Division Corridor Strategy Final Report Division-Corridor-Strategy-Final-Report | Page 71

Opportunity E- Mixed-Use Incubator
Summary
Located south of the Vandergriff Plaza, this block
would contain small offi ce space geared towards
research companies complementary to UT Arlington
graduate programs. Offi ces would be located over
restaurants facing Center Street in a confi gura on
that is allowed by the reconstruc on of a new Front
Street, as a smaller plaza street southward to the
railroad property. To accommodate lost exis ng
parking, a three-level shared public parking structure
is recommended to accommodate on-site and
off -site demand.
Opportunity E
Poten al Program Es mate
100,800 gross square feet mixed-use building with
approximat ely 11,500 square feet of restaurant,
11,500 square feet of service retail, 62,680 square
feet of small offi ce, and a 250 space shared garage
Implementa on Notes
58
Project es mated to be $17.5M including land
assembly and streetscape would be part of private
landscaping cost, though relocated Front Street
($440k+/- across both Opportuni es B and E) would
be a public cost and City-owned right-of-way would
be donated to project eff ort. This refl ects a 1:36 ra o
of public dollars invested to gain private investment
dollars assuming right-of-way dona on valued at $5
per square foot. Further, a shared public parking
garage ($1.2M) would require public investment to
open the area up for addi onal infi ll development.
These public costs may be fi nanced through New
Markets Tax Credits, CDBG Sec on 108 loan funds,
and TIRZ fi nancing to repay the 108 loan. Also, the
site owners would need to support this concept and
the City would need to agree to fund the associated
public improvements described above.
Division Street Corridor Strategy
City of Arlington
Figure 4.4 Opportunity E Location
Opportunity E character image
Photo Credit: Highland Capital Partners