Arlington continues to build on its economic momentum and world-class entertainment district with the City Council on Tuesday evening approving a major economic development project that will include Texas Live!, a 100,000 square foot world-class dining and entertainment district, adjacent to Globe Life Park in Arlington.
The $200 million project is a public-private partnership between the City of Arlington and a partnership of the Texas Rangers and The Cordish Companies, 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.
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.
The Rangers have selected The Cordish Companies as its development partner for Texas Live! The Cordish Companies, a fourth generation, family-owned business, is widely considered the country's leading developer of mixed-use/entertainment developments. The Cordish Companies developments welcome over 50 million visitors a year to destinations across the country and the Company has been recognized with an unprecedented 7 separate Urban Land Institute Awards for Excellence for its work, which is more than any developer in the United States. The Cordish Companies partner with many of the leading sports and entertainment brands in the world such as: NBC Sports, Fox Sports Midwest, St. Louis Cardinals, AEG, PBR (Professional Bull Riders), Philadelphia Flyers and Comcast Spectacor.
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.
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. The facility will be constructed on what is currently the A parking lot at the corner of Randol Mill Road and Nolan Ryan Expressway.
"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.
"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 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."
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."