Rangers and Arlington Propose $200M Mixed-Use Development
The Texas Rangers baseball team and the City of Arlington are in discussions to collaborate on a mixed-use project in Arlington adjacent to Globe Life Park. The proposed project would include a 300-room hotel, 35k SF of convention space, and about 100k SF of restaurants, retail and entertainment venues. The deal is valued at about $200M.
The proposal will be put to a vote on Tuesday night, reports the Fort-Worth Star Telegram.
If the project goes ahead, Arlington would be investing about $50M into the project and provide performance-based incentives to the Rangers. The money would come from hotel occupancy taxes, property taxes, and sales and mixed beverage taxes for 30 years, plus hotel occupancy taxes and sales taxes from the state for a decade.
Construction on the hotel would start at the end of 2016. [ST]
