Dallas Commercial Construction Continues
The city of Arlington is located nicely near both Dallas and Fort Worth. It is home to almost 400,000 people, the Texas Rangers baseball team, the Dallas Cowboys and a flurry of commercial development activity. Several billion dollars have been invested in Arlington’s economy in commercial construction services and new projects are being announced. This suggests the Dallas building boom is likely to continue!
The latest addition to the Dallas area is within the city of Arlington, were they have built a $1.1 Billion Globe Life Field, the future home of the Texas Rangers. The ballpark has a concrete-and-steel structure that will be wrapped in glass, architectural precast, stone and metal panels. The city will own the ballpark and the Rangers will lease the facility from Arlington.
In the same area as the ballpark will be a new mixed-use development entitled Texas Live! The $250-million project aims to fill the parking lots around Globe Life Field and AT&T Stadium with a new entertainment district. Texas Live! will feature 200,000 square feet of dining and entertainment venues as well as a 5,000-capacity outdoor-events pavilion. Tied to Texas Live! is the flagship Live! hotel, featuring 300 rooms with 35,000 square feet for conventions, meetings and special events.
[Construction Management]
With all the recent commercial construction activity has come the need for infrastructure improvements. The city has nearly $110 million in road reconstruction underway, while the Texas Department of Transportation is currently building a $250-million interchange between I-30 and Highway 360.
Growth in the Dallas area is also being fueled by a $1.4-billion expansion and renovation of a General Motors assembly plant, a project that will expand the automaker’s full-size SUV manufacturing facility by 1.2 million square feet. The development is expected to be completed later this year.
Globe Life Field is being built with a collaborative effort between the city of Arlington and the Texas Rangers. The new stadium will add a new retractable roof feature and climate control to avoid the heat. The project will introduce VIP areas and new experiences for the fans.
The city was ahead of schedule in paying off AT&T Stadium for the Dallas Cowboys, but refinanced that debt last year so that they could finance both facilities at the same time. AT&T Stadium is similar, as it is also city-owned and then leased to the Dallas Cowboys.
[Project Completion]
Discussions began in 2014 with leaders in the sports-anchored commercial development space. The talks occurred when the current lease expiration was over a decade away. Concerns were addressed and the details were worked out so that the project could proceed.
Globe Life stadium is scheduled for completion by 2020. The visitors to the entertainment district are estimated at around 14 million a year. Those tourists will help to retire the stadium debt and improve the Dallas area and the city of Arlington overall. Texas Live! is scheduled to open this fall, about a year and a half ahead of the new ballpark.
