|ARLINGTON, Texas (Oct. 31, 2022) – Fort Worth-based Trademark Property Company, a mixed-use investor, developer and operator, completed its acquisition of the 470,000-square-foot Lincoln Square shopping center at 1500 N. Collins St. in Arlington. The 45-acre location, at the gateway of Arlington’s Entertainment District, sits at the high-profile southwest corner of Collins Street and Interstate 30.Trademark acquired the shopping center property, which was built in 1983, with plans to convert it into a mixed-use development with office, multifamily, retail and restaurants. The City of Arlington entered into a 30-year public-private partnership (PPP) with Trademark that requires an investment of at least $150 million into the property in the next six years while also collaborating with local residents and leaders on redevelopment plans. |
The Arlington City Council agreed to co-invest $14.225 million with the developer in exchange for the investment.“We are confident we can create a world-class destination that will upgrade the area’s offerings and be a catalyst for further growth of the neighborhood and its cultural, sports and entertainment venues,” said Terry Montesi, CEO of Trademark. “We appreciate the confidence and support of the City of Arlington leadership and its participation in this public-private partnership, and we are ready to get the project rolling. We have found Arlington to be one of the most innovative, savvy and responsive cities we have ever worked with.”Lincoln Square’s strategic location borders Arlington’s Entertainment District, where its neighbors include Globe Life Field, Choctaw Stadium, AT&T Stadium, Texas Live!, as well as the future National Medal of Honor Museum and 888-room Loews Arlington Hotel and Convention Center.Arlington’s public participation in the transformative redevelopment of Lincoln Square aligns with the City’s Economic Development Strategic Plan and the Comprehensive Plan, which calls to rejuvenate key economic centers into vibrant destinations, participate in and promote catalytic redevelopment projects that meet economic development priorities, and identify and pursue opportunities for redevelopment and the re-use of aging and high vacancy commercial areas.
Despite its premier location and well-known tenants, including Studio Movie Grill, Ulta Beauty, Michaels, and PetSmart, Lincoln Square has not innovated in a way to stay current with market trends. The lack of investment and empty spaces at Lincoln Square has not only meant the loss of jobs for residents but also the loss of an estimated $1 million a year in direct sales and property tax revenue for the City of Arlington. Property values within Lincoln Square have declined 12% from 2015 to 2021, according to the Tarrant Appraisal District, while property values within a quarter mile have increased by 50%.“Lincoln Square has been an iconic north Arlington property for nearly 40 years, but the aging property has not seen the innovations or private investment needed to keep it market relevant,” said Arlington Mayor Jim Ross. “Trademark’s total $250 million+ planned investment will bring new shopping, dining and housing options, and serve as a catalyst for even more redevelopment.”
“We are in the economic development business. We have to grow a healthy economy so Arlington has the resources to provide the high-quality city services our citizens expect,” Ross said.To create a more cohesive development that will be a vital part of the community, Trademark wants to listen and learn from Arlington residents and stakeholders. Community members will have opportunities to share their thoughts. First, through this digital survey. Second, residents are also invited to public meetings with the developer to provide input. The first meeting is scheduled for 6:30 p.m. Nov. 3 in ReBrary Rooms A and B in the George W. Hawkes Downtown Library, 100 S. Center St.
“Now is the time to start imagining what this new and better project will look like,” Montesi said. “We pride ourselves on being learners, not knowers. We want to hear from those who understand this area, so we can meet their unmet needs and desires.” Trademark is no stranger to redevelopment. Among the multiple projects the firm has turned around, Downtown Dallas’ Victory Park is well-known locally. Ownership tapped Trademark to reposition and redevelop Victory’s retail holdings, which was completed in 2019. Trademark implemented a vibrant placemaking and redevelopment program, secured Cinépolis Luxury Cinemas and 85,000 square feet of new retail and restaurant space, along with enhancements to support walkability and wayfinding.
In addition, Trademark recently completed a successful redevelopment and re-merchandising of Rice Village in the Houston area, as well as been tapped to reimagine Galleria Dallas. Trademark’s mixed-use, retail and institutional services portfolio includes WestBend and Alliance Town Center in Fort Worth; Market Street – The Woodlands in The Woodlands (Houston); La Palmera Mall in Corpus Christi, Texas; Zona Rosa in Kansas City, Missouri; Annapolis Town Center in Annapolis, Maryland; Bridgewater Commons in New Jersey; and North Point in Alpharetta (Atlanta). In addition to the current portfolio, Trademark previously worked on notable projects like Preston Oaks in Dallas and Watters Creek in Allen (Dallas).
About Trademark Property Company:Trademark Property Company is a full-service real estate firm focused on investments, development, and institutional services of retail, multifamily, office and mixed-use properties. Fort Worth, Texas-based Trademark, which celebrates its 30th anniversary this year, has invested in, developed, or redeveloped 21 million square feet of mixed-use, multifamily, and retail assets worth $4.5 billion. Trademark’s experienced team of more than 141 employees is currently responsible for a 16-property portfolio totaling approximately 8.8 million square feet of mixed-use and retail projects across the country. A three-decade leader in navigating the changing mixed-use real estate landscape, Trademark’s purpose is to be extraordinary stewards, enhance communities and enrich lives. For more information, visit www.trademarkproperty.com or interact on Facebook, LinkedIn and Instagram.