Cordish Cos., Texas Rangers Top Out Luxury DFW Development

The project is located within walking distance of the MLB team's stadium.

  • Project at 1200 Nolan Ryan Expressway, Arlington, Texas.
  • Project at 1200 Nolan Ryan Expressway, Arlington, Texas.
  • Project at 1200 Nolan Ryan Expressway, Arlington, Texas.
  • Project at 1200 Nolan Ryan Expressway, Arlington, Texas.

The Cordish Cos. alongside Major League Baseball’s Texas Rangers have topped out One Rangers Way, a 300-unit luxury project in the Entertainment District of Arlington, Texas. The Manufacturers and Traders Trust Co. issued an $84 million construction loan in 2022, according to Yardi Matrix data. Initial occupancy is expected in January 2025.

Rising eight stories, the community will comprise studio, one- and two-bedroom, as well as penthouse floorplans ranging between 444 and 1,481 square feet. Additionally, the Hord Coplan Macht-designed property will include a 423-space parking garage.

READ ALSO: Why New Supply Won’t Dampen Housing Demand

One Rangers Way is set to encompass more than 43,000 square feet of amenities featuring an outdoor pool with a swim-up bar, a fitness center and coworking spaces, as well as a business center and conference room, among others. The property will also include displayed Texas Rangers memorabilia such as line up cards and art pieces.

Located at 1200 Nolan Ryan Expressway, the development is less than 1 mile from Interstate 30, with downtown Fort Worth and Dallas being some 15 and 18 miles away, respectively. The Globe Life Field—Texas Rangers’ home ballpark since 2020—is within walking distance.

A $4 billion vision for Arlington’s Entertainment District

The addition of new development inside the Entertainment District began when Cordish and Texas Rangers opened the $250 million dining, entertainment and hospitality complex of Texas Live! in 2018. The property is between the Texas Rangers’ Globe Life Park and the Dallas Cowboys’ AT&T Stadium.

Four years later, the partners broke ground on One Rangers Way, the district’s residential component. Development plans by Cordish, Texas Rangers and Loews Hotels & Co. also included the National Medal of Honor Museum and Spark Coworking.

In 2022, the companies had more than $2.4 billion in investments, while the under-construction projects amounted to more than $1 billion. Total development costs were estimated at $4 billion.

Dallas-Fort Worth’s robust multifamily pipeline

As of June, The Metroplex’s supply pipeline consisted of more than 70,000 units under construction, representing 7.8 percent of total stock, according to Yardi Matrix data. North of 159,000 units were in the planning and permitting stages during the same period.

Year-to-date through May, developers brought online more than 10,600 units in Dallas-Fort Worth, the same source shows. Completions witnessed a significant 43 percent increase year-over-year.

One such project that opened in May is Resia Dallas West, a 336-unit community located 10 miles from downtown Dallas. Resia—the community’s developer—broke ground in 2021 after receiving financing from Fifth Third Bank and Pearlmark.

Should market conditions hold, Yardi Matrix forecasts that developers will deliver north of 32,600 units in the Metroplex this year, eclipsing last year’s housing completions of more than 25,400 units.

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