Trademark Property Company and Harrison Street Asset Management are set to break ground Aug. 3 on Anthem, a $135 million-plus redevelopment of the former Lincoln Square shopping center in Arlington, Texas, according to a Harrison Street press release. The project will demolish roughly 70,000 square feet of the 43-year-old center and rebuild the 43-acre site into a mixed-use retail, dining and entertainment destination.
When complete in early 2028, Anthem is expected to include 404,000 square feet of retail, food and beverage, public space and entertainment uses. InterBank is providing refinancing and construction financing for the project, though specific loan terms were not disclosed. Trademark and Harrison Street said they are in final lease negotiations covering more than 35,000 square feet of retail and restaurant space, with many prospective tenants new to the Arlington market. Existing tenants at the site, including Studio Movie Grill, Ulta Beauty, Michaels and PetSmart, are expected to remain as part of the redevelopment.
The 43-acre property sits at the southwest corner of Interstate 30 and Collins Street, a location the developers describe as a gateway to the Arlington Entertainment District, home to AT&T Stadium and Globe Life Field. Arlington officials have said the aging center’s underperformance had been costing the city an estimated $1 million a year in lost direct sales and property tax revenue, and that property values within Lincoln Square fell 12% between 2015 and 2021 even as values within a quarter mile rose 50% over the same period β a gap city and developer officials cited as justification for the redevelopment.
“Anthem has been a staple for over 40 years, and we’re honored the City trusted us to take this to the next level,” said Terry Montesi, Trademark’s CEO and founder. Nathan Rogatz, a director at Harrison Street, said the firms are “excited to partner with Trademark on creating vibrant, community-focused destinations in high-growth markets.”
The project is structured as a public-private partnership between Trademark, the Arlington Economic Development Corporation and the city of Arlington. “Trademark’s goal is Arlington’s goal: transformational redevelopment that integrates seamlessly with the city’s fabric,” said Marty Wieder, the development corporation’s executive director. Arlington Mayor Jim Ross said the “$135 million-plus investment will bring new shopping, dining and entertainment options” to the city.
The redevelopment fits a broader pattern of owners repositioning aging, single-use shopping centers into denser, amenity-rich mixed-use projects rather than continuing to operate them as traditional retail β a strategy RealtyWire has covered as a durable trend among developers facing softer demand for conventional big-box and mall-format retail.
What it means: The $135 million figure, project timeline and square footage come directly from the developers’ own announcement and represent a committed, financed redevelopment rather than a proposal β construction financing is already in place through InterBank, and a groundbreaking date is set. The claim that many future tenants will be new to the Arlington market is the developers’ own characterization, not yet confirmed by signed leases with named retailers, since the release describes leasing as still in “final negotiations.”
What to watch: Which specific retail and restaurant tenants are ultimately named as Anthem’s lease negotiations close, and whether the project’s early 2028 completion timeline holds as construction begins next month.
