On Wednesday, Dec. 16, the city of Arlington announced plans for a future entertainment project estimated at $200 million to be built by Globe Life Park. The venture is to make "the first step of what we will be many steps" in Arlington, according to Blake Cordish, a vice president at The Cordish Companies., the firm that is helping the production. Here are five things to know about the new project, known as Texas Live!

1. Goodbye, A Lot

Fans cross Ballpark Park to enter the stadium before the home opening day game for the Texas Rangers played against the Houston Astros at Globe Life Park in Arlington, Texas Friday April 10, 2015. (Andy Jacobsohn/The Dallas Morning News) (Andy Jacobsohn / Staff Photographer)

Rangers fans will be gaining an entertainment center but losing prime parking spots. The development will be in Rangers Lot A in the southwest corner of Nolan Ryan Expressway and East Randol Mill Road.

2. Teamwork

Rob Matwick, Executive Vice President of Business Operations, Texas Rangers talks to the media Wednesday December 16, 2015, at the name unveiling of Texas Live! the mixed use development project near Globe Like Park in Arlington, Texas. (Ron Baselice/The Dallas Morning News) (Ron Baselice / Staff Photographer)

The Rangers are partners in the project with the Cordish Companies out of Baltimore. It's unknown how the ownership arrangement is split, but the Rangers came to Cordish with the idea.

3. Rooms for improvement

Illustration of the planned Texas Live! development next to Globe Life Park in Arlington.

The development includes a 100,000-square-foot entertainment complex, a 300-room hotel and 35,000-square-foot convention center annex. Expect the entertainment complex to be finished in 2017 and the hotel to start construction ini 2018.

4. St. Louis views

Nike employee and Cardinals fan Brad Mace shows off the Nike Cardinals World Series 2011 T-Shirt at Frankie's sports bar and grill as Texas Rangers played the St. Louis Cardinals during Game 7 of the World Series on Friday, Oct. 27, 2011 in Dallas, Tx. Mace had brought a car load of Rangers World Series shirts to give to bar patrons, but now must destroy them. (Patrick T. Fallon/The Dallas Morning News) 10292011xNEWS (Patrick T. Fallon / Staff Photographer)

For an example of how this could work, check out St. Louis' Ballpark Village. That endeavor, which included bars, restaurants, a hall of fame and a studio for the Cardinals' broadcast partner, was also a Cordish Companies project.

5. Money pitch

Officials from the City of Arlington, Texas Rangers and The Cordish Companies unveil the name,Texas Live! and location of the mixed use development project near Globe Like Park in Arlington Wednesday December 16,2015. (Ron Baselice/The Dallas Morning News) (Ron Baselice / Staff Photographer)

Arlington isn't getting these facilities for free, but there might be some jobs in it for its citizens. The city is expected to offer $50 million to the project, and hotel tax breaks could cost Arlington another $50 million.