Ballpark figure: The auction purchase of the 28.5-acre former Eastern Star Home tract just south of AT&T Stadium in Arlington may be just the game-changer needed for what’s thus far been a minor-league development effort around the $1.2 billion edifice.
Why? The bargain price. Bryan Hoffman of Andrews and Michael Johnson of Houston – under 1st HJ Holdings L.P. – scooped up the acreage at 1111 E. Division St. near Collins Street in late June for just $5.8 million, less than half of the property’s 2011 assessment of just over $13 million; $4.67 per square foot vs. $10.33 per square foot.
Added impetus is civil engineer Jeff Williams’ election as Arlington mayor. Williams campaigned on a promise to aggressively pursue development around the seven-year-old park. Williams is president of Graham Associates, which is active in myriad development projects locally. The re-priced land finally seems ripe for the city’s long-desired “ballpark village” with retail, restaurants, offices, living units and additional game-day parking. – FWB CEO