New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 144

NEW YORK AVENUE CORRIDOR STRATEGY
Market
Barrier Category*
Strategy
Action
Public Sector
Role Participating
Groups Resources
Needed Near-Term
(< 24
Months)
Promoter City Management,
Economic
Development Staff Time x
Policy Maker,
Financier City Management Staff Time x
Mid-Term Long-Term
(3 to 5
(5 to 10
Years)
Years)
Market
A retail inventory serving
limited market interests;
secondary market
information that does not
adequately explain the
market opportunity.
Work with area Chambers and the City’s
Meet with City Council members to solicit their
Economic Development Department, along
interest in establishing an incentive policy
with select other professionals who share the
specifically for retail owners and operators.
long-term vision for the area and that can assist
with recruiting retailers.
Update the market analysis information completed
as part of this effort to monitor the effectiveness of
select initiatives and any changes in market
conditions (i.e., completed leases, property
transactions, trends in lease rates, etc.).
Continue to brief elected and appointed
officials about challenges associated with
The perception / belief by
economic feasibility among desired retailers so
stakeholders, officials,
that negotiations related to potential incentive
others that the public
agreements involve informed participants.
sector should allow the
market to act on its own
without intervention. This
results in opportunities
going elsewhere or
Pursue residential developers who are willing to
developing in a way that deliver alternative products to the area, and
is inconsistent with the
financially able to assemble and entitle
vision.
properties accordingly.
133
Choose an approach to identify potentially
interested operators, issue a request for proposals,
retain a commercial broker, share market
information with existing property owners, create
marketing materials for opportunity sites, or other.
FINAL REPORT | SEPTEMBER 2013
Bring in advisors to explain the various components
of economic feasibility and prepare officials for the
potential magnitude of economic "gaps", resources
that in combination could be used to fill them and
the community's return on investment were they to
elect to participate.
Either in lieu of or in combination with acquiring and
assembling parcels for redevelopment (using
partner agents including the Arlington Chamber) -
issue a residential developer RFQ which highlights
the market opportunity for different residential
product types, as well as available incentives the
City and its partners could use to address any
financial "gap."
Educator
Community
Staff Time,
Development &
Planning, Economic Consultant Time
(Optional)
Development,
Arlington Chamber
On-Going
Financier Economic
Development,
Department, City
Management Consultant Time
(Fee for Services
or Pro Bono) x
Promoter,
Financier Economic
Development,
Department, City
Management Staff Time,
Consultant Time
(Optional) x