Published on : Monday, January 13, 2020
The city council of Arlington’s Entertainment District has approved a plan to add another Loews Hotel, a convention center and mixed-use development near Texas Live!, the future Globe Life Field and AT&T Stadium. More than 450,000 square feet are heading to the Entertainment District. Across the street from Texas Live! Will be a new convention center, hotel and apartment complex with a pedestrian skywalk to connect the two hotels.
The Arlington City Council approved plans Tuesday for Loews Hotels and Cordish Companies to build an 888-room hotel and convention center, along with an apartment complex and retail and entertainment space. It will all be across the street from Globe Life Park and Texas Live! A new pedestrian sky bridge will connect the new hotel with the existing one by Loews.
Alex Tisch is the vice president of Loews Corporation, and Reed Cordish is the vice president of the Cordish Companies. They started working with the city and the Rangers about five years ago, opening Texas Live! in 2018 and then Live by Loews back in August. He thought that he can create an excess of 3000 jobs. They create lots of tourism
They say the expansion moves even closer to creating an urban-dense neighborhood in the region. And what’s so impressive about this facility is not only the quality of it and what it will mean to the city, but it’s being financed by private dollars,” Cordish said.
While the $810 million price tag is largely funded by private companies, $95 million will come out the city’s pocket. That money includes performance-based rebates for the developer for 30 years, reimbursements for the publicly-owned parking facility and grants to convert underground space into exposition space.
Mayor Williams insists that residents won’t see any tax increase as a result of the project. In turn, he says it will boost the city’s sales tax revenue, keep Arlington taxes low and generate increase revenue for the city, Arlington ISD and Tarrant County College. It’s mainly based on the wealth that will be built,” he said. “In other words, the tax base that will be built by these facilities have to happen and the earnings have to happen. Otherwise, the money is not paid there to the developer. The crews plan to break ground in 2020. They hope to be open by 2023 in time for baseball season.