On June 21, 2022, the Arlington Economic Development Corporation (AEDC) approved a resolution authorizing the execution of an agreement with developer Town North Arlington Partners, LLC for the renovation and redevelopment of the Town North Shopping Center located at 975 North Cooper Street.
The Center, which was purchased by Town North Arlington Partners in 2020, sits on 9.7 acres, has 112,000 square feet of tenant space and is a prime location for redevelopment. With the help of AEDC’s grant funding of $2,361,600.00, the renovation will include infrastructure and facade enhancements, new tenant spaces, upgrades to the parking lot, entryway, landscaping, and plaza/public space improvements.
Town North Shopping Center was built in 1959 and opened with tenants in 1961 as a strong retail hub for the newly developed Town North neighborhood and Arlington Memorial Hospital, which had opened in 1958. The Center’s central location sits in the heart of the Medical District, and its proximity to Downtown, the University of Texas at Arlington and the Entertainment District makes it a great location for an array of businesses.
Under the proposed agreement, the Town North Arlington Partners will make a minimum capital investment of $6,140,000 to redevelop the Center and the AEDC will provide the performance grant as one-time reimbursement payment after the capital investment is met, substantial completion of the project is achieved, and documentation of actual project costs are provided. The redevelopment should start by the end of this calendar year and be completed within 24 months.
“This project is a great investment and aligns with the Economic Development Corporation’s goals of transformational redevelopment and high-impact community development,” says Broderick Green, AEDC’s Executive Director. “The Town North Arlington Partners will not only redevelop this vintage shopping center, but their plans for the addition of electrical car charging stations, outdoor patios, enhanced landscaping, pedestrian walkways and a family-friendly open lawn area, will be welcomed additions to the Town North neighborhood and the surrounding area.”
In November 2020, Arlington voters authorized the adoption of an additional quarter-cent City sales and use tax to fund the creation of the Arlington Economic Development Corporation. The Corporation’s mission is to recruit new employers and industries to Arlington and assists local companies to grow, renovate, and to generate quality job opportunities for the community. AEDC funding will provide the foundation for the rejuvenation and transformation of key economic centers into vibrant destinations.
