Site, developer are right for Arlington
If it’s not a real estate match made in heaven, it’s one that’s at least almost perfect: Arlington, its 18 city-owned acres on the northwest corner of Interstate 30 and Collins Street, and Dallas-based Trammell Crow Co.
Arlington City Council members unanimously approved a 12-month agreement Tuesday under which Trammell Crow will market and, if (go ahead and say when) that effort is successful, develop the site.
The city bought the land last month from the Texas Transportation Department, paying $7.6 million for the former maintenance facility site.
Its location clearly makes it prime real estate, a business in which location is everything.
It’s a high-profile spot in the heart of Arlington and Dallas-Fort Worth, with easy freeway access and just a stone’s throw from major attractions: AT&T Stadium, Globe Life Park and Six Flags. Dallas/Fort Worth Airport is near at hand.
The size of the parcel means it could be a showcase development not just for Arlington but the entire metropolitan area.
Arlington is aiming for a major corporate campus on the site, a key source of employment as well as pride.
City leaders decided that purchasing the 18 acres would give Arlington the maximum amount of control over what would be developed there.
What was missing until Tuesday was the right development partner, real estate professionals who know not just how to develop a top-quality project but who have the contacts and clout in the corporate world to know what companies might consider the move.
Dallas-Fort Worth has been fortunate to attract some of the world’s best real estate developers, and several good ones expressed interest in the Arlington project. Even in that league, Trammell Crow stands out.
From 1948 when its namesake founder built his first commercial development near downtown Dallas, to today with offices in 16 major cities, the company says it has developed or acquired 540 million square feet of commercial projects worth $60 billion.
For now, no money changes hands in the agreement between Arlington and Trammell Crow. Both expect to make money when a development deal is done.
Arlington residents should expect something great.
This story was originally published February 25, 2015 at 5:54 PM with the headline "Site, developer are right for Arlington."