Hillwood Urban Press: MP Materials to Build $1.25B '10X' Rare Earth Magnet Campus in Northlake, Texas

MP Materials Announces $1.25B Rare Earth Magnet Campus in Northlake, Texas

MP Materials has announced plans to construct a $1.25 billion rare earth magnet manufacturing campus in Northlake, Texas, according to a development announcement published by Hillwood Urban on February 26, 2026. The project, named "10X," will be situated on a 120-acre site near Harmonson Road and FM 156 in Denton County, approximately 10 miles north of MP Materials' existing Fort Worth facility.

The announcement was featured in the Hillwood Urban press section. The development is being led by Hillwood, the real estate investment and development firm led by Ross Perot Jr. The $1.25 billion figure represents the total development investment; no land or acquisition purchase price was disclosed.

Project Scope and Timeline

Additional details regarding the 10X campus's planned production capacity, job creation targets, commissioning timeline, supply chain integration, manufacturing processes, and raw material sourcing were not available in the source material reviewed and are undisclosed.

Hillwood's Role and Regional Context

The 10X campus site was selected following a national site evaluation process led by CBRE, according to research findings. The site is located within Hillwood's AllianceTexas development area in North Texas.

MP Materials already operates a facility in Fort Worth, part of Hillwood's AllianceTexas development. The new Northlake campus is intended to expand on that existing footprint.

The Hillwood Urban press release was published to the firm's media coverage page, which aggregates development announcements and press releases for the company.