City Acquires Arlington Municipal Airport ’ s Fixed-Base Operator
Funding Approved for Sheraton Redevelopment in Entertainment District
The City of Arlington will acquire Arlington Municipal Airport ’ s fixed-base operator ( FBO ) with $ 9.5 million in funding from the Arlington Economic Development Corporation and $ 7.5 million from airport gas revenue and airport-dedicated funding from Arlington Tomorrow Foundation .
The acquisition will create a revenue stream to support future development and economic growth at the Airport . It is part of $ 68.5 million in planned investments in and around the Airport , including developing Dr . Martin Luther King Drive , an Airport access road , an aircraft parking apron and an EVTOL terminal / hangar .
“ It ’ s another economic development tool the City has ,” said Jennifer Wichmann , Deputy City Manager . “ One which is mainly focused on the Airport but will also have benefits for the larger economy .”
The FBO was previously owned by private operator Harrison Aviation , who is preparing to leave the business . Fixed-base operators typically provide fueling , maintenance and concierge services . Wichmann explained that the City will be able to provide a level of service that will make the Airport an attractor for businesses as it continues to develop .
“ It will allow the Airport to fully utilize its footprint . This is particularly important on days when the entertainment district is really activated ,” said Wichmann .
Over the next 20 years , the Airport development is projected to create 300 jobs with an average wage of $ 78,000 , $ 2 billion in total economic output , and $ 85 million in net benefits for the City , Tarrant County and Arlington Independent School District . The project will enable the Airport to develop as a premier reliever airport in the Metroplex and become a destination for aerospace research and development .
The City will assume operations of the FBO on April 1 , 2024 .
The City of Arlington is partnering with Loews Hotels & Co . to redevelop 14 acres of land to continue building economic momentum and leverage assets in the Entertainment District . The project includes a new hotel of at least 500 rooms to replace the existing 311-room Sheraton Arlington , 25,000 + sq . ft . of convention and meeting space and a minimum 735-space parking garage .
Both the Arlington Economic Development Corporation ( AEDC ) and the City will contribute to the construction of the parking garage as well as other necessary site improvements . The project will create an estimated 250 new permanent jobs and 1,200 estimated construction jobs .
Potential future development phases include retail , food & beverage , residential and parking . The proposed project has the potential to create $ 3.1 billion in economic output over 30 years with $ 711 million in net benefits for the City , Tarrant County and Arlington Independent School District .