A neglected shopping center next to Arlington’s Entertainment District will be converted into a $250M mixed-use development following an acquisition by developer Trademark Property Co.
The 45-ace Lincoln Square property, located at the corner of Collins Street and Interstate 30, will include office, multifamily, retail and residential, according to a news release.
The project is being built via a public-private partnership that requires Trademark to spend $150M on the development over the next six years in exchange for a $14.2M investment from the city of Arlington, per the release.
“We are confident we can create a world-class destination that will upgrade the area’s offerings and be a catalyst for further growth of the neighborhood and its cultural, sports and entertainment venues,” Trademark CEO Terry Montesi said in a statement. “We are ready to get the project rolling.”
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A lack of investment into Lincoln Square has created a drain on sales and property tax revenue that amounts to roughly $1M per year, according to the release. Property values at the location dropped 12% between 2015 and 2021, in stark contrast to the 50% appreciation seen by other properties within a quarter-mile.
“Lincoln Square has been an iconic north Arlington property for nearly 40 years, but the aging property has not seen the innovations or private investment needed to keep it market-relevant,” Arlington Mayor Jim Ross said in a statement. “We are in the economic development business. We have to grow a healthy economy so Arlington has the resources to provide the high-quality city services our citizens expect.”
Owned and managed by ShopCore Properties, Lincoln Square tenants include Studio Movie Grill, Ulta Beauty, Michaels and PetSmart. It was 44% vacant as of late June, according to the Dallas Morning News.
Arlington’s Entertainment District is adjacent to both Globe Life Field and AT&T Stadium, homes of the Texas Rangers and Dallas Cowboys, respectively. It also neighbors Texas Live!, Choctaw Stadium and the 888-room Loews Arlington Hotel and Convention Center.
Trademark’s project should bring more non-event-related traffic to the Entertainment District, which comes alive during sporting events and concerts but sees visits drop during off-hours. Stakeholders in the area have noted the need for various uses to encourage people to come more frequently and stay longer.
“There needs to be more activity that ... gets you out there spending the money,” restaurateur Jason Boso said during an August 2021 Bisnow event. “[We] need to be giving multiple opportunities within one area of walking distance so they don't get back in their car and go somewhere else.”
The next step involves gathering feedback from residents and stakeholders via an online survey and a series of public meetings, the first of which is scheduled for 6:30 p.m. Nov. 3 at the George W. Hawkes Downtown Library in Arlington.
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