ARLINGTON, Texas, Dec. 17, 2019 /PRNewswire/ -- Arlington continues to build on its economic momentum with a planned $810 million expansion of the Entertainment District, which would add a best-in-class hotel brand, new convention center, corporate office headquarters, mixed-use residential building, small business coworking and incubator space, and even more dining, retail, and entertainment options for residents and visitors alike in The American Dream City.
Tuesday evening, the Arlington City Council entered into a public-private partnership over a 30-year period to facilitate the transformative development project, which will further strengthen Arlington's convention and tourism opportunities and create new revenue, housing and jobs for the community. The expansion is a continuation of the strong public-private partnership between the City of Arlington, the Texas Rangers, Loews Hotels & Co, a wholly owned subsidiary of Loews Corporation (NYSE: L), and The Cordish Companies.
The components of the expansion will consist of:
- A $550 million, 888-room Loews Arlington Hotel with 1,500 parking spaces. The hotel would be connected to a new Arlington Convention Center, which will offer 216,000 square feet of meeting and outdoor function space;
- A mixed-use residential building with 280 units and 100,000 square feet of retail, entertainment and Spark coworking and incubator space, which will help grow and support small businesses;
- A planned 200,000-square-foot corporate office headquarters in the Arlington Entertainment District; and,
- An additional public garage with 1,900 parking spaces.
The expansion would bring these partners' total investment in Arlington, which includes the new Texas Live! and Live! by Loews – Arlington Hotel, to more than $1 billion.
"It's another great day in Arlington, as we continue to build on the economic momentum in our world-class Entertainment District," said Arlington Mayor Jeff Williams. "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."
This expansion is the next phase of a greater $4 billion vision by the City of Arlington, Texas Rangers, The Cordish Companies and Loews Hotels & Co that began with the $250 million Texas Live!, which opened August 2018, and Live! by Loews Hotel which opened in August 2019. Together, along with the Rangers' new Globe Life Field, the total investment of new development by the partnership totals over $2.25 billion. The new mixed-use project will be a major economic engine to the area and is expected to generate approximately $1.8 billion in economic benefits to Arlington and Tarrant County.
"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," said Jonathan Tisch, chairman & CEO, Loews Hotels & Co. "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."
"The Texas Rangers are proud to call Arlington our home as the city and its leaders continue to create one of the nation's premier sports and entertainment destinations," said Texas Rangers Co-Chairman and Managing Partner Ray Davis. "We want to thank our great partners, Loews Hotels & Co and The Cordish Companies for sharing our vision for the Arlington Entertainment District. With its opening next March, Globe Life Field will be the finest ballpark in Major League Baseball, and the development projects announced this evening are another very exciting addition to the area."
"It is an honor for The Cordish Companies to continue our partnership with the City of Arlington, the Texas Rangers and Loews Hotels & Co to deliver a transformative project for Arlington," said Blake Cordish, principal of The Cordish Companies. "Loews is one of the preeminent hoteliers in North America and a leader in the convention and meetings industry. The expansion of Arlington's Entertainment District, anchored by the new Loews Arlington Hotel and Arlington Convention Center, will create a vibrant mixed-use development and will cement Arlington as one of the leading premier sports, entertainment, culture, hospitality and tourism destinations in the country."
BEST IN CLASS HOTEL BRAND, NEW CONVENTION CENTER, RESIDENTIAL, OFFICE AND RETAIL AMENITIES
Loews Arlington Hotel
New York hospitality company Loews Hotels & Co will bring a second hotel to Arlington. The $550 million Loews Arlington Hotel will be located across from Live! by Loews – Arlington, TX, on the current Texas Rangers' Lot J parking lot. This new addition marks the largest investment the company has made to date, outside of Orlando, Florida, where Loews operates and owns (50%) soon-to-be eight hotels as a joint venture with Comcast NBC Universal. Loews Arlington will feature 888 guestrooms, 216,000 square feet of indoor and outdoor function space, 1,500-space parking garage, two restaurants with outdoor terraces, two bars, a grab-and-go coffee shop, 8,000-square-foot pool with 18 cabanas, Loews Loves Families Kids Club, fitness center and a spa with six treatment rooms. Loews Hotels & Co has been a leader in the hotel industry for more than 70 years, offering distinctive experiences to its guests, for business, group, leisure and family travelers.
New Arlington Convention Center connected to Loews Arlington Hotel
Adjacent to Loews Arlington Hotel will be a new Arlington Convention Center. This venue will allow Loews to feature 150,000 square feet of interior meeting space, with an additional 66,000 square feet of exterior space for outdoor events and functions. The new Arlington Convention Center and Live! by Loews - Arlington, which will be connected via a skybridge, will offer a combined 1,188 guestrooms and 251,000 square feet of indoor and outdoor meeting and event space. This substantial addition will further bolster Arlington's reputation nationally as a destination for meetings, conventions, trade shows and other events, all of which bring millions of visitors to North Texas annually.
Corporate Office Headquarters
The City of Arlington, the Texas Rangers and The Cordish Companies announced their vision for a 200,000-square-foot corporate headquarters building to include a Class A office tower in the Arlington Entertainment District.
Mixed-Use Residential Building
Located next to Texas Live! and the soon-to-open Globe Life Field, a mixed-use residential building will create one of the most unique lifestyle experiences in the country. The 280-unit building, which will overlook the Texas Rangers North Plaza, will offer residents an urban lifestyle in the heart of Arlington's Entertainment District. Leveraging The Cordish Companies' expertise in hospitality and entertainment, residents will enjoy one-of-a-kind amenities and services on par with the finest upscale residences in the United States. Additionally, the building will feature new retail space and a new public garage with 1,900 parking spaces.
Retail, Entertainment and Small Business Coworking/Incubator Space
The expansion of the Entertainment District will also include 100,000 square feet of first-class retail and entertainment space, as well as a small business coworking and incubator space – Spark. Spark will support the growing Arlington and North Texas entrepreneurial community, placing members within close proximity to hundreds of successful businesses, dining and hotel options, and entertainment.
Spark launched its initial venue in the heart of Baltimore's Inner Harbor in 2016, undergoing four expansions in its first four years. Today, Spark Baltimore supports more than 165 companies and 470 individual members. Representing a diverse community of entrepreneurial industries, Spark Baltimore has been lauded by city and state officials as being an important asset to Baltimore's Central Business District and an entrepreneurial hub for the city of Baltimore and the state of Maryland. Spark will open in Arlington with the same commitment to become an integral part of the entrepreneurial ecosystem of the city and region, providing first-class amenities to its members.
MAXIMIZING COMMUNITY BENEFITS FOR TARRANT COUNTY, CITY OF ARLINGTON AND ITS RESIDENTS
The Texas Rangers, The Cordish Companies and Loews Hotels & Co continue their commitment to create maximum community benefits to the City of Arlington, Tarrant County, Arlington and the Arlington Independent School District. From the onset, the partnership committed to an unprecedented Community Benefits Plan for Texas Live! and Live! by Loews – Arlington, TX, which created 3,000 jobs; exceeded MWBE construction goals; promoted apprenticeships for qualified local, minority and women construction workers; implemented local and diverse workforce hiring practices; assisted Arlington with community bookings; and, established a Community Advisory Committee to oversee the execution of the Community Benefits Plan.
Just as the first phase served as a model project for Tarrant County and Arlington, the next phase will support the community and its residents with the same commitment. The project is expected to create an additional 3,000+ jobs and generate $78 million for Arlington ISD, $15 million for Tarrant County College and $30 million for Tarrant County and the hospital district over 30 years.
Construction will commence in the first quarter of 2020 beginning with the first 1,500-space parking garage on the west side of Lot J, which will be connected to the new Loews Arlington Hotel.
About the City of Arlington, TX
Arlington is The American Dream City because our competitive, can-do spirit makes dreams a reality. Arlington, Texas strives to increase city tax revenues and improve quality of life through business recruitment, retention, expansion, and the development of public-private partnerships. Since 2015, the office has had more than $2.2 billion in deals, making it a leader among North Texas economic development agencies. Recent notable deals include the National Medal of Honor Museum, Six Flags' World Headquarters, the Texas Rangers' new $1.2 billion Globe Life Field, UPS's largest distribution center in North Texas, the 200,000 square-foot Texas Live! Entertainment complex, and the $150 million, Live! by Loews – Arlington, TX Hotel. You can follow the City of Arlington on Facebook, Twitter, Instagram, LinkedIn, YouTube or visit the City's website for the latest news and information.
About the Texas Rangers
The Texas Rangers will celebrate their 49th season in Arlington, Texas in 2020. The team will have a new home next season at Globe Life Field, a state-of-the-art multipurpose sports and entertainment venue that includes a retractable roof for climate control and shelter for fans during the hot summer months. The Rangers, who have advanced to postseason play five times in the last ten years, have won seven American League West Division titles and were the A.L. Champions in 2010 and 2011. The franchise has featured numerous iconic players including Hall of Famers Ivan Rodriguez and Nolan Ryan. The Texas Rangers Baseball Foundation is dedicated to improving the lives of children in need in the community and since 1991, has invested more than $30 million in funding for children, the military and first responders and their families, educational, health, and athletic programming and partnerships.
About Loews Hotels & Co
Headquartered in New York City, Loews Hotels & Co is rooted in deep heritage and excellence in service. The hospitality company encompasses branded independent Loews Hotels, and a solid mix of partner-brand hotels. Loews Hotels & Co owns and/or operates 27 hotels and resorts across the U.S. and Canada, including the new Live! by Loews – Arlington, TX and Universal's Surfside Inn and Suites, the seventh hotel in partnership with Comcast NBC Universal, which opened earlier this year. Located in major city centers and resort destinations from coast to coast, the Loews Hotels portfolio features properties grounded in family heritage and dedicated to delivering unscripted guest moments with a handcrafted approach. For reservations or more information about Loews Hotels, call 1-800-23-LOEWS or visit: www.loewshotels.com.
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About The Cordish Companies
The Cordish Companies' origins date back to 1910 and encompass four generations of privately-held, family ownership. During the past ten decades, The Cordish Companies has grown into a global leader in Commercial Real Estate; Coworking Spaces; Entertainment Districts; Gaming; Hotels; International Development; Private Equity; Residential; Restaurants; and Sports-Anchored Developments. One of the largest and most respected developers in the world, The Cordish Companies has been awarded an unprecedented seven Urban Land Institute Awards for Excellence for public-private developments that are of unique significance to the cities in which they are located. Prime examples are The Cordish Companies' prominent role in the redevelopment of Baltimore's world-famous Inner Harbor; Philadelphia, PA; Atlantic City, NJ; Charleston, SC; Houston, TX; Louisville, KY; Kansas City, MO and St. Louis, MO. In addition, The Cordish Companies has developed and operates multiple highly acclaimed entertainment destinations throughout the United States which welcome over 55 million visitors per year and are the most visited destinations in their respective regions. Over the generations, The Cordish Companies has remained true to the family's core values of quality, entrepreneurial spirit, long-term personal relationships and integrity. As a testimony to the long-term vision of its family leadership, The Cordish Companies still owns and manages virtually every business it has created. For more information visit www.cordish.com or follow us on Twitter.
"The Cordish Companies," "The Cordish Company" and "Cordish" are trademarks used under license by independent corporations, legal liability companies and partnerships ("Cordish Entities"). Each Cordish Entity is a separate, single-purpose legal entity that is solely responsible for its obligations and liabilities. No common operations or financial interdependency, and no intermingling of assets or liabilities of the Cordish Entities exists, or should be deemed to exist, as a result of the potential common reference to multiple independent entities operating under the names "Cordish," "The Cordish Companies" or "The Cordish Company" here or elsewhere.
SOURCE Loews Hotels