ARLINGTON — City leaders have agreed to give $1.5 million to a developer in exchange for tearing down two aging north Arlington apartment complexes within a year.JCKPL proposes to invest about $160 million over several years to redevelop the 31-acre area along East Lamar Boulevard between the Rolling Hills Country Club and Lincoln Drive.The plan is to tear down four existing apartment complexes Huntington Chase, Pointe of North Arlington, Countrywood and Water Chase apartments and replace them with higher-quality, high-density apartments.In June, the Arlington City Council approved a multimillion-dollar economic development package to help make the deal happen.At its Aug. 6 meeting, the council approved a $1.5 million grant to help JCKPL with engineering, architectural designs and construction plans for the redevelopment project, Economic Development Manager Bruce Payne said. But the developer has to tear down the Huntington Chase and Point of North Arlington complexes within 12 months of receiving the grant, which comes from Arlingtons natural gas revenue, Payne said.The developer is also eligible to be reimbursed for about $3.7 million in demolition and site preparation costs. Arlington also plans to make about $5.25 million in public improvements along Lamar Boulevard and at the adjacent Parkway Center Park.Arlington will also grant a 90 percent refund on city property taxes on the projects increased value for a 30-year period. The four current complexes are appraised at about $12 million combined, and city leaders say the new development will bring in significantly more property tax revenue long-term.The time line for demolition and details about the number of units for the proposed apartment complexes, which the economic development agreement indicates will be 1,600 or more, is still being developed. The project is expected to be built in three phases over five to seven years, city officials said.JCKPL is also developing the Viridian master-planned community in far north Arlington. This report contains material from the Star-Telegram archives.
Susan Schrock, 817-390-7639 Twitter: @susanschrock