Division Corridor Strategy Final Report Division-Corridor-Strategy-Final-Report | Page 73

Opportunity G- Residen al Lo s
Summary
Opportunity G is a mixed-use project and includes
quality urban residen al developed on a half block
bounded by Division Street, Pecan Street, Oak Street
and the historic proper es to the south. In addi on,
Opportunity G encompasses retail infi ll along Divi-
sion Street between Center Street and Pecan Street.
The urban lo buildings form “street block closures”
along an improved urban streetscape for Oak Street
and Pecan Street. Non-residen al ameni es and
some ground-level neighborhood retail space fronts
Division Street. The project includes a poten al
shared parking garage to provide addi onal parking
for the exis ng restaurants and proposed residen al
uses. In no case should this garage be above 30 feet
in height in order to preserve the character of the
historic proper es to the south. The garage should
have an appropriate vegeta on screen or buff er
along its south side.
Poten al Program Es mate
60
Opportunity G
Figure 4.6 Opportunity G Location
120 units, 7,500 square feet of retail and offi ce,
7,500 square feet of restaurant
Implementa on Notes
The urban-style streetscape would be part of the
private development cost. For this project to be
implemented, the property owners would agree
to sell at pricing that is supportable by the project,
the small auto-oriented uses that currently exist
on this block would agree to be relocated as part
of Opportunity C and the exis ng residen al uses
could be relocated. The Knapp Heritage Park would
need to be strongly considered during project’s
design phase to respect the park uses and historic
character. Financing would be brought through
private investment, but as there are not proper
comparable projects to assist conven onal under-
wri ng, the private investment group may need to
take advantage of 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 CDBG Sec on 108 loan program. Addi-
onally, it is suggested that the City u lize the TIRZ
to fund business reloca on if allowable.
Division Street Corridor Strategy
City of Arlington
Opportunity G character image