TEXAS SNAPSHOT, DECEMBER 2005

Longview Snapshot

There can be no doubt that Longview, Texas, is experiencing an abundance of growth throughout its industries and key economic factors, all of which are helping move Longview from a third- to second-tier Texas city. From advances in the health care industry to the expansion of the leisure and hospitality industry with 1,100 new jobs in the Longview MSA, as well as the healthy number of retail projects, Longview continues to experience a positive growth trend as a result of its diversified economy.

With the release of the Texas State Comptroller's 2004 fourth quarter economic report, Longview marked the third consecutive year of positive growth. The job market is continuing to expand at an impressive clip with more than 2,000 new jobs projected for the Longview MSA for 2005.

Records also continue to be broken as housing starts surpass those from 2004. At the close of 2004, the city of Longview had issued a total of 190 single-family home permits — 110 of those permits issued by the end of July 2004. Through July of this year, 146 single-family home permits had been issued. Longview's cost of living is fueled by the healthy demand in the housing market as well as competitive pricing due to the many new builders entering the market place.

Commercial real estate values are also on the rise. New commercial projects such as the new strip center in front of Wal-Mart on Gilmer Road, the new Wal-Mart Supercenter on Estes Parkway/149, the redevelopment of Longview Mall and the additional 65 acres of retail space, which will be at the intersection of 259/281, have provided excellent opportunities when working with potential retail establishments and restaurants.

Another boost to Longview's appeal as a destination city was the spring article in Inc. Magazine naming Longview in the top 20 percent as a city for doing business. Longview ranked higher than first-tier market San Antonio and second-tier market Tyler. Current economic indicators also are extremely favorable for the Longview market area, which helps The Longview Partnership to be more competitive when recruiting businesses to the community.

The majority of site development appears to be in the northern quadrants of the community. Undeveloped land in newly annexed areas and property right outside of the city limits have become prime target areas for growth. State Highway 259 with connector route Hawkins Parkway has become a main link to shoppers coming through the area. There are 10 acres available for prime development via Fourth Street and Hawkins Parkway. This site is located next to a Lowe's Home Improvement Warehouse, adjacent to The Home Depot, and it is across Fourth Street from Sam's Club and a Wal-Mart Supercenter. The site is located approximately 1 mile from Longview Mall and is located near three motel properties: Fairfield Inn, Comfort Suites and Wingate Inn, and is also near The Outback Steakhouse, Texas Roadhouse and Johnny Carino's.

Longview Towne Center is a 65-acre shopping center with retail, restaurants and a 14-screen cinema now under construction in the northeast quadrant of the city at 281 and 259. The recent expansion of a multi-million dollar project was completed by Peters Motors. Peters is home to Chrysler, Chevrolet, Dodge and Jeep on State Highway 259 and is a prime example of the exploding activity occurring in this area.

Gilmer Road (Highway 300) North also is experiencing significant activity with the opening of Brookshire's Groceries at Hawkins Parkway and Highway 300 and the new Wal-Mart Supercenter. Hawkins Parkway is an upcoming major artery through Longview's north side that connects Highway 300 and 259.

Leases in Longview are running $9 to $18 per square foot, triple net, depending on location. Historical areas run $4 to $8 per square foot. Downtown completed a major street and landscaping renovation project in 2004, which has encouraged significant redevelopment, creating an urban market appeal.

In the near future, people should keep an eye on Estes Parkway and State Highway 149. This area has just completed extensive expansion and new signage with TXDOT. Longview's third Wal-Mart Supercenter will be completed in 2006 at this interchange. Another area to watch is Simon Property's Longview Mall in 2006 for expansion and redevelopment.

— Kelly Hall is president of The Longview Partnership in Longview, Texas.

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