UPDATED: Dallas-based Hicks Holdings postpones developing $232 million Glorypark in Arlington

by PegNews wire

Tom Hicks lacks funds for sports city's latest development.

ARLINGTON — Hicks Holdings LLC, a Dallas-based enterprise that controls the Thomas O. Hicks family’s investments, and Gatehouse Capital, a Dallas-based real estate investment firm, announced today that they will build two hotels on five acres within Glorypark, a mixed-use development in Arlington, Texas.

Scheduled to open in 2010, the $232 million project will be composed of Starwood Hotel brands and will include a 300-room Westin Hotel and a 140-room ALOFT with residences atop both properties. The 36-story Westin will also contain 85 branded luxury residences, and 70 loft-type residences will be above the 18-story ALOFT.

Photo not provided by the Boston Red Sox

No word as of yet on whether Arlington will be getting an upgraded baseball team as well

Mr. Hicks and his family own the Texas Rangers and Dallas Stars, and Hicks Holdings is the master developer of Glorypark, with Steiner + Associates serving as the developer of the retail, apartment and integrated office segments. Mr. Hicks said the announcement of the Super Bowl game to be played at the new Cowboys Stadium in 2011 was an important factor in the decision to build the hotel properties.

“We believe that the Super Bowl, Glorypark, Rangers Ballpark in Arlington, Cowboy Stadium and the new Rangers Alley, along with Arlington’s other assets, are redefining this city,” Mr. Hicks said. “Arlington used to be the city between Dallas and Fort Worth. These real estate and entertainment developments will make Arlington the center of Dallas and Fort Worth.”

Glorypark is the 1.2-million-square-foot, mixed-use lifestyle development that will be built between Rangers Ballpark in Arlington and the new Dallas Cowboys football stadium. Glorypark will include restaurants, entertainment, retail and office space. The first phase of Glorypark, expected to open in Fall 2009, will include Rangers Alley, an entertainment destination adjacent to the Ballpark that will feature restaurants, retail and entertainment venues.

UPDATE: Even after Arlington taxpayers chipped in, and a tenant signed on, Hicks has put the project on hold due to lack of funds.

Source: Hicks Holdings; updated by ccuellar