$43M Mixed-use project to replace Arlington library$43M Mixed-use project to replace Arlington libraryhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=22862014-12-06T10:25:00Z2014-12-05T00:00:00Z

ARLINGTON - Construction will begin summer 2015 on a $43 million, five-story mixed-use development where downtown Arlington’s Central Library has stood for four decades.

The project, 100 Center, will include 40,000 sf at street level for uses such as shops, offices and restaurants, as well as about 240 market-rate apartments wrapped around a parking garage.

City officials say they believe that 100 Center, expected to open east of City Hall in 2017, will be a centerpiece for downtown’s redevelopment potential and help bring even more vibrancy to the area.

Arlington, which will retain ownership of the library land, has approved a long-term ground lease and parking lease with the developers. Revenue from those leases will help offset a portion of the larger public library set to open north of City Hall in 2017.

The city has said it expects to receive about $4.2 million in lease revenue from the project. The ground lease starts at $60,000 a year, with regular increases and can be extended for up to 99 years.

Read more at the Fort Worth Star-Telegram.
(Texas real estate news)

Fort Worth Star-Telegram
Dallas-Fort Worth-Arlington
http://www.star-telegram.com/2014/12/03/6336335/43-million-mixed-use-development.htmlRead more at {Source}

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