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Arlington Approves Grant for Mixed-Use Project
The Arlington City Council okayed a $3.8 million grant for Arlington Center Square to assemble land for a mixed-use lifestyle center. The Dallas Business Journal reports a hotel is already under construction and the development could also include a food hall, retail, restaurants, multifamily housing and structured parking.
Arlington Center Square is being development by Mahrouq Enterprises International Inc., who owns the land where a $54 million, 145-key upscale hotel on Division Street is being constructed.
Under the new agreement, the developer would have to meet various milestones including delivering a conceptual project brief with a site plan, program, feasibility analysis and conceptual renderings within 18 months of signing the agreement; beginning construction drawings in 36 months, securing project financing in 54 months and starting vertical construction within 60 months. As part of the agreement, the city will form a long-term lease on the property for parking. If the developer proceeds with the project, the leasehold interest in the property can be purchased.
- ◦Development
