Arlington's Lincoln Square is getting a makeover. The new owners want your ideas
Fort Worth-based Trademark Property Company will host a public input session as the group prepares to give Lincoln Square an extensive makeover. The company closed the deal on the nearly 40-year-old shopping center Oct. 28, according to a spokesperson.
Trademark Property Company painted a picture of a future shopping center that would offer new retail, office space and mid-rise apartments in over the summer.
The pitch resonated with city council members. Current and former representatives have for years lamented the state of the once-booming retail area originally built in 1983.
Trademark CEO Terry Montesi says he believes the company can make the center a magnet for residents and visitors once again.
"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," Montesi writes in a press release.
The first meeting is scheduled for 6:30 p.m. Thursday at the George W. Hawkes Downtown Library at 100 S. Center St. The company also launched a digital surveythat asks residents how they use the shopping center, as well as what amenities or shops they would like to see.
"We pride ourselves on being learners, not knowers," Montesi says. "We want to hear from those who understand this area, so we can meet their unmet needs and desires."
Lincoln Square's vacancy rate sat at about 44% over the summer, according to a June presentation by City Manager Trey Yelverton.
The property, which holds about half a million square feet of leasable space on the corner of Interstate 30 and North Collins Street, went up for sale in fall 2021 after years of ownership by ShopCore Properties. Yelverton said in June that Trademark was a top bidder for the project, and city officials vouched on Trademark's behalf.
The lack of investment by its previous owner resulted in a 12% drop in property values, according to a press release, according to the press release. The declining property also lost the city around $1 million a year in direct sales and property tax revenue.
"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," Mayor Jim Ross said in a statement.
The redevelopment agreement is part of a broader effort to shape the city's entertainment district. Several projects are expected to open in 2024, including the National Medal of Honor Museum, the luxury apartment complex One Rangers Way, and an 888-room hotel and convention center that connects to Live! by Loews hotel.
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