ARLINGTON (1080 KRLD) - The Arlington City Council approved $800-million incentives agreement that will bring in a reported half-Billion dollar Loews Hotel and convention center near the Rangers' former ballpark at Globe Life Park.
With nearly 900 rooms, the hotel will be twice the size of the recently-opened Live! By Loews hotel right across Randoll Mill.
Also in the plan is a $200-million mixed use office-and-residential project also at the site of the old ballpark.
Developers expect to break ground in the new year.
“It’s another great day in Arlington, as we continue to build on the economic momentum in our world-class Entertainment District,” said Arlington Mayor Jeff Williams. “When Loews Hotels & Co, The Cordish Companies, the Texas Rangers and the City of Arlington all come together on a project, there’s no limit to the dreams we can realize here in The American Dream City. This project and the recent National Medal of Honor Museum will add significantly to the city’s sales tax revenue, allow us to continue to keep our taxes among the lowest in the area and provide the quality services our residents have come to expect with minimal public investment.”
This expansion is the next phase of a greater $4 billion vision by the City of Arlington, Texas Rangers, The Cordish Companies and Loews Hotels & Co that began with the $250 million Texas Live!, which opened August 2018, and Live! by Loews Hotel which opened in August 2019.
Together, along with the Rangers’ new Globe Life Field, the total investment of new development by the partnership totals over $2.25 billion.
The new mixed-use project will be a major economic engine to the area and is expected to generate approximately $1.8 billion in economic benefits to Arlington and Tarrant County.