On May 20, 2016, the Rangers announced that they would vacate Globe Life Park in Arlington. The new stadium was to be constructed in a public/private partnership and have a retractable roof. The ballpark was approved on the following Election Day. HKS, Inc. was announced as the architect on January 5, 2017.

On January 31, 2019, the Rangers announced that the playing surface of Globe Life Field would be carpeted with synthetic grass supplied by Shaw Sports Turf, making them one of only five major league teams to play their home games on artificial turf.

The Rangers cited weather as the reason why attendance at Globe Life Park was lower than in other baseball stadiums in major metropolitan areas, as the area is prone to high temperatures and frequent rain. Therefore, the Rangers proposed that their new ballpark should be constructed with a roof. Unlike its predecessors, the new stadium's center field faces northeast rather than southeast.

A new shopping mall, a Loews Hotel, and a ballpark village are planned to go along with the new stadium. Globe Life Park in Arlington will then be renovated for football and soccer use.

The plans to build the stadium generated a mixed reaction. The new stadium offers a more comfortable environment to watch baseball but extended existing taxes used to pay for AT&T Stadium. According to The Dallas Morning News, "The deal calls for the city to issue $500 million in bonds to help pay for the stadium. A half-cent of sales tax, 2% hotel occupancy tax and 5% car rental tax would pay off those bonds over an estimated 30 years. Voters also approved a ticket tax of up to 10% and parking tax of up to $3 at the new stadium. That money would be used for some of the Rangers' portion of the debt, which was criticized by the opposition campaign."

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