Arlington's Lincoln Square could get a major facelift after a Trademark Property Company officially bought the property last week.
The location is just south of I-30 on the west side of Collins Street close to the city's entertainment district.
The 470,000 square foot property was built in 1983 but over the years, the once bustling shopping area has seen tenants move out creating several vacancies. According to Trademark Property Company CEO Terry Montesi, about 40% of the storefronts are empty right now. Montesi is hoping to turn this property around,"We just think it's an underutilized piece of real estate," he said,"There's an opportunity to maybe add some uses, maybe take some of the retail down or repurpose it and maybe add living, maybe add office, maybe add a hotel."
This deal is worth $150 million. It's a public-private partnership, meaning the city will also invest in this development contributing over $14 million. "Some of the things we need around here is a good sit down restaurant, I think we have the Olive Garden on one side and we have Boomer Jacks but we really need a good restaurant that we can enjoy seeing," said shopper Hilda Garza.
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