The Arlington City Council has approved an agreement that will transform the largest remaining area of surface parking in central Downtown into a major mixed-use development while also delivering new City-owned assets, public parking and infrastructure.

Trammell Crow Company will acquire the privately owned property needed for the development and convey that land to the City. Arlington will retain ownership and ground lease the development site back to the developer for 99 years.

The project, located around the City Office Tower near Abram and Mesquite streets, will include at least 390 market-rate residential units, 31,250 square feet of office space, at least 8,000 square feet of restaurant and retail space, and a 600-space structured parking garage. Trammell Crow Company is required to invest at least $123 million in the development.

Through the partnership, Arlington will acquire the land underlying the development, a new 31,250-square-foot office for the City’s Water Utilities Department, and significant new public infrastructure.

The post Trammell Crow, Arlington Partnering on $123M Downtown Mixed-Use Project appeared first on Connect CRE.