D/FW AIRPORT -- Thanks in part to its growing cargo operations, Dallas/Fort Worth Airport will see almost 2 million square feet of speculative warehouse space go up on the northern edge of its sprawling property over the next two years.
Trammell Crow Co.'s 106 acres of new development will mean an additional $1.5 million a year in guaranteed land-lease revenue for the airport.
The airport board approved the four warehouse land deals with Trammell Crow at its meeting Thursday. A deal for a fifth warehouse, which has not opened yet, was approved in August.
At Thursday's meeting, D/FW Airport executives talked about the necessity of finding as much nonairline revenue as possible.
Airport finance officials warned the board this year that it may end up with about a $35 million loss at the end of its fiscal year, which closes Sept. 30.
Through refinancing of bonds, the airport now expects to lose about $5 million or $6 million, said Chris Poinsatte, the airport's chief financial officer.
When everything is complete, the development could consist of five new buildings. Trammell Crow has an option to build a fifth building.
The land under development sits north of Texas 114, east of Texas 121 and south of Interstate 635. The airport has named the area International Commerce Park. It's a fraction of the 18,000 acres D/FW Airport owns.
The industrial park has one warehouse that is leased and opened: a 630,000-square-foot building for Amazon.com. The new development is all speculative, said Denton Walker, senior managing director of Trammell Crow.
John Terrell, vice president of commercial development at D/FW, said the development is significant for its size.
"Anytime in one transaction ... you can really double the size of an industrial-park product, it's significant," he said. "Those nonairline revenues are so necessary to help us bring down the cost for airlines and for passengers utilizing D/FW Airport."
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