The city of Dallas has an important story to tell, and Linda McMahon is already writing the headlines.
McMahon announced last week that he was stepping down from the Realtors Association after 13 years in the role, after the Dallas Economic Development Corp. unanimously named him the association’s first CEO following a board meeting at its regular meeting Tuesday.
Dallas Economic Development Corporation Chairman John Stevens said McMahon’s extensive experience and strategic approach are perfectly aligned with EDC’s mission.
“Her visionary leadership is exactly what we need to lead Dallas into a new era of economic prosperity,” he said.
McMahon has long been at the forefront of real estate and housing issues in Dallas, but more recently she has proven herself a force to be reckoned with: She has spoken out against increases in building permit fees, spearheaded a study of Dallas Community Land Trusts, and she has championed the need for philanthropic partnerships through the Dallas Housing Opportunity Fund.
But EDC isn’t just focused on housing, McMahon told CandysDirt.com on Thursday.
“EDC was created to attract and grow businesses in the City of Dallas and to be the public developer of real estate for the City of Dallas,” she said. “Business attraction, engagement and identifying opportunities to expand our tax base with new businesses are our top priorities.”
Linda McMahon’s Commercial Real Estate Experience
McMahon has extensive experience in banking and housing, but is also a commercial real estate expert and led the city’s bid to bring Amazon’s headquarters to the city in 2018 at the urging of former Mayor Mike Rawlings.
“Commercial real estate is about economic development, and the growth of the city of Dallas and the region has been driven in large part by commercial real estate,” she said. “Housing is definitely important to the city, and I don’t want to downplay that, but EDC’s priority is growing existing businesses — we don’t want to leave anyone behind — and identifying new, future businesses that can thrive and expand using our great workforce, our great education system, all the good things that we have.”
McMahon stressed the headline was that Dallas was the place to go.
“We have a story to tell and we need to tell that story well and focus on the city of Dallas as a hub for business growth,” she said.
Community reaction to McMahon’s appointment
Dallas Mayor Acting Tenelle Atkins said McMahon’s leadership at the Dallas EDC, where she will serve as first director starting in 2022, signals a bright future for South Dallas.
“Her deep-rooted relationships and commitment to community development, her ability to effect meaningful change and her talent for attracting significant, positive business investment are exactly what Dallas needs,” Atkins said in a statement.
District 1 City Councilman Chad West said in his May 3 newsletter that he was excited about the appointment.
“Over the past five years, I’ve had the pleasure of working with Linda and the Real Estate Council team on a number of issues for our city,” West said. “One of the biggest issues facing our city today is the need for more workforce housing, a focus that Linda has always shared with me. I’m optimistic that Linda will bring her passion for promoting more workforce housing to the EDC and that the EDC will not only encourage businesses to relocate to Dallas, but also encourage the construction of new housing that relocated employees can buy or rent.”
According to a recent WFAA report, TREC board chairman Mike Geisler said McMahon’s leadership has put the organization on a strong footing and it is now in the “strongest position ever to represent our members, the commercial real estate industry and the issues that are changing Dallas.”
“I am confident that her contributions will help Dallas grow and prosper into the future,” Geisler said.
Summer Loveland, TREC’s chief financial officer, will serve as interim CEO while the selection of a new leader takes place. McMahon will remain with TREC until June 30.
McMahon said he began working with a management coach on succession planning about two years ago and is confident the Real Estate Council will continue to thrive.
“The Real Estate Council’s focus over the last year has been to build the best and strongest team it has ever had,” she said. “We have a strong team. I’m not worried about the Real Estate Council at all. Our leaders, past leaders and staff are committed to ensuring the Real Estate Council continues to have an impact and influence in making a difference in the city of Dallas.”
The Economic Development Corporation’s mission to attract new businesses
There have been some recent changes in Dallas’ economic development organization. Last week, former director Robin Bentley was promoted to deputy city manager. Bentley will continue to oversee economic development, while Kevin Spas has been named interim director.
The EDC launched in January 2022 with $7 million in American Rescue Plan Act funding. Dallas leaders acknowledge that the nation’s ninth-largest city was late in establishing the EDC.
Stevens said many municipalities fund these entities with a percentage of their sales tax revenue, and the city of Dallas allocates a percentage of its revenue to the Dallas Area Rapid Transit Authority.
According to a May 4 WFAA report, the Dallas EDC operates separately from the city and was created to promote investment opportunities, particularly in the South District, and help Dallas remain competitive with other cities.
The city’s economic development agency and City Council can approve incentives, but the EDC can pursue real estate deals on its own, relocating businesses or buying property for commercial space.
Stevens spoke exclusively to CandysDirt.com in October about EDC’s future plans.
“We can make a difference,” he said. “We can create jobs. We can generate investment, especially in underserved areas of Dallas. We have to keep the core of our metropolitan area healthy. We have to keep the heart of our body healthy.”
Stevens added that “above living wage” jobs and new development in underserved areas would benefit the entire city.
“If I’m a resident of Preston Hollow and my street has a lot of potholes and I want to fix them, the best thing to do is [invest in] “It will improve the economic situation across the city and ensure we have enough funding to fix our potholes,” he said. “Personally, I believe good jobs are the best long-term solution to many of the social challenges we face: food insecurity, affordable housing, health care, crime. I believe people want to work.”
