Developer outlines scaled-back plan for Lincoln Square redevelopment, promises public space and parking garage

A developer told the Arlington City Council on Thursday that a revised plan for the redevelopment of the former Lincoln Square — now branded “Anthem” — will move forward with fewer multifamily units and no hotel in the initial phase but will retain a large public green and a structured parking garage.

The developer, identified in the meeting as Terry of Trademark, said the team and city staff had a shared initial vision to “transform the old Lincoln Square Shopping center into a vibrant open air mixed use gathering place for the community and a modern gateway to North Arlington.” He told the council that market changes and a funding gap made parts of the original plan infeasible today.

Why it matters: The site is a visible gateway to the Arlington Entertainment District and the city and developer said they aim to protect design quality while adjusting to changing financing, construction and rental-market conditions.

Trademark’s revised proposal keeps the central walkable town center, a public green and one existing Lincoln Square building (to be re‑faced), and adds roughly 30,000 square feet of net new retail plus a 870‑space structured garage, the developer said. The primary changes from the previously approved plan are the removal of multifamily above a garage in the plan’s northwest corner and the likely absence of a hotel in phase 1.

Terry said leasing interest from restaurants and retailers is strong and that the project team has traded letters of intent (LOIs) with a two‑story retailer for the previous multifamily site. He described continuing conversations with the city about incentives and said the developer and staff have met bimonthly to refine design and finance strategies.

Council member Boxall pressed the developer on height and character, saying, “it seems like we’re losing some of the vision that we originally had,” and asked how the project will present toward I‑30. Terry replied the plan retains a clear public realm and that the proposed two‑story buildings and tall ground‑floor retail would still provide “presence” at the street.

Council member Oden Wesley asked about timing. Terry said the team expects to close around year‑end, with demolition and more detailed construction drawings next year and vertical construction beginning in the fourth quarter of 2026.

What’s changed: Terry summarized the gap between the original and current plan as largely financial — “I think we’re $40,000,000 apart on the incentive” — and said multifamily rents in the market were roughly 50 cents lower per square foot than needed to make the original podium‑over‑retail multifamily work.

Next steps: The developer and staff said zoning for the project will go to the Planning & Zoning process soon and an incentive agreement (to address elements such as the parking garage) will follow. The council and staff will review the zoning language that, staff said, is being drafted to control uses and protect material and landscaping quality.

No formal vote took place during the update; council members asked questions and staff indicated zoning and incentives are coming back for formal review.

The developer said the team remains committed to a high‑quality, amenitized project with programmed public space and that some project components (multifamily, hotel) could be added later as market conditions improve.