ARLINGTON, Texas — This article was originally published in the Dallas Business Journal. Read that original article and more business content here.
Sam Mahrouq’s efforts to bring new commercial activity to a key corridor near the Arlington Entertainment District are gaining steam.
Arlington City Council unanimously approved on Nov. 18 a $3.8 million grant for Arlington Center Square LLC to assemble land for what’s described in public documents as a “catalytic mixed-use project.” A hotel is already under construction and the development could also include a food hall, retail, restaurants, multifamily housing and structured parking.
Arlington Center Square is tied to Mahrouq, chairman and CEO of Mahrouq Enterprises International Inc., who owns the land where a $54 million, 145-key upscale hotel on Division Street is being constructed. Mahrouq’s group was given $8 million in incentives last year for the hotel, called Caravan Court, at 908 E. Division St. and 900 E. Division St. He was also given a $7 million grant to keep his company, Ikon Technologies, in the city in exchange for identifying opportunities for Division Street’s revitalization, among other requirements.
Under the new agreement, the developer would have to meet various milestones including delivering a conceptual project brief with a site plan, program, feasibility analysis and conceptual renderings within 18 months of signing the agreement; beginning construction drawings in 36 months, securing project financing in 54 months and starting vertical construction within 60 months. As part of the agreement, the city will form a long-term lease on the property for parking. If the developer proceeds with the project, the leasehold interest in the property can be purchased.
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