Home Plate Update March 2020 - Page 6

Arlington City Council Approves $810 Million Transformative Development Project A rlington continues to build on its economic momentum with a planned $810 million expansion of the Entertainment District, which would add a best-in-class hotel brand, new convention center, corporate office headquarters, mixed-use residential building, small business coworking and incubator space, and even more dining, retail, and entertainment options for residents and visitors alike in The American Dream City. In December, the Arlington City Council entered into a public-private partnership over a 30-year period to facilitate the transformative development project, which will further strengthen Arlington’s convention and tourism opportunities and create new revenue, housing and jobs for the community. The expansion is a continuation of the strong public- private partnership between the City of Arlington, the Texas Rangers, Loews Hotels & Co, a wholly owned subsidiary of Loews Corporation (NYSE: L), and The Cordish Companies. 6 The components of the expansion will consist of: » » A $550 million, 888-room Loews Arlington Hotel with 1,500 parking spaces. The hotel would be connected to a new Arlington Convention Center, which will offer 216,000 square feet of meeting and outdoor function space; » » A mixed-use residential building with 280 units and 100,000 square feet of retail, entertainment and Spark coworking and incubator space, which will help grow and support small businesses; » » A planned 200,000-square-foot corporate office headquarters in the Arlington Entertainment District; and, » » An additional public garage with 1,900 parking spaces.