The City of Arlington’s success in securing corporate headquarters continued this week when Texas Trust Credit Union announced it would move its South Arlington headquarters to the recently purchased 124,000 square foot Skymark Tower at 1531 North Cooper Street. It continued.
The Arlington City Council on Tuesday approved a tax abatement agreement between the city and Texas Trust Credit Union to make the move possible, 9-0. Under the agreement, Texas Trust Credit Union will receive a 10-year 75% tax abatement on increased property values, provided it meets certain improvement and employment conditions by the end of 2025, according to the city. Become.
Jim Minge, CEO of Texas Trust Credit Union, said the move provides two major benefits for the company.
“One is visibility. The new location has greatly increased the visibility of the Texas Trust name within the metroplex. That’s one of the reasons we love this site so much,” Minge said. said. “Secondly, it allows for long-term housing. In the current situation, the growth capacity could be exhausted in the next five years or so.”
Mr Minge said Skymark Tower will provide more space and room for growth.
“We were looking for something that would give us room to grow and also secure land for a second building in the future,” Minge said. “The site we found in Cooper on Interstate 30 does that perfectly.”
Minge said some of the changes to the building will include new signage.
Minge said Pinnacle Bank, whose name currently appears on the tower, is scheduled to move in at the end of this year. “The Pinnacle Bank name will be removed from the tower and we will be adding Texas Trust.”
The roof of the building will be repainted blue.
“Right now, it’s a slightly faded pink color,” Minge said. He said the building is in a bit of disrepair and not much money has been invested in it over the past five years.
“So we’re going to renovate the exterior, improve the lighting, give it some new paint and maybe change the window tint. We’re also going to spend money on a new lobby interior. We’re going to have to redo the entire HVAC system and the elevators. , it has a lot of deferred maintenance, but it’s such a great building and it’s such an iconic part of Arlington. That’s why we’re excited to be a part of it and we’re going to make it successful and make it beautiful again. ”
Minge said the credit union owns two buildings in South Arlington and the company has plans for their future.
“What we’re going to do is transition, and we’re going to get some lease tenants in this space that we’re in,” Minge said. “And we will probably try to sell the two buildings we are currently in within the next few years.”
The city also believes the move has merit.
“We are excited about the impact this partnership will have on the City of Arlington and Texas Trust Credit Union,” said Josh Mejia, the city’s economic development specialist.
Founded in 1936, Texas Trust Credit Union has committed to creating 175 jobs by mid-2026. The company said it plans to move its employees into the building and become the building’s primary occupant within 12 to 18 months.
The city said the Skymark Tower project will include more than $15 million in renovations.
“From the outset, we will see significant capital investment at a prestigious construction site, growth in the company’s employee base, and the start of Class A developments that will attract more businesses to our community. , we are proud to partner with Texas Trust Credit Union, a great steward of our community,” said Mejia.
The credit union bought the tower out of bankruptcy in June for $8.7 million.
“The City of Arlington is excited to support Texas Trust Credit Union’s strategic expansion at the critical Interstate 30 and Cooper Street intersection,” said Gus Garcia, the city’s economic development director. he said in a statement. “This project not only represents a major investment in Arlington, it will bring at least 175 jobs, increase the city’s profile as a central hub for the DFW metropolitan area, and attract innovative redevelopment and business relocation. We look forward to making Texas Trust a landmark in our community as it embarks on this important phase of growth.”
The city said in order to receive the tax abatement, Texas Trust must spend at least $15 million in improvements to the building and occupy the building by Jan. 1, 2026.
Texas Trust Credit Union had net income of $2.7 million this year as of Sept. 30 and total assets of $2.02 billion, according to filings with the National Credit Union Administration, according to the Dallas Business Journal. The number of members is 136,176.
The Business Journal reported that Silver Star Properties REIT previously owned Skymark Tower, citing the title deed. The building’s largest tenant, US Energy Development Corp., announced it will move out at the end of the year and move to a new headquarters near the Fort Worth Stockyards.
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