Nearly $3 billion in three years! That is the whopping permitting valuation total issued since 2015.
What is permitting valuation?
Before developers break ground, the city requires they file a permit and list the project’s value. The city monitors all permits issued each year because they help predict the strength of development activity and property tax revenue potential.
By Sept. 30, the end of Irving’s fiscal year, the city’s permitting department had issued $923.3 million in permit valuations, second only to last year when the city hit $1.24 billion. During the past three years, Irving has issued an average of $997 million each year in developer permits, breaking all records since the city began collecting data 33 years ago.
“This is another outstanding year,” Irving Mayor Rick Stopfer said. “The city has attracted a range of projects that truly benefit our community long term — residents, businesses and visitors alike.”
Some of the larger projects include:
- Baylor Scott and White’s $56 million medical tower that will complement its existing hospital.
- Construction of an Aloft Hotel and an Element by Westin hotel that will exceed $25 million.
- A $46.4 million upscale apartment complex.
- A $30 million elementary school in the Coppell Independent School District.
- An $8.8 million parking garage for Pioneer Natural Resources’ new $250 million corporate campus currently under construction in the $1.5 billion Hidden Ridge mixed-use development.
New restaurants totaled nearly $7 million in permitting. Warehousing and distribution projects contributed $21 million.
Single-family housing drove more than $227 million in permitting this year, with 572 new homes in the pipeline, including Delaware Creek Phase 2 in the Heritage District. It broke ground in October, with 43 new homes planned and a Phase 3 yet to come. Total value of residential homes sold this year totaled $13 million more than last year, with the average value per home at $396,000.
“Residents and businesses have been asking for entertainment options, new restaurants and a greater selection in single-family homes,” Irving City Manager Chris Hillman said. “We have made tremendous progress satisfying the needs in each category during the past three years, and we have more development in the pipeline. It’s a great time to live, work and play in Irving, Texas.”
View more news and information about Irving’s Infrastructure investments by searching #IrvingInvests.