ARLINGTON – Arlington's half-billion dollar answer to Victory Park has been put on hold because of the troubled financial and retail markets, billionaire Tom Hicks said Wednesday.

Mr. Hicks, owner of the Texas Rangers and Dallas Stars, said Hicks Holdings has been unable to secure financing for the 1.2 million-square- foot Glorypark. The giant mixed-use development was scheduled to open in March 2010.

"We're in the most difficult credit crunch I've seen the last 20 years," Mr. Hicks said.

Also, co-developer Steiner + Associates was unable to get a firm commitment from an anchor tenant after months of negotiating with Dillard's department stores, Mr. Hicks said.

Mr. Hicks' announcement comes just a week after developer Ross Perot Jr. confirmed that his Hillwood firm has delayed construction of the 43-story Mandarin Oriental hotel and condo tower in Dallas' Victory project.

Mr. Perot said the decision not to go forward with the project was due in part to the challenging financial markets. Mr. Hicks is also a partner in the overall Victory development.

Since last summer, lenders have increased requirements for virtually all types of real estate loans. And some debt sources that previously financed office buildings, hotels, high-rise condos and such have exited the market.  

The so - called credit crunch is expected to significantly reduce the amount of speculative development this year in Dallas and cities across the nation.

Construction was scheduled to start this spring on the Glorypark project adjacent to The Rangers Ballpark in Arlington and a few blocks from the Dallas Cowboys new $1.1 billion stadium. The completion of Glorypark, which would have included restaurants, retail, office space and residential, had been delayed at least twice previously. The project was to be built on the parking lots to the south and west of the Rangers Ballpark in Arlington.

A special taxing district would have been used to pay for parking garages to replace the surface lots. Mr. Hicks said he'll work on a new, scaled-back version of Glorypark that could be built gradually instead of in large phases.

A previously announced 310-room Westin Hotel developed by Mr. Hicks and Gatehouse Capital should still open in time for the 2011 Super Bowl at the new Cowboys stadium. A 140-room Aloft hotel, which was announced at the same time as the Westin, has been cut from the project, at least for now, Mr. Hicks said.