Besides enjoying great food, dancing and drinks at the range of bars and restaurants, those who came to Thursday's grand opening were treated to a free concert at Arlington Backyard with The Toadies and Eleven Hundreds Springs. Click here to view upcoming grand opening weekend events.

More exciting announcements for Arlington are expected over the coming months and years thanks to this new entertainment destination.

"From the first day when we started this project, we decided the principles that define Texas Live!," said Blake Cordish, vice president of The Cordish Companies. "We would leave a legacy for the great Texas Rangers fans and the Dallas Cowboys fans; a place to celebrate on game day, a place to celebrate when the teams are away. We would leave a legacy for the community; a place for the community to come together 365 days a year, for an art show to a rock concert to everything in between."

"We would leave a legacy from a national perspective as the premiere sports-anchored development in the United States, and we would help cement and propel Arlington into a world-class tourism and visitors destination," Cordish said.

Next to Texas Live!, the luxury Live! by Loews hotel is currently under construction. This 14-story hotel will blend sports and entertainment with first-class hospitality and superior amenities, providing a spectacular location for meeting, event and conventions, as well as a special destination for sports fans, visitors and families. In addition to 302 guest rooms, Live! by Loews will feature one-of-a-kind amenity space and 35,000 square feet of meeting, event and convention space.

As part of an economic development incentive to help Texas Live! become a reality, the Arlington City Council in 2015 approved a $50 million grant from the City's natural gas well revenue to support construction.

Arlington strategically invests in economic development projects such as Texas Live! that create good-paying jobs and continually strengthen the city's position as a major tourist destination, not only in Texas but nationally and internationally. Combined, Texas Live! and the new hotel are expected to bring more than 1,200 permanent jobs to the city. Texas Live! is also anticipated to bring an additional 3 million visitors annually to The American Dream City, which already attracts 14 million visitors a year.

"That is an incredible boost to our sales tax revenue for Arlington and will continue our economic momentum," Williams said. "That added revenue will make our city an even better place to live, learn, work and play -allowing us to keep our taxes low, while at the same time, providing the important services our residents have come to expect."

Keeping the City's property tax rate low while providing valuable services and amenities at the lowest possible cost is a priority for Arlington leaders. The Arlington City Council is expected to lower the property tax rate for a third consecutive year because of rising property values. If approved, Arlington's property tax rate, which has remained flat for 14 years, will have dropped 1.32 cents since 2016, to a proposed $0.6348 per $100 of assessed value for FY 2019.

During Thursday's grand opening, Texas Live! presented $10,000 checks to the Boys and Girls Clubs of Arlington and to Mission Arlington.

Click here for information about Texas Live! parking