40-year old Lincoln Square has seen better days. Even the town’s mayor says it’s become “functionally obsolete”. The town’s council passed a recent measure that would provide the new owner of the center $9 million in grant funding if it agreed to invest at least $150 million revamping the center. In addition, the City of Arlington will draw $14.75 million in grant funding from its Innovative Venture Capital Fund for the project.

Once the parties close, Trademark Property Company will be the new owner. Trademark’s Terry Montesi is eager to get started, “This is a great piece of real estate that just hasn’t evolved. We’ll figure out what needs and wants to be here and, with y’all’s help and direction and partnership, we think we can do something very special.”

Lincoln Square was built in 1983 and holds about half a million square feet of leasable space. An 888-room hotel and convention center are going in across the street.