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Linda McMahon, longtime leader of The Real Estate Council in Dallas, is set to become the first CEO of the newly created Dallas Economic Development Corp.
The Dallas EDC announced May 3 that McMahon is the sole finalist for the leadership role and could begin the position in July. The board is scheduled to vote on her appointment on May 7.
McMahon would take over an organization aimed at supporting local businesses, promoting sustainable economic development and enhancing infrastructure in the heart of Texas' largest metro area. The Dallas EDC is an independent nonprofit focused on strengthening and expanding the city’s economic growth by attracting business investments, supporting job creation and marketing the city’s competitive advantages.
The Dallas City Council used $7 million in American Rescue Plan Act funding to form the corporation in January 2022. The Dallas EDC operates separately from the city and was created to drive investment opportunities to the city, especially in the southern sector, and help Dallas stay competitive against other cities.
The Office of Economic Development and Dallas City Council still have the power to approve incentives, but the Dallas EDC can act on its own for real estate deals and potentially buy property for future corporate relocations or commercial space, Robin Bentley, Dallas’ economic development director, previously said.
"Linda McMahon's depth of experience and strategic approach to economic development align perfectly with Dallas EDC's mission. Her visionary leadership is exactly what we need to propel Dallas into a new era of economic prosperity," Dallas EDC President John Stephens, former CFO of AT&T, said in a statement.
McMahon has served as CEO of TREC since 2010 and has been an inaugural board member of the Dallas EDC for 18 months.
During a four-decade career, she’s focused on some of the city’s biggest challenges such as housing, workforce development and transportation.
She led TREC through the creation of its place-based investment strategy, the Dallas Catalyst Project, in 2018. Through its DCP initiative, TREC drives resources and investments into underserved communities in Dallas and has so far focused on two communities. The council launched the strategy in the Forest District, completed 22 projects and invested more than $3 million in the neighborhood.
TREC is currently focusing its place-based initiative on Mill City and alongside anchor organizations Builders of Hope, Community Development Corp., Urban Specialists and the Mill City Community Association will address affordable housing needs, outdated infrastructure and food insecurity.
"Linda McMahon's leadership at Dallas EDC signals a bright future for Southern Dallas," Dallas City Council Member Tennell Atkins said in a statement. "Her deep-rooted relationships and commitment to community development, her ability to enact meaningful change, and her talent for attracting significant, positive business investments are precisely what Dallas needs."
McMahon is set to lead TREC until June 30. Her departure means the influential real estate organization will search for a new leader. TREC Chief Financial Officer Summer Loveland will serve as the interim CEO during the search, said Mike Geisler, partner at Venture Commercial and TREC's board chairman.
Geisler said succession planning has been underway for the past two years.
"On behalf of TREC, I want to share our deepest gratitude to Linda McMahon for her dedicated leadership over the past 13 years, which created a solid foundation for our organization and now places it in its strongest-ever position to represent our members, the commercial real estate industry in Dallas and the issues that impact our industry and transform our city," Geisler said in a statement. "We also want to commend Linda on her selection as the sole finalist to become the first CEO of the Dallas Economic Development Corporation. We are confident that her service will help Dallas continue to grow and prosper well into the future."
