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Council hears plan to buy and redevelop Arlington Village Apartments in Fielder Square
Summary
Staff proposed purchasing Arlington Village Apartments for $32.6 million to demolish and rebuild multifamily housing and a childcare campus; staff and council emphasized tenant protections (leases to expire before relocation assistance) and pursuing funding options while nonprofits would assist relocations.
Deputy City Manager Randolph and Mindy Cochran, the city—xecutive director of housing, presented a catalytic redevelopment proposal for the Fielder Square area that would begin with acquiring Arlington Village Apartments for redevelopment into new multifamily housing and a childcare campus.
Cochran told the council the complex, built in 1973, contains about 1,278 units and is roughly 91% occupied; a city-commissioned appraisal using the income approach returned a sales-price valuation of $32,600,000. Staff said the owners agreed to operate the property until existing leases…
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