By Candace Carlisle
CoStar News Original Article
May 9, 2024 | 12:21 P.M.
A 4.5-acre site spanning over three blocks in downtown Arlington, Texas, that includes an aging office building, is being marketed for sale to potential developers to build a mixed-use project.
The city of Arlington, the region's third-largest municipality that sits equidistant between Dallas and Fort Worth, could offer incentives to entice the right development partner seeking to construct a mixed-use development within a mile of the University of Texas at Arlington.
"The city is looking for a great place-making opportunity to fill what is a huge void for a mixed-use environment in downtown Arlington," said Chris Harden, president and CEO of Arlington, Texas-based Harvest MXD, who is marketing the property on behalf of a private owner. The city is "hoping a developer will help meet the vision of what they would like to see there, and they also need parking to support the retail along that street. They would love to see a great mixed-use environment with some additional parking and are open to assist the right developer."
Like other big mixed-use projects that have helped define a city amid the sprawl of the Dallas-Fort Worth region, the nation's fourth-largest metropolitan area with more than 8.1 million residents, Arlington wants to help realize a defining mixed-use project on the acreage that serves as a linchpin between the university and the city's downtown district, Harden said.
The site is also located within walking distance of College Park Center, an arena hosting the university's basketball and volleyball games with seating capacity of up to 7,000 fans.
Harden, a longtime real estate executive who formed Harvest MXD a year ago after leaving Cushman & Wakefield, is leading the marketing efforts of the property along with Harvest MXD's Sky Miller and Daniel Mitlyng. The owner of the property has owned it for 26 years.
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The acreage is located within the city's downtown business zoning district, which allows for apartments, senior living, townhouses and student housing with a maximum density of 100 dwelling units per acre and more than one use is allowed. Additional uses could include office, retail, self-storage and a hotel. The site is located within a tax increment reinvestment zone.
Harden helped sell Lincoln Square, a high-profile retail center along Interstate 30 in Arlington, to Trademark Property Co. in 2022 to make way for a $250 million mixed-use development with a hotel and apartments, along with retail and restaurant space. Like the transformation of Lincoln Park, Harden said there's a similar opportunity to redevelop this site in downtown Arlington.
Mayor Jim Ross said in a statement the city of Arlington has seen "unprecedented demand" from the real estate community in the past decade.
"Opportunities like 201 E. Abram don't come around often and the city stands ready to support the redevelopment of this very important property in our downtown core," he added.
Arlington has built a reputation for being an epicenter for professional sports. The city has Globe Life Field, the ballpark for the Texas Rangers, as well as AT&T Stadium, the game day home of the NFL's Dallas Cowboys.