The economy is not crumbling in Cresson, TX, where Cresson Crossroads, a 744 acre master-planned mixed use development located in the heart of the Barnett Shale, recently announced the ground breaking of Devon Energy's new 57,000 square foot regional office building.
"There are numerous business and encouraging economic events happening in the area. Some of the items I've sworn to keep secret. I'd like to share with you everything that's going on, but I can't divulge some of the exciting things at this exact moment," states Bob Cornett, the Mayor of Cresson.
"In spite of poor economic conditions elsewhere, the economy is still very strong in Cresson because of the natural gas industry and the proximity to the Dallas/Fort Worth marketplace," says Ward Miller, a local commercial real estate broker.
"Cresson Crossroads continues to be a hot area for industrial use, but it's getting even hotter with the opening of the new multi-family and retail areas to serve the additional employees and businesses that are moving to the development. There is also a hotel under construction that is already 30% reserved and it hasn't even opened yet, plus Champion Technologies new building is just about finished," says Miller.
Cresson Crossroads is conveniently located at the crossroads of Highway 377 and Highway 171 just 20 minutes southwest of Fort Worth, 10 minutes from Granbury, and only 15 minutes from both Cleburne and Weatherford. Because of the close proximity, downtown Fort Worth can be seen from Cresson Crossroads on a clear day.
Prior to the development of Cresson Crossroads, the City of Cresson, which has no city property taxes, had been landlocked by large ranches. As a result, the city was unable to grow even though many companies were wishing to locate to Cresson because of its unique location to four nearby cities, as well as being strategically located in the Barnett Shale, one of America's largest natural gas fields.
"The time is now for this area, those who wait for bailout money and the national economy to turn around will have missed the boat on this one - it's already great here and getting better," according to Miller. "Plus there are recent announcements of a new $80 million processing facility and an automatic wakeboard water park opening soon in Cresson."