The vote and sale are the latest developments for a mall that city officials say has shrunk over the past 20 years.
Trademark Property Company CEO Terry Montesi said his company would like to transform the brown-brick mall into a better offering of retail, office space and mid-rise apartments. Lincoln Square’s location along Interstate 30 would make the mall a powerful regional gateway, he says.
“It’s great real estate that just hasn’t evolved. We will figure out what needs and wants to be here and with your help, direction and partnership, we believe we can do something great. very special,” he says.
The 30-year agreement requires Trademark to invest at least $150 million in the property over the next six years and work with residents and leaders on redevelopment plans. The company is liable for $9 million in subsidies if it fails to meet the requirements of the agreement. The city secured a $14.75 million grant from its innovative venture capital fund.
Helen Moise, who represents North Arlington as a District 1 council member, says she and her constituents have long been waiting for the right person to redevelop Lincoln Square.
“All of us in North Arlington know what we had and we can see when we visit other cities what we might have,” she says.
Council members approved the grant 7-0. District 4 council member Andrew Piel and District 7 council member Bowie Hogg were absent from the meeting.
City Manager Trey Yelverton told council members at an afternoon meeting that the square’s vacancy rate stood at around 44%. He says the once thriving center has become “functionally obsolete” and its former owner, ShopCore Properties, failed to invest in redevelopment.
Yelverton says Trademark’s sale had not been finalized as of Tuesday afternoon. However, the company was listed as the top bidder for the project, and city officials spoke word on the company’s behalf. Trademark has invested more than $4.5 billion in projects across the country, some of which include Galleria Dallas and Westbend in Fort Worth.
Real estate group Cushman and Wakefield put Lincoln Square up for sale on behalf of ShopCore Properties in October. The center was built in 1983 and holds approximately half a million square feet of rental space. Estate agents announced that the space was “exceptionally well placed for redevelopment”.
“This is a generational opportunity to create the next generation of high-density, mixed-use retail destinations in the Metroplex’s third-largest city, and there is certainly a void for such a place,” said Chris Harden, representative of Cushman and Wakefield. statement in October.
Lincoln Square sits near the edge of Arlington’s entertainment district, where developers are building an 888-room hotel and convention center, the National Medal of Honor Museum and One Rangers Way, a sizable luxury apartment complex mean. Choctaw Stadium, formerly Globe Life Park, will also benefit from Spark Coworking, a shared office space.
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