The Cordish Companies Selected By The Texas Rangers As Development Partner For Texas Live!
Arlington City Council Unanimously Approves $200 Million Mixed-Use District Featuring Dining, Entertainment, Hotel and Convention Facility
16 Dec, 2015, 04:11 ET
ARLINGTON, Texas, Dec. 16, 2015 /PRNewswire/ -- The Cordish Companies have been selected by The Texas Rangers as development partner for Texas Live!, a 100,000 square foot world-class dining and entertainment district, as well as a 300-room hotel and 35,000 square foot convention facility in-between the Texas Rangers' Globe Life Park in Arlington and the Dallas Cowboys' AT&T Stadium. Last night, Arlington City Council unanimously approved the major economic development project in an 9-0 vote.
The $200 million project is a public-private partnership between the City of Arlington and the Texas Rangers/The Cordish Companies partnership, with the City investing $50 million and $150 million of private sector investment. The Texas Live! entertainment district will create approximately 1,800 total jobs including 1,000 construction jobs and 800 permanent jobs. Texas Live! will generate approximately $100 million per year of economic output to the City of Arlington and Tarrant County and will generate approximately $2 billion in direct and indirect salaries during its first forty years.
"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. We greatly appreciate the Texas Rangers' continued investment in our community and we applaud their selection of The Cordish Companies, the premiere mixed-use developer in the country, as their development partner."
Mayor Williams continued, "I am pleased to state that the Texas Rangers and The Cordish Companies have made significant commitments to ensure that construction and ongoing operation of Texas Live! will generate maximum benefits to our local community with initiatives such as local and minority hiring, purchasing and hosting of free community events and festivals, and the creation of a community advisory board. Texas Live! will be a model project for community-based development that we hope other developers will emulate."
The agreement also includes plans to develop an upscale, full-service convention hotel with a minimum of 300 rooms and 35,000 square feet of meeting and convention facility. The development team intends to bring in a leading hotel operator and brand for the convention hotel. Should the hotel/convention facility proceed by the end of 2016, the City would provide the 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 hotel and convention facility will generate approximately an additional 1,225 jobs including 1,000 construction and 225 permanent jobs.
Texas Live! will feature multiple best-in-class restaurants, retail and entertainment venues, along with a signature event space with a capacity of 5,000 people. Texas Live!, will be inspired by the country's leading sports entertainment districts such as The Cordish Companies' and St. Louis Cardinals' Ballpark Village in St Louis, but will be uniquely authentic to Arlington and will set a new national standard for sports anchored districts.
"The Rangers are proud to be partnering with Arlington on this very significant project," commented Rangers Co-Chairman Ray Davis. "Commercial development around Globe Life Park in Arlington has been a vision of the Rangers for a number of years. We are also extremely pleased to have selected The Cordish Companies as our development partner to help us fulfill this vision. We join with the City of Arlington and Cordish on a commitment to deliver the leading sports and entertainment district in the country."
Construction of the $200 million hotel and entertainment district will be designed and sequenced to allow the 100,000 square feet Texas Live! to start construction in 2016. The sequencing of the hotel will be determined.
Blake Cordish, Vice President of The Cordish Companies, stated, "We greatly appreciate the partnership of the City of Arlington. We are thrilled and humbled to have been selected by the Texas Rangers as their development partner on this ground breaking development. The Texas Rangers are one of the great teams in all professional sports with a fan base to match. In keeping with this rich legacy, our partnership is committed to delivering a transformative project that will create thousands of jobs, attract millions of visitors and generate maximum benefits to the local community."
For more information please visit www.texas-live.com.
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 Real Estate Development, Gaming & Hospitality, Entertainment Management and International Urban Planning & Development. 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 50 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.
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SOURCE The Cordish Companies
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