                                294          41        226         194                       112                                                       10
  0                                                                                                                                                            Source: North Texas Real Estate Information System, Tarrant County Clerk
        2002       2003        2004        2005       2006        2007       2008        2009                                                        2010

       Source: North Texas Real Estate Information System, Tarrant County Appraisal District




      Median Sale Price per Square Foot                                                                                                                             Median Days on Market - 2010
      Downtown Fort Worth                                                                                                                                           Condominiums and Townhomes

  $300
                                                                                                                                                                   150
                           $234       $230         $237       $241       $231         $232                                                                                                                131
  $250                                                                                                                                              $219
                                                                                                                                                                   120
  $200                                                                                                                                                                             102
                                                                                                                                                                                                                                  93
                                                                                                                                                                     90
  $150
               $108
  $100                                                                                                                                                               60

      $50                                                                                                                                                            30

        $0                                                                                                                                                             0
               2003 2004 2005 2006 2007 2008 2009 2010                                                                                                                       North Texas            Dallas CBD Fort Worth CBD
                Source: The Tower, North Texas Real Estate Information System                                                                                                Source: North Texas Real Estate Information System


      The Tower, a luxury residential high rise with 294 units started selling
      in 2004 and raised the downtown median sales price per square foot
      to $234 by the end of the year. The annual residential sales price per
      square foot remained fairly stable from 2004 through 2010 with the
      addition of 586 new residential units to the market.




                                                                                                                                                                                                                  state of downtown fort worth 2010   23
Population | Housing

                                         Median Residential Sales Price
                                         Downtown Fort Worth
                                                                                                                                                      $798,000
                            $800,000

                            $700,000

                            $600,000
                                                     Median 1Q 2008 – 4Q 2010: $232,500




                                                                                                                                                                                                           Source: Tarrant County Clerk, North Texas
                            $500,000

                            $400,000
                                                                                                                                                Without Omni $249,000




                                                                                                                                                                                                           Real Estate Systems, Inc.
                                                                        $282,500                                                             $277,000
                            $300,000 $242,900                                      $240,000 $246,000
                                              $225,000 $212,000                                                                                                                      $223,000
                                                                                                                                                                 $196,000 $192,450              $197,500
                            $200,000

                            $100,000

                                    0
                                             1Q 08     2Q 08    3Q 08   4Q 08       1Q 09    2Q 09                                            3Q 09    4Q 09      1Q 10     2Q 10     3Q 10     4Q 10




                                         Median Residential Sales Price per Square Foot
                                         Downtown Fort Worth

                               $500                                                                                                                     $481



                               $400                  Median 1Q 2008 – 4Q 2010: $219




                                                                                                                                                                                                               Source: North Texas Real Estate Systems, Inc.
                                                                                                                                                  Without Omni $238
                               $300                                                 $274
                                             $245                $246    $256
                                                                                                                                              $228
                                                        $208                                         $202                                                                                         $211
                                                                                                                                                                             $186
                               $200                                                                                                                                                   $171
                                                                                                                                                                   $159


                               $100


                                    0
                                             1Q 08     2Q 08    3Q 08   4Q 08       1Q 09      2Q 09                                          3Q 09    4Q 09      1Q 10     2Q 10     3Q 10      4Q 10



                                         Median Residential Sale Price - 2010                                                                                     Multifamily Occupancy
                                         Condominiums and Townhomes                                                                                                                                                                                                          Source: National Association of Realtors, DFWI Survey

                                 Thousands
                                                                                                                                                         98%                                               Fort Worth CBD
                                                                                             Source: North Texas Real Estate Systems, Inc.




                                $300
                                                                                                                                                                                                           USA
                                                                 $255
                                $250                                                                                                                     96%        95.5
                                                                                $196                                                                                                                                                                           95.0
                                $200
                                                                                                                                                                             95.5
                                $150            $132
                                                                                                                                                         94%                             93.6
                                                                                                                                                                                                                                                                      92.9
                                                                                                                                                                                                   92.5
                                $100
                                                                                                                                                         92%
                                  $50

                                    $0                                                                                                                   90%
                                             North Texas       Dallas CBD Fort Worth CBD                                                                                  2008                2009                                                               2010




   24                  state of downtown fort worth 2010
 Apartment Occupancy Rates                                                                   Average Apartment Rent
 Downtown Fort Worth                                                                         Downtown Fort Worth

Apartment                1Q 2010 2Q 2010 3Q 2010 4Q 2010                                     Apartment                      1Q 2010 2Q 2010 3Q 2010 4Q 2010
Overall                     96.2%            93.6%          96.6%          95%               Efficiency (680 SF)             $1,085       $1,140                           $1,140   $1,140
Efficiency                  96.3%            100%           100%          96.3%              1 bedroom (810 SF)              $1,185       $1,123                           $1,201   $1,195
One bedroom                 97.3%            95.7%          98.4%         95.6%              2 bedrooms (1,258 SF)           $1,703       $1,655                           $1,698   $1,698
Two bedrooms                94.6%            93.2%          94.1%         93.8%              3 bedrooms (1,484 SF)           $2,427       $2,482                           $2,423   $2,237
Three bedrooms              93.4%             76%            94%           96%               Source: DFWI Survey

Source: DFWI Survey




 Apartment Occupancy Rates
 Downtown Fort Worth
100%         94.9 95.7    95.2    95.1          95.6     95.8   94.5   96.0    96.0 95.6   94.1 92.1     93.6 94.6    96.2    93.6 96.6    95.0
                                         90.1

 80%

 60%




                                                                                                                                                Source: DFWI Survey
 40%

 20%

   0%
          2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10


 Average Apartment Rent
 Downtown Fort Worth
$1,800
$1,700
                                    $1,593      $1,586                 $1,591     $1,567
$1,600       $1,514      $1,536                             $1,535                          $1,552     $1,550                 $1,550   $1,530
                                                                                                                   $1,494
$1,500
$1,400
                                                                                                                                                     Source: DFWI Survey




$1,300
$1,200
$1,100
$1,000
            1Q 08        2Q 08      3Q 08       4Q 08       1Q 09      2Q 09      3Q 09    4Q 09       1Q 10       2Q 10      3Q 10    4Q 10



 Average Apartment Rent per Square Foot
 Downtown Fort Worth
 $1.60

 $1.50                              $1.48       $1.47                  $1.48      $1.46
                         $1.43                                                              $1.44      $1.45
              $1.41                                         $1.43                                                  $1.42      $1.43
                                                                                                                                       $1.41
 $1.40

 $1.30
                                                                                                                                                Source: DFWI Survey




 $1.20

 $1.10

 $1.00
             1Q 08       2Q 08      3Q 08       4Q 08       1Q 09      2Q 09      3Q 09    4Q 09       1Q 10       2Q 10      3Q 10    4Q 10



                                                                                                                                       state of downtown fort worth 2010                     25
Population | Housing

                                   Housing Construction                                                                                           Housing Construction
                                   Downtown Fort Worth                                                                                            Downtown Fort Worth
                                   Owner occupied townhomes and condominiums                                                                      Renter occupied units

                                   1,000                                                                                                          2500
                                                        926 units by 2010
                                                                                                                                                                  2,246 units by 2010
                                    900
                                    800                                                                                                           2000                    2006-2010          + 54.4% from
                                                                                                                                                                            583              2000-2010
                                    700                     2006-2010
                                                                                 +141% since 2005                                                                   2000-2005     209
                                    600                           542                                                                             1500




                                                                                          Source: City of Fort Worth, DFWI




                                                                                                                                                                                                      Source: City of Fort Worth, DFWI
                                    500
                                    400                                                                                                           1000
                                    300                                                                                                                                   Pre-1999
                                                            2000-2005                                                                                                      1,454
                                    200                           347                                                                              500
                                    100
                                         0                 Pre-1999 37                                                                                0

                                    Rate of Growth                                                                                                Rate of Growth
                                    Owner occupied townhomes and condominiums                                                                     Renter occupied units
                                    Period              Fort Worth             Downtown                                                           Period           Fort Worth           Downtown
                                    2006-2010               14%                 141%                                                              2006-2010               17.7%              35%
                                    2000-2005               17%                 937%                                                              2000-2005                5.9%             14.3%




                                   Home Affordability
                                   Ratio of Median Home Price to Median Family Income
                                                  Austin                         Baltimore                                                                                                   Boston
                                   12

                                   10
                           Less                                                                                                                                            8.5        8.2
                                    8                                                                                                                                                         7.6
                                                                                                                                                                                                                         6.6
                                                                                                                                                                                                                                         5.8
                                    6
                                                                        3.3      3.4                                                        3.5    3.5      3.6
                                    4     2.8     3.0       3.1                                                                      2.9
                                                                                                                              2.5
                           More
                                    2

                                    0
                                         2005     2006     2007         2008     2009                                        2005   2006   2007   2008     2009            2005       2006    2007     2008                              2009




                                                         Fort Worth                                                                   Jacksonville                                     San Francisco
                                   12
                                                                                                                                                                           9.9       10.2    10.0
                            Less
                                   10                                                                                                                                                                       9.0                          8.7
                                   8

                                   6

                                   4                                                                                          2.8    3.0    3.1    3.0      3.0
                            More          2.1     2.2      2.2          2.1      2.2
                                   2

                                   0
                                         2005    2006      2007         2008     2009                                        2005   2006   2007   2008    2009             2005       2006   2007     2008                               2009

                                        Source: U.S. Census Bureau




  26                   state of downtown fort worth 2010
Residential                                                                                                                                                                                                                                                 29

1.  The Versailles           17. Neil P. at Burnett Park
2.  959 West Bluff           18. Houston Place Lofts
3.  Remington Place          19. Flatiron
4.  Hunter Plaza             20. T & P Lofts                                                                                                                                                                                                  26




                                                                                                                                                                                                                                                                                                                NIC
5.  Pecan Place              21. First Place




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                                                                                                                                                                                                                                                                                                           ING
    Condominiums             22. Kress Building Lofts




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                                                                                                                                                                                                                                                                                 ELM
 6. Cassidy Corner           23. Omni                                                                                                                                                                                                                                                     8
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 7. Pecan Place              24. Westview




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    Townhomes                25. Lincoln Trinity Bluff




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 8. Hillside Apartments      26. Villa de Leon                                                                                                                             KN                 RD




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                                                                                                                                                                               HE       RFO                                                                                                                28




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 9. The Depot                27. Palisades




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    Apartments               28. Le Bijou
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10. Sundance West            29. Lincoln Park at




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                                                                               PEA                                                                                                                  10




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11. Sanger Lofts                 Trinity Bluff                                                                 2




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12. The Tower
                                                                                                                                                D
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                                                                                                                                   21
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                                                                                                                           1S                                                                         12                               22H




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                                                                                                                                                   3R
                                                                                                                                                     D                                                                                 6T
13. Firestone




                                                                                                                                                                                                                    KM
                                                                                                                                                                                                                         OR
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                                                                                                                                                                                                                                             7T
    Upper West Side




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                                                                      PIER 1                                              5TH                                                                                                                     8T
14. AMLI Upper West Side                                                                                                            13
                                                                                                                                                                                                           16                                           H
                                                                                                                                                                                                                                                       9T
                                                                                                                          7TH                                                                                                                18
15. Trinity Terrace                                                                                                                                                                                         17
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16. Historic Electric
                                                                                                                                    13




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                                                                                                                          10TH                                                                                                                                                                     H




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    Building                                                                                                                             24




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                                                                                                                                                                                                                              MONROE
                                                                          15                                               TEXAS                                                                                                                                                                    14
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                                                           FOURNIER




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                                                                                                                                                             MACON
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                                                                                                                                                                                                   LAMAR
                                                                                                                                                                                                                                                                  23
                                                                                                                                        14
                     Condos/Townhomes                                                                                                                                                                                 13TH                                             TH
                                                                                               BALLINGER




                                                                                                                                                                                                                                                                   13
                                                                                                               COLLIER
                                                                                      SUMMIT




                                                                                                                           LAKE
                                                                           PENN




                                                                                                                                                                                                                                        LANCASTER
                     Apartments
                                                                                                                                                                                                                                                                                                                              3
                     Parks                                                                     PRESIDIO                                                                                                                                                                     20                                           IH




                                                                                                                                                                                        state of downtown fort worth 2010                                                                                                         27
Hospitality


                                                                                                                        The opening of Embassy Suites Fort Worth
                                                                                                                        Hotel Downtown (156 rooms), Sheraton
                                                                                                                        Fort Worth Hotel and Spa (432 rooms),
                                                                                                                        Holiday Inn Express Hotel & Suites
                                                                                                                        Downtown Fort Worth (132 rooms), the
                                                                                                                        Omni Fort Worth Hotel (614 rooms) and
                                                                                                                        TownePlace Suites (140 rooms) in the last
                                                                                                                        three years helped attract more conventions
                                                                                                                        and tourists Downtown. Hotel occupancy
                                                                                                                        reached 67.3% in January 2011. This
                                                                                                                        reflects a 16.8% increase from January
                                                                                                                        2010. The total room nights sold in
                                                                                                                        January 2011 were 54,713, an increase
                                                                                                                        of 23.3% from the comparable period in
                                                                                                                        2010, and revenue per available room
                                                                                                                        (RevPAR) grew by 19.7% to $94.18 in
                                                                                                                        January 2011.




                             Area Hotel Room Supply 2010                                                               Area Hotel Revenue Share 2010

                                                                                                                                         Plano 4.4%
                                                 Plano 6.0%
                          Richardson 3.8%                                                                              Richardson 3.8%

                                                                                                               Arlington 6.1%
                      Arlington 8.4%
                                                                            Dallas 40.7%                                                                         Dallas 39.7%


                     Irving 16.2%                                                                        Irving 15.3%




                      Grapevine 7.8%                                                                           Grapevine 15.1%
                                                                                                                                                       Fort Worth w/o
                                         Downtown        Fort Worth w/o                                                               Downtown        Downtown 8.6%
                                       Fort Worth 3.9%    CBD 13.2%                                                                 Fort Worth 7.0%



                                                                    Source: Texas Comptroller of Public Accounts, November 2010




 28           state of downtown fort worth 2010
       Hotel Occupancy Rate

100%
                                                                                                    Downtown Fort Worth
 90%                                                                                                USA

 80%                76.1
                                                                                                    73.1
                               69.6                                   67.9
 70%                                     67.0     65.7      64.9                63.9      63.5
                                                                                                             60.8
          57.7




                                                                                                                                                   Source: Smith Travel Research
 60%                                                        62.5
                                                                      60.0
                                                                                63.1
                                                                                                    61.3
                                         58.3     58.9                                    59.9
                               57.9                                                                                    49.3
 50%                53.0                                                                                     53.3

          45.0                                                                                                         46.0
 40%

 30%
          Jan       Feb      Mar       Apr      May        Jun        Jul     Aug        Sep       Oct       Nov       Dec




       Revenue Per Available Room (RevPAR)
$160                                                                                               Downtown Fort Worth
$140                                                                                               USA
                  $116.56
$120                        $104.46   $104.59                                                     $105.05
                                                $92.76
$100                                                      $87.88
                                                                              $83.81
                                                                                        $87.78              $84.39
        $78.68                                                      $80.6
 $80




                                                                                                                                Source: Smith Travel Research
                                                                                                                      $63.39

 $60                                                      $63.94    $67.46    $63.19              $61.93
                            $56.80    $57.13    $57.49                                  $59.51
                  $51.20                                                                                    $51.52
 $40    $42.43                                                                                                        $44.23

 $20
  $0
          Jan       Feb      Mar       Apr      May        Jun       Jul      Aug       Sep       Oct       Nov       Dec




       Daily Hotel Room Rate
$190                                                                                               Downtown Fort Worth
                                                                                                   USA
$170                                  $156.07
                  $153.07
                            $150.07
                                                                                                  $143.64
$150    $136.46
                                                $141.15   $140.61                       $138.25             $138.77
                                                                    $134.95   $132.90
                                                                                                                      $128.48
$130
                                                                                                                                        Source: Smith Travel Research




$110              $96.63     $98.13    $97.93   $97.67     $98.50    $99.34   $98.92    $99.39    $101.04
                                                                                                            $96.72    $96.22
        $94.20

 $90

 $70

 $50
          Jan       Feb      Mar       Apr      May        Jun       Jul      Aug       Sep        Oct      Nov       Dec




                                                                                                     state of downtown fort worth 2010                                             29
Hospitality

                                 Hotel Taxes Paid
                                 Downtown Fort Worth
                        Thousands
                                                                                                                                                                                              2,991
                       $3,000
                                                                                                                                                                2,723           2,735 2,763              2,705

                       $2,500                                                                                                               2,378 2,452                 2,404




                                                                                                                                                                                                                       Source: Texas Comptroller of Public Accounts
                                                                                                                           2,063
                                                                                          1,992           1,920 1,943              1,918
                       $2,000                              1,745
                                            1,568 1,542                    1,620 1,687            1,652

                       $1,500                                      1,392


                       $1,000

                         $500

                           $0
                                              1Q     2Q     3Q      4Q      1Q      2Q     3Q      4Q       1Q      2Q      3Q       4Q       1Q      2Q        3Q      4Q      1Q      2Q        3Q      4Q
                                              06     06     06      06      07      07     07      07       08      08      08       08       09      09        09      09      10      10        10      10




                                 Economic Impact of Tourism

                                 Total Direct Travel-Related Earnings                                                                      Total Direct Travel-Related Employment
                                 City of Fort Worth                                                                                        City of Fort Worth
                           Millions                                                                                               Thousands                                                                                                                           17
                                                                                                  389        398                                                                                                  16
                          $400                                                           380                                         16                                                                 15
                                                                              355                                                                                                14          14
                                                                   338
                          $350                            321                                                                        14                                 13
                                      305      308                                                                                              12         12
                          $300                                                                                                       12
                          $250                                                                                                       10
                          $200                                                                                                         8
                          $150                                                                                                         6
                          $100                                                                                                         4
                           $50                                                                                                         2
                            $0                                                                                                         0
                                      2002 2003 2004 2005 2006 2007 2008 2009                                                                 2002 2003 2004 2005 2006 2007 2008 2009

                                 Total Direct Travel-Related Local Tax                                                                     Total Direct Travel-Related State Tax Receipts
                                 City of Fort Worth                                                                                        City of Fort Worth
                           Millions                                                                                                Millions
                           $30                                                       27.20
                                                                                                  28.30
                                                                                                            27.50
                                                                                                                                   $80                                                                 73.70
                                                                                                                                                                                                                 75.20                                                74.00
                                                                                                                                                                                        68.10
                                                                            25.00                                                  $70                                          65.20
                           $25                                     22.90                                                                      59.90     60.70        62.20
                                                          21.60
                                      20.50    20.40                                                                               $60
                           $20
                                                                                                                                   $50
                           $15                                                                                                     $40
                                                                                                                                   $30
                           $10
                                                                                                                                   $20
                            $5
                                                                                                                                   $10
                            $0                                                                                                       $0
                                      2002 2003 2004 2005 2006 2007 2008 2009                                                                 2002 2003 2004 2005 2006 2007 2008 2009
                                                                                         Source: Texas Tourism, Office of Governor, Economic Development and Tourism




 30           state of downtown fort worth 2010
            Hotels
                                                Rooms
                                                                                                                                                                                                                                                                                            11




                                                                                                                                                                                                                                                                                                                               NIC
            1. Worthington                         504




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                Renaissance




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                Fort Worth Hotel




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            2. Etta’s Place                            10




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            3. The Ashton                              39




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            4. Downtown Fort Worth




                                                                                                                                                                                                                                     IN
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                Blackstone Courtyard




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                by Marriott                        203                                                                                                                                                                       2




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            5. Embassy Suites Hotel                                                                                                                                       ND
                                                                                                                                                                          2                                                                                       4
                                                                                                                                                                                                                                                                        5                                                                                                                                   11
                                                                                                                                                                                                                                                                                                                                                                                                                TH
                                                                                                                                                                 T                                                                                          3TH
                Fort Worth Downtown                156                                                                                                       1S




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                                                                                                                                                                                D                                                                           6
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                                                                                                                                                                                                                                                                               6
            6. Hilton Fort Worth                   294                                                                                                      5TH                                                                                                       8T
                                                                                                                                                                                                                                                                        H


            7. Park Central Hotel                  120
                                                                                                                                                                                                                                                                               H
                                                                                                                                                                                                                                                                            9T
                                                                                                                                                            7TH
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                                                                                                                                                                                                                                                                                                       12
            8. Sheraton Fort Worth




                                                                                                                                                                                                                                                                                   HO
                                                                                                                                                            10TH                                                                                                           7                                   H




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                                                                                                                                                                                                                                                                                                             13
                Hotel and Spa                      430




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                                                                                                                                                                                                                                                   MONROE
                                                                                                                                                                                                                                                                                                                     T
                                                                                                                                                             TEXAS                                                                                                                                                 14
            9. Omni Fort Worth Hotel               614                                                                                                                                                                                                                                                                        H




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                                                                                                                                                                                     MACON
                                                                                                                                                                                                                                                                                                                         15




                                                                                                                                                                                                                         LAMAR
                                                                                                                                                                                                                                                                                       9
                                                                                                                                                                                                                                           13TH
                                                                                                                                   BALLINGER




            10. Holiday Inn Express                132




                                                                                                                                                                                                                                                                                                                                                                                                           WB
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                                                                                                                         SUMMIT




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                                                                                                                                                                                                                                                                                                                                                                            30
                                                                                                                                                                                                                                                             LANCASTER
            11. TownePlace Suites                  140




                                                                                                                                                                                                                                                                                                                                                        IH
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                                                                                                                                                                                                                                                                                                                                                        S
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                                                                                                                                                                                                                                                                                                                                               35
                Fort Worth Downtown                                                                                                PRESIDIO                          10                                                                                                                                                                   IH


                                                                                                                                   EL PASO


                                                                                    RIO GRANDE




         Total Direct Travel-Related Spending                                                                                                                                 Hotel Taxes Paid
         City of Fort Worth                                                                                                                                                   Downtown’s Share as Percentage of City
 Millions

$1,400                                                                                                                                                               45%
                                                       1,270
                                               1,212                                                                                                                                                                                                                               40.1     40.0                           40.5           40.0
                                                               1,182                                                                                                                                                                                              39.3
$1,200                                 1,123                                                                                                                         40%                                                                                                                               38.0
                              1,044.                                                                                                                                                                                   36.9                37.0
                                                                                                                                                                                                                                                                                                                                                            Source: Texas Comptroller of Public Accounts
                                                                       Source: Texas Tourism, Office of the Governor,
                                                                       Economic Development and Tourism Division




                        970
$1,000      908   924
                                                                                                                                                                     35%                            32.2
 $800                                                                                                                                                                               29.3
                                                                                                                                                                     30%
 $600
                                                                                                                                                                     25%
 $400
                                                                                                                                                                     20%
 $200
    $0                                                                                                                                                               15%
            2002 2003 2004 2005 2006 2007 2008 2009                                                                                                                                 3Q               4Q                  1Q                   2Q                  3Q               4Q        1Q         2Q                 3Q                  4Q
                                                                                                                                                                                    08               08                  09                   09                  09               09        10         10                 10                  10




                                                                                                                                                                                                                                                                  state of downtown fort worth 2010                                                                                                                   31
                         National Hospitality Market
Hospitality


                          Market                                    Occupancy Rate                    Average Daily Rate         RevPAR
                         Atlanta                                              58.5%                         $ 83.43            $ 48.80
                         Boston                                               70.6%                         $142.87            $100.86
                         Chicago                                              63.3%                         $113.49            $ 71.84
                         Denver                                               64.5%                         $ 95.01            $ 61.24
                         Detroit                                              55.0%                         $ 74.81            $ 41.14
                         Downtown Fort Worth                                  65.3%                         $142.56            $ 93.05
                         Los Angeles                                          68.9%                         $116.66            $ 80.37
                         Miami                                                69.9%                         $142.57            $ 99.72
                         Minneapolis-St. Paul                                 62.3%                         $ 91.31            $ 56.84
                         New Orleans                                          66.0%                         $116.88            $ 77.10
                         New York City                                        81.2%                         $227.65            $184.91
                         Oahu                                                 78.0%                         $147.94            $115.45
                         Orange County                                        68.5%                         $108.79            $ 74.54
                         San Diego                                            68.0%                         $123.22            $ 83.82
                         United States                                        58.7%                         $ 98.22            $ 57.61
                         Source: Smith Travel Research




                        International Travel By Air to Dallas/Fort Worth 2009
                        Origin                     Visited         Visited Average                   Total Spent   Busi/   Leisure    Stayed
                                                   Texas            DFW spent per visit                            Conv              in Hotels
                        Canada                   363,000             NA         $ 844               $306,372,000   26.0%   33.0%     51.0%
                        Brazil                    38,000         14,668         $ 1,971             $ 74,898,000   50.6%   43.7%     67.3%
                        China                     29,000         11,919         $ 3,668             $106,372,000   48.0%   40.3%     67.5%
                        Germany                   66,000         33,396         $ 1,814             $119,724,000   64.8%   40.4%     72.3%
                        Japan                     35,000         19,320         $ 1,613             $ 56,455,000   76.0%   23.4%     85.7%
                        Mexico                   198,000         62,568         $ 1,129             $223,542,000   25.1%   53.6%     65.5%
                        United Kingdom           144,000         41,328         $ 1,474             $212,256,000   46.6%   32.6%     61.8%
                        Source: Office of the Governor, Economic Development and Tourism Division




                         Mexico is the largest international inbound market for travelers to Texas with an estimated 6.1
                         million visitors traveling to the state in 2009, a decrease of 3% from 2008. Mexico contributes
                         roughly 40% of international spending to the state or $1.67 billion (all travel: car, plane, boat).




 32           state of downtown fort worth 2010
     Conventions Hosted at the Fort Worth                                                                                        Attendance and Hotel Room Nights Sold
     Convention Center                                                                                                           Conventions Hosted at the Fort Worth
     City of Fort Worth                                                                                                          Convention Center
60                                                          56                                                             200,000
                                                                                                                                          169,230                                            165,723
50                                                                                                                                                            158,800
                                                                  Source: Fort Worth Convention & Visitors Bureau




                                                                                                                                                                                                        Source: Fort Worth Convention & Visitors Bureau
             43
                                 42                  43                                                                    160,000                                               140,600
                                                                                                                                                                                             122,961
40
                                                                                                                           120,000                            106,837
                                                                                                                                                                                  94,550
30                                                                                                                                         79,763
                                                                                                                            80,000
20

10                                                                                                                          40,000

 0                                                                                                                              0
            2007                2008                2009   2010                                                                            2007                2008                2009          2010
                                                                                                                                                    Attendance                     Room nights




       Largest Conventions and Events 2010                                                                                           Fort Worth Convention Center Facts
       Conventions/Events                                                                                           Attendees        Total arena                          70,960 SF
       Kenneth Copeland Ministries                                                                                    10,000         Total exhibit hall                  182,266 SF
       Premier Designs, Inc.                                                                                           7,100         Total exhibit space                 253,226 SF
       Revive Our Hearts Radio                                                                                         6,500         Ballroom space                       28,160 SF
                                                                                                                                     Permanent seats in the arena            10,418
       AdvoCare                                                                                                        5,000
                                                                                                                                     Temporary seats in the arena             3,266
       Southwest Veterinary Symposium                                                                                  5,000         Number of meeting rooms                     41
       Army Aviation Association of America                                                                            4,000         Hotel rooms within a 15-minute walk      1,393
       United States Youth Soccer Association                                                                          3,000         Source: Fort Worth Convention & Visitors Bureau

       Texas Speech-Language-Hearing Association                                                                       3,000
       Texas Medical Association                                                                                       3,000
       HR Southwest                                                                                                    3,000
       Source: Fort Worth Convention & Visitors Bureau



                                                                                                                                                                             state of downtown fort worth 2010                                            33
                      Downtown Fort Worth is well known for its dining and entertainment experience. More than 50 restaurants can
Retail

                      be found in the center city while live theatre, shopping, movies and comedy clubs round out the urban mix.
                      These diverse offerings and the vibrant street life they foster make Downtown attractive to locals, visitors and residents.
                      Dining and entertainment are well established Downtown, and soft goods retail is taking hold. Several new retail
                      stores have been added to the area including Simply Fondue, Ojos Locos, Jake’s Hamburgers, Cowtown Diner,
                      Paciugo Gelato and Caffe, Frankie’s Sports Bar and Saviano’s Italian Pizzaria and Restaurant. As Downtown’s office
                      and residential populations grow and hotels attract higher-end convention audiences, the market for soft-goods
                      should continue to improve.
                      The Texas economy, the world’s 12th-largest, continues to fare better than those of many other states. The U.S.
                      Department of Commerce has named Texas the top exporting state in the nation for the ninth year in a row based
                      on 2010 data. Texas’ exports in 2010 were $163.05 billion, 44.2% more than California and 205% more than
                      New York.

                      Texas’ top export destinations in 2010 were Mexico,
                      Canada, China, Brazil, South Korea, Singapore, and
                      the Netherlands which respectively imported $72.3
                      billion, $18.6 billion, $10.2 billion, $7.1 billion,
                      $6.4 billion, $6.0 billion, and $5.9 billion in Texas-
                      manufactured goods and services. Texas’ top
                      exporting industries in 2010 were computers and
                      electronics, chemicals, petroleum and coal products
                      machinery, which made up 18.9%, 18.8%, 15.9%,
                      and 12.8% of total exports, respectively.




                      Year Over Year Growth in Exports
                                    Texas         California
                  30%                                                                                                           26.7

                  25%
                                                         18.7
                  20%                                                          16.7
                                                                                                       14.2                      19.2
                  15%                                    17.3     10.2                    11.5
                                                                                                                                        Source: U.S. Department of Commerce




                  10%
                                            3.7                                9.5
                    5%       0.5                                  5.9
                                                                                                      7.8
                                                                                           5.1
                    0%                      1.9
                   -5%
                  -10%
                                                                                                                       -15.0
                  -15%      -13.7                                                                                      -17.0
                  -20%
                            2002        2003           2004     2005         2006        2007         2008       2009          2010




34       state of downtown fort worth 2010
                   Annual Exports
           Billions
        $250
                                       Texas           California                                                                                                        206.6
        $200                                                                                                                           192.1
                                                                                                                        168.2                              163.0




                                                                                                                                                                                     Source: U.S. Department of Commerce
                                                                                                            150.8
                                                                                                                                   144.8                           143.2
        $150                                                                                                        134.3
                                                                                 129.3 127.7
                                                                      117.4 116.7                                                                  120.1
                     106.7                                       110.1
                             94.9    92.1 95.4       93.9 98.9
        $100


          $50


            $0
                       2001           2002            2003        2004         2005                      2006        2007            2008            2009              2010
                   In 2010, Texas maintained its top position as the leading exporting state. The gap between Texas and California
                   exports has further widened in 2010. In 2009 Texas exported 35.7% more than California; in 2010 the number grew
                   to 44.2%.Texas’s exports exceeded New York’s by 205% in 2010. Mexico, Canada, China, Brazil, South Korea,
                   Singapore and the Netherlands are the top importers of Texas products.


                   Retail Occupancy Rates for the                                                                                  Retail Rental Rates ($/SF) for the
                   Dallas Fort Worth Metropolitan Area                                                                             Dallas Fort Worth Metropolitan Area
                   Fourth Quarter 2010                                                                                             Fourth Quarter 2010
    West Plano                                                        94.4%                                         West Plano                                                       $20.64
   West Frisco                                                              96.5%                                   West Frisco                                                                            $21.25
 Uptown Dallas                                                            96.3%                                  Uptown Dallas                                                                                                           $30.59
 SW Fort Worth                                                           95.8%                                   SW Fort Worth                              $11.14
    Southlake                                                         94.4%                                          Southlake                                                  $20.41
   Richardson                                                       93.7%                                           Richardson                                     $14.54
  Park Cities                                                                 97.5%                               Park Cities                                                                                                                   $33.34
NW Fort Worth                                                               96.3%                               NW Fort Worth                                           $16.97
     NW Dallas                                                              96.3%                                    NW Dallas                                $12.21
North Arlington                                                      94.1%                                      North Arlington                                         $17.03
   Las Colinas                                                       94.1%                                          Las Colinas                                      $15.37
Fort Worth CBD                                                                 97.9%                            Fort Worth CBD                                                              $22.89
Far North Dallas                                                         95.9%                                  Far North Dallas                                         $17.31




                                                                                                                                                                                                                                                  Source: CoStar, DFWI
East Fort Worth                                                       94.4%                                                                            $9.97
                                                                                                                East Fort Worth
    East Dallas                                                     93.6%                                                                                          $14.34
                                                                                                                    East Dallas
                                                                                       Source: CoStar




   Dallas CBD                                                                  98.0%                                                                                     $17.50
                                                                                                                    Dallas CBD
     Addison                                     85.4%                                                                Addison                                   $13.40



             75%              80%              85%       90%        95%        100%                                             $0          $5      $10        $15          $20                                            $25      $30         $35



                  Downtown Fort Worth Employees, Businesses and Payroll                                                            Retail Occupancy
                                                                                                                                                       Fort Worth CBD            DFW                                          USA
                  Total downtown private sector employees                                         35,044                100%         98.9
                                                                                                                                                              97.4                                                         98.0
                                                                                                                                                                                                                                                  Source: CoStar, National Association of Realtors




                  Annual payroll                                            $2,802,545,000
                                                                                                                            95%             94.3                       94.3
                                                                                                                                                                                                                                         92.8
                  Average payroll per employee                                         $79,972                                                                                                                                    91.2
                                                                                                                                                    90.3
                  Number of business establishments                                                     1,437               90%
                                                                                                                                                                              88.1
                  Source: U.S. Census Bureau

                                                                                                                            85%


                                                                                                                            80%
                                                                                                                                           2008                      2009                                                         2010




                                                                                                                                                              state of downtown fort worth 2010                                                                                                      35
Retail




             Drive-Time Demographics 2010                                           Household Income 2010
             Downtown Fort Worth                                                    Downtown Fort Worth
             Summary                           5 Minute   10 Minute    20 Minute        Household by                       10 Minute Drive-time            20 Minute Drive-time
                                                                                           Income                           Number Percent                  Number    Percent
             Population                    34,855         361,257     1,424,386
                                                                                         <$15,000                           23,725          19.1%           51,457     9.8%
             Households                    11,376         123,901       525,336
                                                                                    $ 15,000 - $ 24,999                     16,710          13.5%           42,720     8.1%
             Families                       5,889          76,770       345,967
                                                                                    $ 25,000 - $ 34,999                     15,701          12.7%           46,949     8.9%
             Median age                      34.5            31.4          33.4
                                                                                    $ 35,000 - $ 49,999                     23,128          18.7%           91,536    17.4%
             Average Household Income     $44,804         $49,933       $67,055
                                                                                    $ 50,000 - $ 74,999                     22,401          18.1%          119,319    22.7%
             Average Household Size          2.57            2.80          2.67
                                                                                    $ 75,000 - $ 99,999                     12,103           9.8%           86,962    16.6%
             Owner-Occupied Housing Units 4,250            62,067       294,147
                                                                                    $100,000 - $149,999                      6,016           4.9%           59,738    11.4%
             Renter-Occupied housing Units 7,127           61,834       229,189
             Source: ESRI
                                                                                    $150,000 - $199,999                      1,789           1.4%           15,022     2.9%
                                                                                           $200,000+                         2,327           1.9%           11,633     2.2%
                                                                                    Source: ESRI



             Age Group Drive-Time Demographics 2010                                 Retail Sales 2010
             Downtown Fort Worth                                                    Downtown Fort Worth
                  Age Group        10 Minute Drive-Time      20 Minute Drive-Time                                               NAICS*        10 Minute          20 minute
                                    Number     Percent       Number       Percent                                                             Drive-time         Drive-time
                    0-4             31,800     8.8%         113,796      8.0%       Food and Beverage Stores                        445 $815,638,772 $2,375,708,575
                    5-9             29,221     8.1%         105,578      7.4%       Clothing & Accessories Stores                   448 $150,213,882 $ 563,972,159
                   10 - 14          26,071     7.2%          98,173      6.9%       General Merchandise Stores                      452 $281,165,495 $1,379,575,981
                   15 - 19          27,855     7.7%          99,579      7.0%       Non-store Retailers                             454 $ 94,661,899          $ 287,430,225
                   20 - 24          29,709     8.2%         108,116      7.6%       Food Services/Drinking Places 722 $584,856,386 $2,361,678,851
                   25 – 34          54,634    15.1%         220,424     15.5%       Full Service Restaurants                      7221 $255,066,384 $ 910,960,734
                   35 – 44          47,034    13.0%         198,355     13.9%       Limited Service Eating Places 7222 $207,118,951 $1,053,329,684
                   45 – 54          44,133    12.2%         196,871     13.8%       Special Food Services                         7223 $ 57,108,731           $ 129,353,091
                   55 – 64          33,041     9.1%         143,477     10.1%       Drinking Places-Alcoholic Bev. 7224 $ 65,562,320                          $ 268,035,342
                   65 – 74          18,865     5.2%          76,974      5.4%       Source: ESRI

                   75 – 84          12,464     3.5%          44,201      3.1%       *NAICS: North American Industry Classification System

                    85+              6,427     1.8%          18,840      1.3%
             Source: ESRI




36       state of downtown fort worth 2010
         Accommodation and Food Services                                                                                        Full Service Restaurants Gross Sales
         Gross Sales – Downtown Fort Worth                                                                                      Downtown Fort Worth
Millions                                                                                                                    Millions
                            First half       Second half                                                                                                   First half        Second half
$80                                                                77                                                       $50
                                                  71.4 70                                                                                                                   44.2 44.6
$70                                          69             68.2                                                                                                    42.5
                                      67.1                                                                                                                                               41.9          41.3
                                                                                                                                                               39.2                             39.8
                          59.9
                                 62                                                                                         $40                         37.5
$60                  58                                                                                                                             35.5
           55 55.1
                                                                                                                                       32.8 33.3
$50
                                                                                                                            $30




                                                                                                                                                                                                                   Source: Texas Comptroller of Public Accounts
                                                                             Source: Texas Comptroller of Public Accounts
$40

$30                                                                                                                         $20


$20
                                                                                                                            $10
$10
                                                                        NA                                                                                                                                    NA
    $0                                                                                                                        $0
           2005 2006 2007 2008 2009 2010                                                                                                2005 2006 2007 2008 2009 2010




                                                                                                                                   Drinking Places Gross Sales

M                                                                                                                            Millions

                                                                                                                              $8                           First half         Second half

                                                                                                                                                                                         6.9 7.0
                                                                                                                              $7                                                                       6.6
                                                                                                                                                                      6.5
                                                                                                                                                          6.3 6.3                  6.2
                                                                                                                                              5.9                            6.0
                                                                                                                              $6                     57
                                                                                                                                        5.5
                                                                                                                                                                                                                   Source: Texas Comptroller of Public Accounts



                                                                                                                              $5

                                                                                                                              $4

                                                                                                                              $3

                                                                                                                              $2

                                                                                                                              $1
                                                                                                                                                                                                              NA
                                                                                                                              $0
                                                                                                                                        2005 2006 2007 2008 2009 2010




                                                                                                                                                                state of downtown fort worth 2010                                                                 37
                             Gross Retail Trade Sales per Outlet                                                                                             Number of Retail Outlets per 1,000 Residents
Retail

                             Second Quarter 2010                                                                                                             Second Quarter 2010
                                Population less than one million   Population greater than one million                                                              Population less than one million         Population greater than one million
                  $800,000                                                     760,695                                                                  10                                                                  9.4
                                                                                                                                                                   9.1
                  $700,000
                                                                   624,099
                                                                                                                                                         8                                                      7.5
                  $600,000
                                                                                                                                                                                                                                         6.7
                                                                                                                                                                                 6.4




                                                                                                         Source: Texas Comptroller of Public Accounts
                                                                                                                                                                                           6.3




                                                                                                                                                                                                                                                                                            Source: Texas Comptroller of Public Accounts
                  $500,000                                                                  485,891
                                427,714 440,780         439,673                                                                                          6
                  $400,000

                 $300,000                                                                                                                                4

                  $200,000
                                                                                                                                                         2
                  $100,000

                        0                                                                                                                                0
                                Austin     El Paso Fort Worth       Dallas Houston San Antonio                                                                 Austin          El Paso Fort Worth             Dallas Houston San Antonio




                                                                                                                                                              Clothing Stores Gross Sales
                                                                                                                                                              Downtown Fort Worth
         M                                                                                                                                              Millions

                                                                                                                                                         $8                             First half     Second half

                                                                                                                                                                                                                   6.9 7.0
                                                                                                                                                         $7                                                                       6.6
                                                                                                                                                                                                 6.5
                                                                                                                                                                                       6.3 6.3               6.2
                                                                                                                                                                         5.9                           6.0
                                                                                                                                                         $6                      57
                                                                                                                                                                   5.5




                                                                                                                                                                                                                                             Source: Texas Comptroller of Public Accounts
                                                                                                                                                         $5

                                                                                                                                                         $4

                                                                                                                                                         $3

                                                                                                                                                         $2

                                                                                                                                                         $1
                                                                                                                                                                                                                                        NA
                                                                                                                                                         $0
                                                                                                                                                                   2005 2006 2007 2008 2009 2010




                                           For a complete list of restaurants and retail, please visit www.dfwi.org




38           state of downtown fort worth 2010
Gross Sales of All Industries
$/Square Mile

Zip Code (Submarket)                                   First Quarter 2010                                     Second Quarter 2010

76102 (Downtown)                                            $91,552                                                   $93,021

76107 (Cultural District)                                   $29,823                                                   $32,255

76104 (Near Southside)                                      $80,447                                                   $85,370

Fort Worth                                                    $1,217                                                      $1,356

Source: Texas Comptroller of Public Accounts




                                                                             Accommodation and Food Services Gross Sales
                                                                             Downtown’s Share as Percent of City
                                                                    14%


                                                                                                                                      12.81
                                                                    13%
                                                                                                                  12.30      12.25
                                                                                          12.09
                                                                                11.95                12.03
                                                                    12%


                                                                    11%


                                                                    10%
                                                                                2005      2006       2007     2008           2009    MidYear
                                                                                                                                       2010




Average Consumer Spending 2010                         Downtown Fort Worth
                                                    10 MINUTE DRIVE-TIME                          20 MINUTE DRIVE-TIME
                Categories                     Average/HHS*       Total Spent               Average/HHS*         Total Spent
 Apparel and Services                           $ 1,248         $ 154,741,190                $    1,657       $     870,667,341
 Computer and Accessories                       $    160        $    19,922,257              $     218        $     114,946,636
 Entertainment and Recreation                   $ 2,285         $ 283,194,571                $    3,116       $ 1,637,101,245
 Food at Home                                   $ 3,411         $ 422,708,386                $    4,373       $ 2,297,539,299
 Food Away From Home                            $ 2,416         $ 299,369,116                $    3,200       $ 1,681,320,521
 Health Care                                    $ 2,646         $ 327,897,130                $    3,436       $ 1,805,201,836
 Investment                                     $ 1,001         $ 124,079,074                $    1,425       $     749,000,263
 Shelter                                        $ 11,426        $ 1,415,700,799              $ 15,469         $ 8,126,451,212
 Household Furnishings/Equipment                $ 1,273         $ 157,825,785                $    1,735       $     911,594,937
 Retail Goods                                   $ 17,355        $ 2,150,403,182              $ 23,011         $12,088,775,160
 Transportation                                 $ 3,272         $ 405,447,527                $    4,361       $ 2,291,105,923
 Travel                                         $ 1,237         $       153,302              $    1,753       $     921,106,806
Source: ESRI

Consumer Spending shows the amount spent on a variety of goods and services by households that reside in
the market area.

*HHS - Houshold Spending


                                                                                                             state of downtown fort worth 2010   39
Quality of Life

                            A Clean, Safe and Fun Downtown
                            Fort Worth has been recognized for its outstanding quality of life and was recently ranked as one of the nation’s top
                            10 most livable cities by Partners for Livable Communities.
                            Nowhere is our excellent quality of life more apparent than in Downtown. This is due in part to several public-pri-
                            vate partnerships that continue to work for the benefit of Fort Worth. One of those partnerships is the Downtown
                            Tax Increment Finance District.


                            Tax Increment Finance District
                            A significant public-private partnership that adds to the success of Downtown is the Downtown Tax Increment
                            Finance District (TIF) and the other downtown-oriented TIFs.
                            The Downtown TIF makes strategic investments in parking, infrastructure, historic preservation and environmental
                            remediation. The TIF is a collaboration of the City of Fort Worth, Fort Worth Independent School District, Tarrant
                            County, Tarrant County Hospital District, Tarrant County College District and Tarrant Regional Water District.
                            One of the most significant TIF expenditures is the underwriting of free parking after 6:00 p.m. on weekdays and
                            throughout the weekend. In addition, the TIF funded the asbestos abatement at The Tower, the condominium proj-
                            ect that led the way for other downtown owner-occupied residential developments.
                            Other TIF projects include a façade lease at The Ashton Hotel, UTA’s occupancy at the Santa Fe Freight House and
                            streetscape improvements at the CHASE Bank Building, Pecan Place and Trinity Bluff. The latest TIF investment
                            was overhead utility removal on the TownePlace Suites hotel site on Belknap Street.
                            To date, the TIF has obligated $60 million, leveraging $449 million in private development. Each year from 2007 to
                            2012, the TIF is projected to return approximately $7 million of tax increment to the taxing district partners. This
                            amount is in excess of the annual $5 million TIF revenue cap.
                            DFWI manages the Downtown TIF through a contract with the TIF Board of Directors.




                                     Downtown TIF Costs, Investments and Taxable Value
                              Millions

                            $800
                                                                   City TIF Contributions         TIF Costs       Investments          Taxable Value
                            $700                                                                                                                                            $656.40



                            $600

                            $500                                                                                                                             The Carnegie    $449.80

                                                                                                                                             Trinity Bluff
                            $400                                                                                                City Place


                            $300                                                               The Tower   Pecan Place   UTA
                                                                                  Family Law
                                                                                  Center
                            $200                                       CHASE      Garage
                                                                                                                                                                                       Source: DFWI




                                                                       Building
                                           Crescent Garage/   Ashton
                                           Bass Hall          Hotel
                            $100                                                                                                                                            $32.90


                              $0
                                         1999       2000      2001     2002        2003         2004       2005          2006     2007          2008            2009        2010




 40               state of downtown fort worth 2010
                                                     TIF Districts




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                                                                               RIO GRANDE
                                                                                                                                                                                                  VICKERY
                                                                                                                                                                                                                                                                                     TIF 3: Downtown
                                                                                                                                                                                                                       JARVIS
                                                               SET




                                  DAGGETT
                                                                                                                                                                                                                                                                                     TIF: 4 Southside/Medical District
                                                             SUN




                                  BROAD WAY                                                                                                                                                       LIPSCOMB



                                                                                                                                                                                                                              HEMPHILL
                                                                                                                                                                            COLLEGE




                                  WENNECA                                                                                                                                                                                                                                            TIF: 6 Riverfront
                                                                                                                                                    ADAMS
                                        14TH
                           15TH




                                                                                                                                                                                                                                                                                     TIF: 8 Lancaster
                                                                                      ALABAMA
                                                                         8TH




                                                                                                                                                                                                                                                                                     TIF: 9 Trinity River Vision




Entertainment Venues
Downtown Fort Worth
                                                                                                         Seats
Fort Worth Convention Center (Arena)                                                               10,418
Bass Performance Hall                                                                               2,056
AMC Sundance 11                                                                                     1,850
Four-Day Weekend                                                                                      212
Jubilee Theatre                                                                                       147
Circle Theatre                                                                                        125
Source: DFWI Survey 2009




Venues Attendance                                                                                                                                   Parking Availability
Downtown Fort Worth                                                                                                                                 Downtown Fort Worth

Fort Worth Symphony Orchestra                                                                       78,764                                          Parking spaces                                40,894
Texas Ballet Theatre                                                                                79,032                                          Parking meters                                 1,967
Jubilee Theatre                                                                                     15,052                                          Free evening and weekend garage spaces         2,826
Circle Theatre                                                                                      10,817                                          Free daytime Downtown TIF spaces                 464
Fort Worth Opera                                                                                    14,063                                                  1.0-hour (no validation required) 300
Source: DFWI Survey 2010                                                                                                                                    2.5-hour (validation required)    164
                                                                                                                                                    Source: DFWI Survey




                                                                                                                                                                                                                                                                              state of downtown fort worth 2010                                                                 41
Quality of Life

                       Fort Worth Improvement District #1 (PID)
                                                                                     In 1985, DFWI championed the creation of a district that would ensure
                                                                                     elevated levels of service within the Downtown area. The following year,
                                                                                     DFWI entered into a contract with the City of Fort Worth to operate
                                                                                     Fort Worth Improvement District #1 (PID), which is funded through
                                                                                     a special assessment on downtown properties. In 2009, the PID was
                                                                                     renewed by property owners and the City Council for a 20-year life.
                                                                                     Previous renewals were on five-year cycles, keeping the PID’s horizons
                                                                                     relatively short. The new 20-year authorization allows a much more
                                                                                     strategic perspective.
                                                                                   The PID provides a wide range of vital services. A ten-man crew
                                                                                   keeps the district clean with continuous daily sidewalk trash removal
                       and planter box maintenance. A night-time crew mechanically sweeps or high-pressure washes district sidewalks each evening. The
                       PID also provides weekly street sweeping service for the 50 miles of curbs and gutters within the district boundaries.
                       Beautiful landscaping adds to the ambience of Downtown, and the PID provides funding for year-round blooms in 12,000 square
                       feet of planters. For Fort Worth’s mounted patrol, the PID funds veterinary supplies, horse feed, farrier needs and tack. The mount-
                       ed patrol provides an enhanced security presence visible for many blocks, and acts as goodwill ambassadors for visitors.
                       The PID supports Operation Partnership, which is akin to a corporate “neighborhood watch.” This cooperative effort between
                       the Fort Worth Police Department, the PID and private security directors coordinates rapid distribution of information regard-
                       ing downtown security.
                       The Downtown PID also funds a transportation and planning effort that works directly with the City of Fort Worth and other
                       local agencies. This program ensures that PID-generated planning and transportation initiatives are professionally advanced and
                       that municipal initiatives benefit from participation and input from the PID.
                       Continuing the economic strength of Downtown relies in part on communicating the advantages of the center city. The PID market-
                       ing and research programs tell the Downtown corporate, residential and lifestyle story through the publication of high-quality market
                       data publications, press releases, special publications, e-mail newsletters, regional events and promotional partnerships with others.
                       DFWI manages the Downtown PID.


                       Fort Worth Improvement District #14
                       Fort Worth Improvement District # 14 was established in June 2009. Since then, District staff members have been providing sidewalk
                       maintenance along Samuels Avenue on Sundays, as well as supplemental trash pick-up weekly. The PID also provides brackets and ban-
                       ners on the light poles that identify the neighborhood as “Trinity Uptown.”


                       Strategic Action Plan
                       Careful planning contributes to Downtown’s quality of life and economic vitality. The Strategic Action Plan – funded by DFWI, the T
                       and the City of Fort Worth – guides center city growth and development.
                       The plan helps ensure that Downtown reflects Fort Worth’s unique culture, warmth, character and values. The Plan also supports
                       Downtown as a vibrant center for business, education, government, retail, entertainment and residential neighborhoods.
                       DFWI Strategic Action Plan implementation committees work throughout the 10-year plan cycle to oversee and fulfill the objectives
                       identified in the plan. The plan can be downloaded at www.dfwi.org and copies of the implementation matrix are available upon request.




 42               state of downtown fort worth 2010
Urban Design
Part of Downtown’s charm is the urban quality that
has been preserved and encouraged in many buildings,
streets and corridors. Main Street, Sundance Square,
Hillside and the Trinity Uptown neighborhood are
excellent examples. In December 2001, the City
Council adopted the Downtown Urban Design
Standards and established the Downtown Design
Review Board (DDRB) to review development projects.
Building permits for new structures, expansion, remod-
eling or other alterations of an existing structure, signage
and parking lots are reviewed by the DDRB.




Special Events
Annual events also make Downtown Fort Worth an exciting place to live and visit.
Each April, hundreds of thousands converge on Downtown Fort Worth for the MAIN ST. Fort Worth Arts Festival. The festival
stretches the full nine blocks along Main Street and is consistently ranked as the top art show in Texas and in 2008 was ranked as the
#3 fine art festival in the nation. In 2008 and 2009, MAIN ST. won the International Festivals and Events Association’s Grand
Pinnacle Award, the top award given to festivals in its budget category.
On the day after Thanksgiving each year, more than 100,000 people gather downtown for the Chesapeake Energy Parade of Lights.
This illuminated holiday parade features over 100 entries and marks the beginning of the holiday shopping season in Downtown.
DFWII produces both the MAIN ST. Fort Worth Arts Festival and the Chesapeake Energy Parade of Lights. DFWII also produces
the Sundance Square Christmas Tree.




                                                                                                         state of downtown fort worth 2010   43
Quality of Life


                             Educational Institutions                                                                                   Charles E. Nash Elementary School 2010
                             Downtown Fort Worth
                                                                                                                 Enrollment
                             Montessori at Sundance Square                          70                                                  Enrollment                             262 Students
                             Nash Elementary School                                262                                                  Attendance                                   95.6%
                             Texas Wesleyan Law School                             768                                                  Statewide Accountability                 Exemplary
                             University of Texas at Arlington, Fort Worth Center 1,581                                                  The top 11% of schools are ranked as Exemplary
                             Tarrant County College                              5,459
                                                                                                                                        Gold Performance Acknowledgments:
                             Source: DFWI Survey 2010
                                                                                                                                               Commended on Mathematics
                                                                                                                                               Commended on Science
                                                                                                                                               Commended on Writing
                                                                                                                                          [   What is Exemplary? At least 90 percent of students passing
                                                                                                                                              the Texas Assessment of Knowledge and Skills (TAKS) test.                                                  ]
                                                                                                                                        Source: Texas Education Agency, Fort Worth ISD




                            Graduate School Programs                                                                                    Largest Area Colleges and Universities
                            Ranked by Fall 2010 Enrollment                                                                              Ranked by Fall 2010 Enrollment
                            Dallas/Fort Worth Metropolitan Area                                                                         Dallas/Fort Worth Metropolitan Area

                            The University of Texas at Arlington                                                   7,869                Dallas County Community College System                                          67,259
                            University of North Texas                                                              7,794                Tarrant County College System                                                   58,051
                            The University of Texas at Dallas                                                      6,508                University of North Texas                                                       36,118
                            Texas Woman’s University                                                               5,680                University of Texas at Arlington                                                32,975
                            Southern Methodist University                                                          4,746                Collin County Community College                                                 26,501
                            University of Texas Southwestern Medical Center                                        2,467                The University of Texas at Dallas                                               17,128
                            University of North Texas Health Science Center                                        1,567                Texas Woman’s University                                                        14,179
                            Texas Christian University                                                             1,289                Southern Methodist University                                                   10,938
                            Texas Wesleyan University                                                              1,011                Texas Christian University                                                       9,142
                            Texas Wesleyan University School of Law                                                  768                Source: Texas Higher Education Coordinating Board, institution web sites



                            Source: Texas Higher Education Coordinating Board, institution web sites




                                               Academic Excellence Indicator System 2010
                                               Comparison of “TAKS Met Standard”, Sum of All Grades
                                               Nash Elementary, Fort Worth ISD and Texas

                                  100%                                                 95                              93      94           93
                                                                                                                                                          97
                                                    89     89            90
                                                                                              88                                                                 88                           85
                                    90%                           83                                        84                      86
                                                                                                                                                                               83
                                                                                                                                                                                                    80
                                    80%                                                                                                                                                                            77
                                                                                                       74                                                               74

                                    70%                                                                                                                                                                     64

                                    60%
                                    50%
                                    40%
                                                                                                                                                                                                                        Source: Texas Education Agency




                                    30%
                                    20%
                                    10%
                                      0%
                                                         Reading                        Mathematics                           Writing                          Science                             All Tests

                                                                              Nash Elementary School                   Campus group                 District          Texas



 44               state of downtown fort worth 2010
                                                                                                                                                                                                                    1


   Downtown Fort Worth
   Educational Institutions




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   4. UTA Fort Worth Center                                                                                                                         HER                                                                                                              UR




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                                                         RIO GRANDE




        Tarrant County College                                                                                              University of Texas at Arlington
                                                                                                                            Fort Worth Center
6,000                                                                                                           1,700                                                                                                                            1,581


                                 5,459
5,500                                                                                                           1,400
                                                                                                                                                            1,209

5,000          4,797
                                                                                                                1,100

4,500                                                                                                            800

4,000                                                                                                            500
              2009               2010                                                                                                                      2009                                                                              2010


        Texas Wesleyan School of Law
1,000



                780
                                 768
                                                                                                                Number of students enrolled in higher education
 750                                                                                                            campuses located in downtown increased by
                                                                                                                15% from 2009 to 2010.

                                                                                                                                     2009:                          6,786
                                                                                                                                     2010:                          7,808
 500
              2009               2010

                                                                                                                                                                                                   state of downtown fort worth 2010                                                                                      45
Transportation | Parking




                                      As the hub of our local system, Downtown Fort Worth offers excellent access to transportation alternatives throughout
                                      the community and the Dallas-Fort Worth area.

                                      The Intermodal Transportation Center, which opened in 2002, is the central gathering point for the Greyhound Bus
                                      Line, the Trinity Railway Express, Amtrak, The T, taxis and the Molly the Trolley shuttle service. Currently, 39 bus routes
                                      serve Downtown. The T also operates a “Free Zone” which offers rides at no cost to anyone traveling within the central
                                      business district. Downtown Fort Worth is only 17 miles from Dallas-Fort Worth International Airport, one of the busiest
                                      airports in the world.

                                      Downtown is also fortunate to have free parking spaces available after 6 p.m. on weekdays and all-day on weekends, cour-
                                      tesy of the Downtown Tax Increment Finance District. In addition, The Tower garage offers first-hour-free parking during
                                      daytime hours, as do the City Place garage and Sundance Square 3rd Street garage for validated guests and Library patrons.

                                      To inform the public about the many parking options Downtown, a Fort Worth parking website was created through a
                                      partnership between the City of Fort Worth, the Cultural District, Downtown Fort Worth, Inc. and the Historic
                                      Stockyards. This online resource at www.fortworthparking.com, allows users to quickly find the nearest parking options,
                                      both free and paid.


                                           Trinity Railway Express Ridership                                                                                    Annual Ridership for Bus Routes Serving
                                           Fiscal Years 2001-2010                                                                                               Downtown Fort Worth 2003-2010
                                Millions                                                                                                                   Millions
                                3.0                                                                                                                         6
                                                                                          2.70 2.65
                                                                                   2.50                                                                                                                       4.979 5.002
                                2.5                                         2.40                      2.42                                                  5                                         4.843                 4.830
                                                         2.29                                                                                                                                 4.775
                                                  2.13          2.16 2.15                                                                                                             4.389
                                                                                                                                                                                                                                    Source: Fort Worth Transportation Authority




                                                                                                                                                                      4.026
                                                                                                             Source: Fort Worth Transportation Authority




                                                                                                                                                                              3.988
                                2.0                                                                                                                         4

                                1.5        1.32                                                                                                             3

                                1.0                                                                                                                         2

                                0.5                                                                                                                         1

                                0.0                                                                                                                         0
                                           2001 2002 2003 2004 2005 2006 2007 2008 2009 2010                                                                          2003    2004    2005    2006    2007    2008   2009   2010

                                    The Trinity Railway Express links Downtown Fort Worth’s T&P and
                                    ITC Stations to CentrePort/DFW Airport Station and Downtown
                                    Dallas Union Station Monday through Saturday. The airport's free
                                    remote south shuttle bus service provides continuous connections
                                    between the station and airline terminals.


     46                    state of downtown fort worth 2010
       Average Daily Traffic Count
       State and National Highways Serving Downtown Fort Worth

                                     61,000
                                                           106,000
2009                                                                                      168,000
                                                                         137,000

                                     58,000
                                                          102,000
2008                                                                                         175,000
                                                                             144,000

                                      63,000
                                                           106,000
2007                                                                               155,000
                                                                              147,000           SH 287
                                         67,000                                                 SH 121
                                                         101,000
2006                                                                            151,000         I-35
                                                                             143,000            I-30




                                                                                                                   Source: Texas Department of Transportation
                                52,000
                                                         102,000
2005                                                                                 164,000
                                                                              147,000

                                 53,000
                                                         99,000
2004                                                                             153,000
                                                                       133,000



       0      25,000 50,000 75,000 100,000 125,000 150,000 175,000 200,000
       All counts were taken within a radius of two miles from the intersection of I-30 and I-35,
       SH 121 and SH 287 in Downtown Fort Worth.




       Annual Average Daily Traffic Count
       Select State and National Highways Serving Downtown Fort Worth
Thousands
                                                                                          491       498
 500                                                         460
                                                                                 481
                                                                       454
                                                   438
 450                                      422

 400                  376      381

 350         326
                                                                                                          Source: Texas Department of Transportation




 300
 250
 200
 150
 100
  50
   0
            2000     2001     2002       2003     2004     2005      2006    2007       2008     2009
       All counts were taken within a radius of two miles from the intersection of I-30 and I-35 in
       Downtown Fort Worth. Data presented for I-30, I-35, SH287, SH121, SH 280, and SH 180.




                                                                                                                                                                state of downtown fort worth 2010   47
Board of Directors

                               Executive Committee                                        Dick Ruddell               Ex-Officio                    Kevin Curtin
                                                           Todd Burnette                  The T                                                    Downtown Resident
                               Robert L. Jameson                                                                     Carlos De La Torre
                                                           Jones Lang LaSalle
                               Chairman                                                   Robert W. Semple           Representing the              Stephen M. Eisner
                               The Worthington             Johnny Campbell                Bank of Texas              Fort Worth Hispanic           St. Andrews
                               Renaissance                 Sundance Square                                           Chamber of Commerce           Episcopal Church
                                                                                          R. Dan Settle, Jr.
                               Fort Worth Hotel
                                                           Jack Clark                     Kelly Hart & Hallman LLP                                 Jim Finley
                               William V. “Bill” Boecker   Burnett Plaza                                             David DuBois
                                                                                          Tom L. Struhs                                            Finley Resources Inc.
                               Vice-Chair                                                                            Fort Worth Convention
                                                           Jeff Davis                     Trinity Bluff              & Visitors Bureau             Taylor Gandy
                               Fine Line Diversified
                                                           Republic Title of Fort Worth   Development, Ltd.                                        Ron Investments, Ltd
                               Development                                                                           Mae Ferguson
                                                           Douglas K. Eller               David Stueckler            Fort Worth Sister Cities      Melissa Graham
                               Johnny Campbell
                                                           CHASE                          LINBECK                    International                 Crescent Real Estate
                               Sundance Square
                                                           Jim Finley                     Chet Wakefield                                           Equities Limited
                               Jack Clark, Vice-Chair                                                                Marie Holliday
                                                           Finley Resources Inc.          Star-Telegram                                            Partnership
                               Burnett Plaza                                                                         Flowers to Go in
                                                                                                                     Sundance Square               Mike Guyton
                                                           Perry Ginn                     Joy Webster
                               Gary W. Cumbie                                                                        Representing the              ONCOR Electric Delivering
                                                           American National              XTO Energy Inc.
                               Tarrant County                                                                        Metropolitan Black            Laura R. Hagan
                                                           Bank of Texas
                               College District                                           Julie Wilson               Chamber of Commerce           Starpoint Commercial
                                                           Melissa Graham                 Chesapeake Energy
                               Douglas K. Eller                                                                      Andre McEwing                 Properties, LLC
                                                           Crescent Real Estate           Corporation
                               CHASE                                                                                 Southeast Fort Worth, Inc.    Marie Holliday
                                                           Equities Company
                               Taylor Gandy                                                                          Paul Paine                    Flowers to Go
                                                           Mike Guyton
                               Ron Investments, Ltd                                       Associate Member           Fort Worth South, Inc.        in Sundance Square
                                                           ONCOR Electric Delivery
                               Randy Gideon                                               Representatives                                          Robert Jameson
                                                           Laura Hagan                                               Glenda Simcox
                               Gideon Holdings                                            Ken Barr                   Building Owners &             The Worthington
                                                           Starpoint Commercial
                                                                                          Barr Consulting Group      Managers Association          Renaissance
                               Mike Guyton                 Properties
                                                                                                                                                   Fort Worth Hotel
                               ONCOR Electric Delivery                                    Vickie Powell              Bill Thornton
                                                           Glen Hahn
                                                                                          B.R. Powell & Associates   Fort Worth Chamber            Lori C. Johnson
                               Brian E. Happel             Innovative
                                                                                                                     of Commerce                   Behringer Harvard
                               BBVA Compass                Developers, Inc.               Mike West
                                                                                          UTA Fort Worth Center                                    Stan Kennedy
                               Allan Howeth                Brian Happel
                                                                                                                                                   Hilton Fort Worth Hotel
                               Cantey Hanger, LLP          BBVA Compass                                              Directors Emeritus
                                                                                                                     L.O. “Buzz” Brightbill, III   J. Leo Kinney
                               Walter Littlejohn           Don Hellman                    General Member
                                                                                                                     Southwest Bank                Cash America
                               The Fort Worth Club         Comerica Bank                  Representatives                                          International
                               Nina Petty, Secretary       Allan Howeth                   Rick Baumeister            Gary W. Cumbie
                                                                                                                     Tarrant County                Dolores Knight
                               Tarrant County College      Cantey Hanger, LLP             Sanford, Baumeister
                                                                                                                     College District              Mallick Tower
                               District                                                   & Frazier
                                                           Robert L. Jameson
                                                                                                                     James R. Nichols              Walter Littlejohn
                               Robert W. Semple            The Worthington                Henry Borbolla
                                                                                                                     Freese and Nichols, Inc.      The Fort Worth Club
                               Bank of Texas               Renaissance                    Community Bank
                                                           Fort Worth Hotel                                          John V. Roach                 Aaron Nathan
                               Tom Struhs                                                 Tim Bruster
                                                                                                                     Roach Enterprises             Kimley-Horn and
                               Trinity Bluff               Stan Kennedy                   First United                                             Associates, Inc./
                               Development, Ltd.           Hilton Fort Worth              Methodist Church           Terrence J. Ryan              Downtown Resident
                               Andy Taft, President        Sherry Key                     Jim Eagle                  The University of Texas
                                                                                                                     at Arlington                  Rosa Navejar
                               Downtown Fort Worth, Inc.   Wells Fargo                    Red Oak Realty
                                                                                                                     Fort Worth Center             Fort Worth Hispanic
                               Greg Upp                    Walter Littlejohn              Brad Forsberg                                            Chamber of Commerce
                               UNT Health                  The Fort Worth Club            KPMG, LLP                  John M. Stevenson
                                                                                                                     Keystone Group, L.P.          David D. Parker
                               Science Center
                                                           Patrick McFarlin               Taylor Gandy                                             AT&T
                               Joy Webster, Vice-Chair     JACOBS                         Ron Investments, Ltd.                                    Pritish Patel
                               XTO Energy Inc.
                                                           Charles Milliken               Dione Kennedy              Fort Worth                    Pearl Real Estate/
                                                           Decker, Jones,                 Performing Arts Fort       Improvement District #1       Downtown Resident
                                                           McMackin, McClane,             Worth, Inc.
                               Sustaining Member                                                                     Advisory Board                Dan Piotrowski
                                                           Hall & Bates, P.C.
                               Representatives                                            J. Leo Kinney              Johnny Campbell               Omni Fort Worth Hotel
                                                           Wade T. Nowlin                 Cash America               Sundance Square
                               Larry Anfin                                                                                                         Glenda Simcox
                                                           HUB International Rigg         International Inc.         Chairman
                               Coors Distributing                                                                                                  Building Owners
                               Company                     David D. Parker                                           Hank Akin                     & Managers Association
                                                           AT&T                           Barry Kromann
                               Ola Assem                                                  Texas Capital Bank         Klabzuba Realty               Tom Struhs
                               Cleopatra, Inc.             Michael R. Pavell                                         Rita Aves                     Trinity Bluff Development, Ltd.
                                                           Bank of America                Matt Mildren               Oil & Gas Building
                               Edward P. Bass                                                                                                      Jed Wagenknecht
                               Fine Line Inc.              Nina Petty                     The Ashton Hotel                                         Downtown Fort Worth
                                                                                                                     Rick Cantalini
                                                           Tarrant County College         Whit Smith                 The Tower Condominium         Blackstone Courtyard
                               Robert M. Bass
                                                           District                       The Whitney                Association I
                               Keystone Group, L.P.                                                                                                Chet Wakefield
                                                           Dan Piotrowski                 Smith Co., Inc.                                          Star-Telegram
                               Michael Bennett                                                                       Jack Clark
                                                           OMNI Fort Worth Hotel          Doug Thompson              Burnett Plaza
                               Gideon Toal, Inc.                                                                                                   Joy Webster
                                                           David Porter                   Yates Construction                                       XTO Energy Inc.
                               William V. “Bill” Boecker                                                             Gary Cumbie
                                                           PNL Fort Worth, L.P.                                      Tarrant County
                               Fine Line Diversified                                                                                               Julie Wilson
                               Development                                                                           College Foundation            Chesapeake Energy Corporation




    48               state of downtown fort worth 2010
Credits
Downtown Fort Worth, Inc. is grateful to the following
organizations and individuals for their assistance in producing
the State of Downtown publication:

Ariel Guerrero, Regional VP,      Texas Comptroller               Suggestions for improving this
  Director of Research and         of Public Accounts             report are encouraged. Please
  Marketing, Grubb & Ellis        The North Central Texas         send comments to
                                                                  research@dfwi.org.
Cindy Miller, Director of           Council of Governments
  Research, Fort Worth            Trinity Railway Express         Copies of State of Downtown
  Convention & Visitors Bureau    U.S. Census Bureau              Fort Worth are available online at
Carmen Guajardo, Research                                         www.dfwi.org.
  Analyst, Texas Comptroller of
  Public Accounts                 DOWNTOWN
Steven Triolet, Senior Research   FORT WORTH, INC.
  Coordinator, CB Richard Ellis   STAFF
D.J. Whitehead, Senior BPP        Andrew Taft, President
  Research Specialist, Tarrant
                                  Todd Holzaepfel
  Appraisal District              Vice-President/PID Manager
                                  Michelle Beniak
DFWI PUBLICATIONS                 Program and Production
                                  Assistant
Annual Report (annually)
                                  Becky Bethel
Commercial Market Report
                                  Office and Program
  (quarterly)                     Administrator
Downtown Dashboard
                                  Kari Brantley
  (monthly)
                                  Production and Program
Downtown Retail Profile           Coordinator
  (annually)
In View (quarterly)               Jay Downie
                                  Event Producer
Residential Focus (quarterly)
State of Downtown (annually)      Nasser Haghighat
                                  Director of Research
                                  Megan Henderson
INFORMATION
                                  Projects Coordinator
SOURCES
Bureau of Labor statistics        Jim Johnson
CB Richard Ellis                  Director of Downtown
                                  Development/TIF District
CoStar
Dallas Business Journal           Melissa Konur
Downtown Fort Worth, Inc.         Director of Transportation
Fort Worth Business Press         and Planning
Fort Worth Chamber of             Melanie Lara
  Commerce                        Assistant Controller
Fort Worth Convention             Stacey Pierce
  & Visitors Bureau               Director of Marketing
Fort Worth Transportation         and Communications
  Authority “The T”               Carole Robinson
Grubb & Ellis                     Executive Assistant/
National Association              Office Manager
 of Realtors                      Sue Tallman, Controller
Star-Telegram
Texas A&M Real Estate Center
777 Taylor Street, Suite 100

Fort Worth, Texas 76102

817.870.1692 | www.dfwi.org

				
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