Division Corridor Strategy Final Report Division-Corridor-Strategy-Final-Report | Page 68

Opportunity A- Senior Living
Summary
Luxury housing for seniors is recommended on the
full block bounded by Mesquite Street, North Street,
Elm Street, and Division Street. A common area,
educa on center, and service retail would front
Division Street. A central green area would provide
an amenity for residents. An urban-style streetscape
would surround the project and could be comprised
of wide sidewalks, street trees, well-planted front
yards, street benches, trash receptacles, pedestrian
ligh ng, and stoop entrances. In addi on, on-site
program ameni es could include a day care facility
as a joint venture with First United Methodist Church
in order to provide seniors with opportuni es to
interact with the community. In addi on, opportuni-
es to bring a small pharmacy should be explored, as
should poten al for educa onal ac vi es in partner-
ship with UT Arlington. Finally, technical connec on
to health care providers should also be provided.
Poten al Program Es mate
Opportunity A
Figure 4.2 Opportunity A Location
150 units, 8,600 square feet of club/dining/services
space, 2,300 square feet of service retail
Implementa on Notes
Project es mated to be $17.2M including land
assembly, with the urban-style streetscape being
part of the private landscaping cost. For this project
to be implemented, the current property owners
would agree to sell at pricing that is supportable by
the project, the small auto repair shop that currently
exist on this block would agree to be relocated,
possibly as part of Opportunity C, and the City would
allow such development to occur. Financing would
be brought through private investment, but as
there are not proper comparable projects to assist
conven onal underwri ng, the private investment
group may need to take advantage of the high
loan-to-value ra os off ered by specialized mortgage
insurance programs. The commercial, job-crea ng
por on of the program may be fi nanced through
New Markets Tax Credits and/or the Community
Development Block Grants (CDBG) Sec on 108 loan
program. Addi onally, it is suggested that the City
u lize the TIRZ to fund business reloca on if allow-
Opportunity A character image
Photo Credits: Conservatory Senior Living
able. It is necessary to underscore the importance
of the City’s acceptance of required zoning and
understanding of poten al non-tradi onal fi nance
strategies to ini ate such mixed-use development
in the Division Street Corridor and Downtown area
itself. Please see Table 4.1 for addi onal Opportu-
nity A catalyst project fi nancial analysis.
Division Street Corridor Strategy
City of Arlington
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