A multimillion-dollar land purchase is setting the stage for a breakthrough in Arlington.
The Arlington Economic Development Corporation has secured four properties for a future corporate headquarters or research facility, the Dallas Business Journal reported. The EDC board approved the purchase of residential lots at 1403, 1405, 1409 and 1421 Altman Drive for just under $1.8 million.
Each of the lots spans over 20,000 square feet, according to the Tarrant Appraisal District. That would put the price at about $22 per square foot.
The purchase closed on Feb. 18 for $450,000 per lot.
The seller is an ownership group consisting of Miguel Rivera, Reyna Rivera, Tiziana Rivera and Michael Edgardo Rivera.
The EDC has been acquiring land along Center Street since 2022 as part of the Center Street Gateway Project, seeking to attract a research and development facility or a corporate headquarters.The corporation has secured 19 other properties in the area, according to a staff report.
The EDC is focused on redevelopment because of limited vacant land in Arlington, Executive Director Marty Wieder said.
The Altman Drive properties are near the University of Texas at Arlington and adjacent to the 229-room Drury Plaza Hotel, which opened last summer. The site is less than a mile from Lincoln Square, a shopping center that Trademark Property Company is converting into a mixed-use development.
The EDC envisions the site west of Collins Street as a potential location for a medical laboratory, research and development or medical technology center. While the EDC has made significant progress in acquiring land for this project, additional purchases may still be needed.
— Andrew Terrell
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