Arlington continues to build on its economic momentum and Entertainment District, approving an economic development project that will include a 100,000 square foot entertainment complex near Globe Life Park in Arlington.
The $200 million project is a public-private partnership between the City of Arlington and the Texas Rangers, with the City investing $50 million.
The agreement also includes plans to develop a hotel with a minimum of 300 rooms and 35,000 square feet of meeting and conference space. It is the intention for the hotel/convention facility to proceed by the end of 2016. In that case, the City would provide the Texas Rangers performance based incentives that include retaining income from the following sources: hotel occupancy tax, property tax, sales tax and mixed beverage tax for 30 years from the City and hotel occupancy tax and sales tax from the state for 10 years.
The entertainment complex will have multiple restaurants, retail space and entertainment venues, along with a signature event space.
"This project is another significant investment in an Arlington economy that already has tremendous momentum," said Arlington Mayor Jeff Williams. 'This state-of-the-art development will expand the city's ability to host even more major events and conventions."
Construction of the entertainment complex will be begin in 2016 and open 12 months later.
"Arlington's partnership with the Texas Rangers spans more than four decades and it's one that our residents cherish," said Arlington Mayor Jeff Williams. 'The Rangers are a key component to making the Entertainment District such a vibrant part of our city and the whole North Texas region."
This project is part of the City Council's priority to 'Invest in Our Economy." Council continues to identify this as a vital priority to ensure that the Arlington community continues to thrive. Enhancing the entertainment district is also a key component of the City's Economic Development Strategy and recently adopted Comprehensive Plan.
2015 has seen an economic boom for The American Dream City. In addition to this announcement, Arlington has also announced:
- 101 Center Project Set to Bring Innovation, Excitement to Downtown Arlington: The 101 Center redevelopment will include high-end residential units over a ground level of retail, restaurants and loft office space. The project will also include a structured parking garage with ground level public parking spaces. With a construction period of 21 months, the development is anticipated to complete construction at nearly the same time as the new public library, city council chambers, and public plaza to collectively form the Arlington City Center in 2017.
- Trammell Crow Appointed by Arlington as Developer of 18+ Acre Site: Trammell Crow Company has entered into an agreement with the City of Arlington to serve as the developer of an 18+ acre site located on I-30 and N. Collins Street. The site has the ability to accommodate up to 1 million square feet of premier, Class A office space.
- GM Invests $1.4 Billion in Arlington Assembly Plant: General Motors will invest $1.4 billion for an expansion at the Arlington Assembly Plant, the largest single plant investment in the United States this year. General Motors is one of the biggest employers in Arlington and North Texas and is a key part of the City's economic foundation. In making the announcement, General Motors managers and labor leaders noted this investment sets up GM to be in Arlington for generations to come and that every job created at the plant equates to 9 new jobs created in the economy.
- D.R. Horton Moving Headquarters to Arlington, Bringing 500 Jobs: D.R. Horton plans to invest more than $20 million to build an approximately 150,000 square-foot campus and parking facility on six acres located along the I-30 Frontage Road just east of N. Collins Street. The relocation will provide D.R. Horton a company-owned headquarters conveniently located in the heart of North Texas with great access to DFW International Airport.
Invest in our Economy
Business, Entertainment, Headlines, News