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Demand for growth at Highland Springs

Companies relocating to Texas a boon for seniors, real estate

Created date

August 20th, 2014
rendering of new building Willow Ridge

The number of corporations relocating to North Texas is swelling, thanks in part to the state’s business-friendly tax structure, regulatory climate, and legal environment.

As employees of these corporations move into the area, demand for homes and services will increase, which is a boon for seniors who were waiting for the real estate market to rebound.

More companies making their move

In late April, Toyota announced it was moving its U.S. headquarters from Southern California to Plano, a suburb of Dallas.

Jim Lentz, chief executive of Toyota’s North American region, cited Plano’s Central Time Zone location, its proximity to airports serving all parts of the U.S. and Japan, the low cost of living, educational opportunities, and cultural offerings as reasons for the move.

The automaker plans to consolidate all sales and marketing, finance, and manufacturing divisions on one 70-acre campus over the next two years, bringing more than 4,000 workers to the North Texas area.

Toyota isn’t the only major corporation making tracks to the Lone Star State. State Farm Insurance has leased office space in Richardson’s new CityLine development as part of the company’s effort to consolidate its business facilities. The Illinois-based insurer will employ nearly 8,000 workers at the new office center, which is scheduled to begin opening later this year.

And the San Diego software firm Active Network is saying goodbye to the Golden State and moving its global headquarters to Dallas, bringing 1,000 jobs to the region.

“Over the next few years, we’re anticipating a wave of people relocating to this area,” says Marilyn Lair, a real estate agent with more than 20 years’ experience. “There’s already a shortage of homes for sale in North Dallas. Right now, we have about 40% of the inventory we typically have.”

Opportunity for seniors

“I’ve spoken with a number of prospective residents who waited to get top dollar for their homes before selling and moving to Springs,” says Gail Wrzesinski, the personal moving consultant for the Erickson Living community in North Dallas. “That’s certainly the case now. I’m hearing stories from residents who received multiple offers within hours of listing their homes.”

But as the inventory of single-family homes is squeezed, so is the inventory of available apartments at area retirement communities.

“We are 99% sold out, and the waiting list for apartments is growing,” says Highland Springs Sales Director Jennifer O’Reilly. “The robust real estate market has increased the number of prospective residents who are ready to make their move.”

Highland Springs is responding to the increased demand for new apartments with the construction of its fourth independent residence building, Willow Ridge, scheduled to open in early 2015.

“Willow Ridge will add 99 apartments to our inventory,” says O’Reilly. “Fourteen of the fifteen floor plans are brand new to Highland Springs and feature open layouts, ample storage, and high-end fixtures. We’re in the process of reserving these new apartments, so I encourage anyone who’s interested to contact the sales office for more information.”