Linda McMahon, a powerhouse in the real estate industry, has been named the inaugural CEO of the Dallas Economic Development Corporation (DEDC) in a unanimous decision this week. McMahon is poised to steer the organization starting July 1, 2024.

The decision follows a six-month nationwide search and McMahon’s nomination as the sole finalist for the position on May 3, 2024, as reported by multiple news outlets.

John Stephens, president of the Dallas EDC board of directors and retired chief financial officer at AT&T, praised McMahon’s appointment. “Linda McMahon’s depth of experience and strategic approach to economic development align perfectly with Dallas EDC’s mission,” he said in a statement. “Her visionary leadership is exactly what we need to propel Dallas into a new era of economic prosperity.”

Currently, McMahon serves as the president and CEO of The Real Estate Council (TREC), where she will end her more than 13-year tenure on June 30, 2024, before transitioning to the new role. The DEDC, established as a nonprofit in January 2022, aims to bolster local businesses, stimulate economic growth, and enhance infrastructure in Dallas, including a focus on the city’s Southern sector. Operating independently from the city government, the DEDC can act as a public developer by purchasing, selling, and leasing land for projects.

Stephens expressed confidence in McMahon’s ability to lead the DEDC’s mission, calling her “an ideal fit” for the role. McMahon was among the 15 inaugural board members of the DEDC, appointed by the Dallas City Council in August 2022. The board comprises attorneys, bankers, former elected officials, and leaders from various sectors.

After the May 7 confirmation, she took to LinkedIn to share her excitement about the role: McMahon said she appreciates “the confidence the Board of Directors has shown in me to lead this crucial effort in transforming the City of Dallas into the epicenter of business growth and opportunity.”

In an interview with Candys Dirt—which calls McMahon a “force to be reckoned with”—the incoming CEO also emphasized the EDC’s focus on business growth and development.

“The EDC was created to attract businesses and to grow business in the City of Dallas and to be the public developer of real estate for the City of Dallas,” McMahon said. “That business attraction, that engagement, and identifying opportunities to grow our tax base with new businesses is our No. 1 priority.”

The publication also highlighted optimism from community leaders, including Dallas Mayor Pro Tem Tennell Atkins and District 1 Councilman Chad West, about McMahon’s potential impact. Atkins noted, “Her leadership at the Dallas EDC signifies a promising future for Southern Dallas,” adding, “Her deep-rooted relationships and commitment to community development, her capacity to drive significant change, and her prowess in attracting impactful business investments are exactly what Dallas requires.”

During her tenure at TREC, McMahon led major community investment initiatives, fundraising efforts, advocacy campaigns, and leadership development programs that significantly bolstered the commercial real estate sector and economic growth in Dallas. Noteworthy projects include the $3 million Dallas Catalyst Project in the Forest District and the establishment of the Dallas Collaborative for Equitable Development. McMahon also played a critical role in the region’s Amazon HQ2 pitch, from the initial response to the detailed Dallas bid. 

Following McMahon’s departure from TREC and until a new CEO is selected, Summer Loveland, TREC’s CFO/COO, will serve as its interim CEO. TREC board chairman Mike Geisler emphasized that the organization’s solid foundation and deliberate preparation ensures TREC will “evolve smartly and will remain deeply impactful and influential well into the future.”

In an announcement, Geisler praised McMahon’s “tireless advocacy” for the real estate industry locally and at the state level. He added: “We are at a time of real opportunity in Dallas, and we are confident that Linda’s dedicated service and deep knowledge of our city will help Dallas continue to grow and prosper well into the future.”

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Dallas is the 22nd most wealthy city in the world as its number of millionaire residents has grown by 75% in the past decade.

The city is home to 68,600 millionaires amid a period of booming economic growth, according to a report from London-based private investment migration consultancy firm Henley & Partners. It’s the sixth wealthiest city in the United States sitting behind fierce competition like New York City, Los Angeles and Chicago.

It’s not the only Texas city to make the list. Houston ranks above Dallas as the fifth wealthiest U.S. city with 90,900 millionaires and Austin is tenth in the U.S. with a millionaire count of 32,700.

It’s not just millionaires contributing to the wealth. Centimillionaires, individuals with a net worth over $100 million, are prominent in Dallas as well with 125 of them residing in the city. There’s also 15 billionaires living in the city like oilman Ray Hunt, philanthropist Margot Perot, Dallas Cowboys owner Jerry Jones and Dallas Mavericks minority owner Mark Cuban.

Dallas also plays host to 11 Fortune 500 companies like telecommunications titan AT&T, Southwest Airlines and pipeline transportation giant Energy Transfer.

Those companies are part of Dallas’ special sauce which attracts individuals with deep pockets, said Ray Perryman, CEO of the Waco-based research firm, The Perryman Group.

“Dallas has long been the economic center of the Sun Belt in terms of trade, transportation, finance and other sectors,” he said. “It has also become a major center for technology in recent decades. It also has a substantial concentration of Fortune 500 headquarters and, although not a production area, has traditionally attracted a large segment on the ownership of Texas’ vast oil and gas reserves.”

Beyond the region’s traditional companies, the city has caught the eyes of private equity firms from neighboring states and beyond.

But the job isn’t finished yet. The city recently passed its bond package, including Proposition G. It’s a $72.3 million package that is aimed at boosting economic development through incentives and grants. It was a key portion of the city’s bond package and gives lawmakers an additional tool to entice companies to look to Dallas as a potential new home for its headquarters.

The package also guarantees that $36.6 million of that will go to mixed-income housing, a crucial piece in getting companies to make Dallas a national competitor as the fight for company relocations continues, said Paul Ridley, District 14 city council representative.

“That will have a long-term effect of increasing the supply of affordable housing in Dallas,” he said. “That by itself can attract companies here. They want to perceive that the housing market is less expensive from where they’re relocating from and that there are places for their employees at all income levels to find housing.”

Strong companies along with the city’s dynamic culture means its long-term wealth trajectory is still headed in the right direction, Perryman said.

“It is only natural that the leaders in these sectors would tend to live in the area, often spanning generations of family members,” he said. “In addition, the area offers outstanding cultural, entertainment, sports and other opportunities that make it an attractive place to live. All of these factors combine to make Dallas a natural landing place for successful individuals and families.”

Amid demographic shifts, the country’s workforce needs immigrants

The most recent Budget and Economic Outlook report from the Congressional Budget Office projects that economic growth between 2024 and 2034 will be higher than previously projected. The primary reason for this change, the report notes, is greater net immigration, particularly for people in their prime working years, ages 16 to 54. The report notes that 91% of immigrants are between the ages 16 to 54, a far greater portion than the 62% of the overall population.

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Dallas Trinity FC will begin playing at the Fair Park stadium the weekend of Aug. 16.

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‘I can be mom and teacher.’ Schools show appreciation by providing child care

In states such as Idaho and Texas, where funding for early childhood education is limited, some schools are spearheading initiatives to provide quality, affordable child care. It’s a retention tool as much as it is a way to ensure youngsters are prepared when they enter kindergarten.

Donna Keys and Pat Stone cut their wedding cake

And the history behind it

Story and photo courtesy of Pat Stone

Pat Stone, one of the founders of PFLAG Dallas, and her longtime partner Donna Keys were married Saturday, May 4, at a small ceremony at their friends’ home in the Cedar Creek area, surrounded by family and friends. This week, Pat reflected on their wedding and the journey that led them to it:

“As I look at that photo of Donna Keys and myself about to cut our wedding cake, I see such a happy, contented couple, so excited to finally be able to expand their 10-year devoted relationship into a legal, devoted marriage.

“We had a lovely wedding ceremony on May 4, 2024, at the home of good friends in the Cedar Creek Lake area. It was a small gathering of 16. It was such an incredible afternoon of being surrounded by such love, support and fun.

“There I am at 81 and Donna at 68 — ready for more good years ahead together.

“Before I talk more about our relationship and explain what took us so long to marry, I would like to look back at why I am so comfortable talking about it all with Dallas Voice and Tammye Nash. Today I looked through my scrapbook of clippings and saw so many supportive articles from this newspaper regarding my early work in the LGBT community. I will mention only a few.

“I was only about 49 when the Dallas Voice covered my being one of the founders of Dallas PFLAG in 1992 (Parents, Families & Friends of Lesbians and Gays): ‘North Texas Parents Join Battle: parents of lesbians & gays through local PFLAG chapter advocate for an end to discrimination’ (8-14-92). I soon became president of the chapter and served a year on the national board.

“My time with PFLAG is a huge highlight of my life. I feel we made a difference; it is a warm legacy for me. And it soon became a cause larger than seeking rights for my lesbian daughter. I truly wanted to help other families accept their LGBT loved ones.

“The Dallas Voice was also there for me when I realized I was lesbian in 1996 at age 53: ‘PFLAG chief’s coming out sparks concern’ (11-15-1996). Yes, it did cause concerns from some in both the gay and straight community, as well as from my family and friends. My husband was devastated by the divorce that followed after 35 years of marriage.

“This was a sad and conflicted time for me. My daughter understood, but it was harder for my son who worked daily with his dad. We all got through these challenges in time.

“There was the Dallas Voice article ‘PFLAG chapter re-elects Stone’(11-22-96). The solution was for me to serve out my fifth year as co-president with a straight dad.

That worked fine. I had only planned to serve five years. I stepped down from the helpline and no longer greeted the new parents. Sad, but the early 1990s were sometimes challenging in this area.

“After leaving PFLAG. I started a support group Late Bloomers. And Dallas Voice was there: ‘Late Bloomers designed to help women coming out later in life’ (6-2-1997). This was such a fun and important group, and I led it for about 13 years.

“The Dallas Voice article ‘Awakening: Pat Stone to discuss new memoir at Resource Center on Wednesday May 1, 2009,’ referred to my new book at that time.

“So this leads to my living in the Cedar Creek Lake area, where in 2013, two good friends set me up with the love of my life, Donna Keys. She had lost her partner of 22 years to cancer about a year-and-a-half before and had recently retired as a Dallas County adult felony probation officer.

“Our first date was a little awkward since it was a blind date, but the very next day we connected beautifully at lunch at Chili’s in Gun Barrel City. In fact, I still can’t believe I shared with her a recent dream I’d had about a hug from a tall, broad-shouldered person. It was a special, ‘unconditional love’ type hug, but I could only see the person from the back and couldn’t tell if they were a man or a woman. I was confused, but I told Donna that after seeing her 6-foot frame and broad shoulders, I felt that person was her. I can’t believe I told her that; it could have scared her away. Thank goodness it didn’t!

“Within a few months Donna asked me to marry her. I said yes, and we made plans to marry in Boston since it was not yet legal in Texas. Then we learned that if we married I would lose the Social Security benefits that I received due to my ex-husband.

“We were disappointed but continued to enjoy our 10-year relationship that seemed like a marriage. We enjoyed movies, playing Yahtzee and just being together with our family that includes my dog, Misty, Donna’s little Yorkie Lily and our cat Lucy.

“Sadly, my ex-husband passed away last December. When I called the Social Security Administration to inform them of his passing, they told me I could now remarry and keep my benefits. It’s more than bittersweet that his passing meant Donna and I could now marry.

“This brings me back to that wonderful photo of Donna and me cutting that wedding cake. We are so grateful that we met and have already had 10 wonderful years together. We are hoping for at least 10 more, and we will forever treasure that photo and wedding ceremony.”