(Updated at 4 p.m. on 12/15/22) The Penske truck rental location on Columbia Pike — which once had an ART bus crash into it and stay there for a month — has closed.
And the replacement for the storefront and expansive parking lot, at the Pike’s intersection with S. George Mason Drive, may be something completely different.
The site is expected to figure into plans from Jair Lynch Real Estate Partners to revamp the neighboring Barcroft Apartments over the next decade. It sits at one edge of the sprawling garden apartment complex, next to a 7-Eleven store, and was purchased by the developer around the time of the buzzy housing acquisition.
Jair Lynch also purchased the small strip mall with the South and Central American eatery Cafe Sazón and a Goodwill location at 4704 and 4714 Columbia Pike, respectively.
“The Penske Truck Rental Mart location at 4110 Columbia Pike in Arlington has permanently closed as of Sept. 30,” Alen Beljin, a Penske Truck Leasing spokesperson, told ARLnow. “Our company had leased the building, so we did not have the opportunity to renew when the property was sold.”
While Penske packed up, the local nonprofit Arlington Community Foundation (ACF) wrote a report that shows how Jair Lynch could set aside some units for residents making less than 30% of the Area Median Income (AMI), using the commercial site and county development tools. Jair Lynch has pledged to set side 1,344 apartments for people making 60% or less of AMI for the next 99 years, supported by loans from Amazon and Arlington County.
“Our vision is that in perpetuity, 30% AMI households can live there,” said Michael Spotts, an Arlington resident who runs the consulting firm Neighborhood Fundamentals, and a co-author of the ACF report. “Barcroft has been a place where people at those income levels can call home. As this neighborhood redevelops, we want to ensure people can continue to call that neighborhood home.”
ACF published the analysis ahead of the Master Financing and Development Plan Jair Lynch is expected to file with Arlington County Manager Mark Schwartz at the end of October. This plan will spell out how the developer plans to renovate existing apartments, build new housing and keep down rent for lower-income residents.
“The plan is part of the financing agreement with Amazon and Arlington County,” David Hilde, Vice-President of development for Jair Lynch, told Arlington’s Tenant-Landlord Commission last month. “It goes through how to maximize the investments Arlington and Amazon made, whether that’s baseline preserving affordability, or exploring options to deepen affordability.”
The developer did not respond to multiple requests for comment for this story.
What ACF recommends
Jair Lynch could build a standard market-rate, mixed-use apartment building on the Penske lot, per the ACF report, as developers who follow the Columbia Pike Commercial Centers Form-Based Code are not required to provide affordable units.
But, using the commercial sites, the tools ACF laid out and another $20-30 million, the developer could set aside 255 units for low-income households earning 30% AMI or less for the next 30 years, ACF says.
“We think this is going to be challenging to accomplish and it’s going to require a lot of commitment from stakeholders,” Spotts said. “We’re optimistic, based on conversations we’ve had, that this can be pulled off.” (more…)