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Business World |
March 2015
116
that meets today’s market needs.” The city
is invested in redeveloping downtown, and
continues to partner with developers and
businesses to bring the vision for downtown
to life.
Though these projects can often take a num-
ber of years before any results are visible,
Payne said the value of refreshing the mar-
ket and potentially attracting additional de-
velopers to the city is a benefit which is well
worth the effort.
“These projects can last two to three years
before you see the first components of con-
struction completed,” Payne pointed out.
“But it’s very worthwhile, it changes the mar-
ket, and it interests other developers because
they want to come in and replicate what was
done successfully.”
One redevelopment project currently on
the go for the city of Arlington includes the
demolition of a few aging apartment com-
plexes. With a 50% occupancy rate, the three
complexes had an approximate value of $9
million for the city. The developer’s capital
investment on the project will hit around
$200 million.
“Wehave adeveloperwho recentlypurchased
three older 1970s era apartment complexes,”
Payne said. “They had been run down for