Glorypark Project Delayed Indefinitely Over Financing Issues
 |
Hicks Holdings Puts Glorypark Development
On Hold Due To Financing Issues |
The $510M Glorypark development in Arlington, Texas, developed by Stars and MLB Rangers Owner Tom Hicks, is "being delayed indefinitely ... after failing to line up financing and anchor tenants," according to Andrea Ahles of the FT. WORTH STAR-TELEGRAM. Hicks Holdings yesterday announced that the project, which includes a movie multiplex, restaurants, retail stores, apartments and one hotel, would be "put off because of 'extreme conditions in the country's financial and retail markets.'" Ohio-based developer Steiner & Associates was "unable to sign a firm lease with an anchor department store," and it is "unclear whether [Steiner] will continue to be part of the project going forward." However, Hicks said that he still is "committed to Glorypark." Hicks: "This is the toughest financing market that I've seen in the last 20 years. So we're going to have to pause and look at reprogramming it." Hicks added that the decision to delay Glorypark was "partly due to the stricter lending standards by banks, which are requiring large commercial projects to have a higher level of pre-leasing." Arlington Mayor Robert Cluck said that a new agreement will "have to be hammered out between Hicks and the city if and when the revised plans are finished." Cluck: "We'll not invest any money in parking garages or anything else until the project is started." Cluck said that Hicks and his development team will "take the summer to reassess the future of Glorypark and could have new plans in place by the fall." Hicks noted that he sees the development focusing "more on entertainment and less on retail" (FT. WORTH STAR-TELEGRAM, 5/15).
SUPER BOWL IMPACT: In Dallas, Jeff Mosier reports the development's delay "raises questions about how much might be completed at the site in time for" Super Bowl XLV, to be held at the Cowboys' new Arlington stadium in 2011. Hicks said that he will "work on a new, scaled-back version of Glorypark that could be built gradually instead of in large phases." But Mosier notes aside from a 310-room Westin Hotel, it "wasn't clear yet how much of the new Glorypark would be open in time for" the Super Bowl. Hicks said that he "hopes to have Rangers Alley, a section with restaurants, shops and huge video screens, open for Super Bowl XLV, but he wouldn't know until a redesign is completed in the coming months." Mosier notes construction on Glorypark was set to begin this spring, and the development was "scheduled to open in March 2010 after being delayed at least twice" (DALLAS MORNING NEWS, 5/15).
|
