Texas Construction Projects - Arlington City Council approves $810m mixed-use project
Arlington City Council has given its approval for a planned $810m expansion of the Entertainment District, which will add a hotel, new convention centre, corporate office headquarters and a mixed-use residential building. The city council has entered into a 30-year public-private partnership with the Texas Rangers, Loews Hotels & Co, a wholly-owned subsidiary of Loews Corporation, and the Cordish Companies, to facilitate the project. The project is expected to further strengthen the city’s convention and tourism opportunities and create new revenue, housing and jobs for the community. The components of the project include a $550m, 888-room Loews Arlington Hotel with 1,500 parking spaces.
The hotel will be connected to a new Arlington Convention Center, offering 216,000ft² of meeting and outdoor function space. The mixed-use residential building with 280 units and 100,000ft² of retail, entertainment and Spark coworking and incubator space, is expected to help small businesses grow. The expansion project will also include a 200,000ft² corporate office headquarters in the Arlington Entertainment District and an additional public garage with 1,900 parking spaces. Arlington Mayor Jeff Williams said: “It's another great day in Arlington, as we continue to build on the economic momentum in our world-class Entertainment District.
When Loews Hotels & Co, The Cordish Companies, the Texas Rangers and the City of Arlington all come together on a project, there's no limit to the dreams we can realize here in The American Dream City. “This project and the recent National Medal of Honor Museum will add significantly to the city's sales tax revenue, allow us to continue to keep our taxes among the lowest in the area and provide the quality services our residents have come to expect with minimal public investment.”
The expansion is the next phase of a $4bn vision by the city of Arlington, Texas Rangers, The Cordish Companies and Loews Hotels & Co that started with $250m Texas Live!, which opened last August, and Live! by Loews Hotel opened this August. Together with the Rangers' new Globe Life Field, the total investment of new development by the partnership totals over $2.25bn. The new mixed-use project is expected to be a major economic engine in the area and could generate nearly $1.8bn in economic benefits to the city and Tarrant County.
Loews Hotels & Co chairman and CEO Jonathan Tisch said: “As an owner and operator, Loews Hotels has the advantage of deciding when and where we build hotels. For us to invest significant capital in the new $550 million Loews Arlington Hotel, demonstrates our belief in the great city of Arlington, Texas. “We look forward to continuing our partnership with the City, The Texas Rangers and The Cordish Companies, and are confident that with the addition of Loews Arlington, the destination will receive national prominence and recognition for hotels and lodging as AT&T Stadium and Globe Life Field did for sports and entertainment.”
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