ARLINGTON, Texas — The Loews hotel company has plans for further expansion in Arlington's entertainment district.
On Tuesday, the company shared its plans with Arlington City Council on the proposed 500-room, $410 million development, which would include $40 million in incentives from the city and its Arlington Economic Development Corporation.
That development plan was approved by council members unanimously on Tuesday night.
The new hotel will replace the existing Sheraton hotel, which is located just north of Choctaw Stadium.
Loews already has a strong presence in the Arlington entertainment district, with a hotel at the Texas Live! development near the Rangers' Globe Life Field, and an 888-room under-construction hotel across the street.
The proposed new hotel will have about 500 rooms, as well as 25,000 square-feet of convention and event space and a city-owned parking garage with at least 735 spaces, the city council agenda said.
The parking garage will be connected to the Esports Stadium and Expo Center near the hotel.
"Loews Hotels & Co can confirm a potential third hotel in Arlington, TX, with the purchase of the Sheraton site earlier this year. Plans and programming have not been finalized at this time. As a company our current focus is on the 888-room Loews Arlington Hotel and Convention Center, which will open in February 2024," a Loews Hotels spokesperson said. "This hotel represents one of the most significant development projects Loews has completed to date, and will be a game-changer for the North Texas Travel and Tourism industry. We remain unwaveringly enthusiastic about the future of Arlington."
Loews is funding most of the project through private equity, but the city would contribute around $40 million through incentives and contributions -- a plan Arlington Mayor Jim Ross believes in.
"This is no new debt, no new taxes. This is self-funded, and we are giving some rebates," Ross said. "We have a wonderful relationship with the Loews organization."
Most of the city funding will go toward the parking garage -- $15 million from the Arlington Economic Development Corporation, paid over seven years, and $20 million from city funds, paid over eight years.
An additional $5 million from the city development corporation will go toward other costs for the project.
The development plan on the city's website said the existing Sheraton would be demolished by September 2026. Construction of the new hotel would have to be finished within three years of it starting.
The city's proposed partnership with Loews has a few stipulations, according to the plan: The hotel "must participate in bids for Major Special events;" Arlington must be in the hotel's name; and no Loews-branded hotel with 500 or more rooms may be developed in Collin, Dallas, Denton or Tarrant counties.
When you dig deep into the contract, it shows city leaders also considered the fact that Arlington is one of the most diverse cities in the country.
Kathleen Ramon-Venable serves on the Latino advisory board for Arlington. She is thrilled the development contract includes a 30% participation goal for minority and women-owned businesses.
"Why stop there?" Ramon-Venable said. "Thirty-percent -- I think we can go a lot higher. I think it's important that more women are involved. Thirty-percent is just a number and women can reach for the stars."
She has mentored countless entrepreneurs as a former business owner herself. She encourages minority and women business owners to get involved in the Arlington community and to make sure they have a mentor with experience in growth and expansion.
"I advise a lot of ladies that are starting from the bottom, not knowing where to go. I advise them to get involved with their chambers, with the city," Ramon-Venable said. "I'm a member of the Latino Advisory Council and there's several of us, I believe 24, 25 of us. We want them to reach out to us and they don't necessarily have to be women, we're focusing on women and minority businesses during this time."
Earlier this year, Loews managing director Stephen Cummins told WFAA that the 888-room under-construction hotel already has rooms booked for next year. This third Loews hotel will draw even more people to the entertainment district and more jobs.
During his State of the City Address earlier this year, Mayor Ross talked about the employment growth in Arlington.
"We have 20,000 people working now than we did a year ago. That's exciting," he said during the address.
It's also exciting to Ramon-Venable -- who has watched the city of Arlington grow so much to the point where she convinced some of her family members to relocate to the city.
"I think that this addition [new hotel] is going to be even bigger and better for Arlington," Ramon-Venable said. "It's the dream city."