What has been missing from this conversation is that funding is provided to implement the plan.
The commercial area is a designated Community Redevelopment Area (CRA). 2016 was set as the base year, any increases in tax revenue (above the base year) must, by law, be returned to the designated CRA area for reinvestment of infrastructure and other improvements that are listed in the plan. The plan focuses on commercial property primarily due to the funding issue, and also because it is most the visually important. Upgrades to surrounding residential properties will be addressed through other neighborhood improvement mechanisms. The incremental increase of available funding over time spent through incentives (and through law and code enforcement) are critical features that will bring the plan to fruition (this is where most urban redevelopment plans falter). That hurdle has already been cleared for the planning area.
The Arlington Expressway is a FDOT facility and there is already a redevelopment plan that calls for upgrading, widening, mass transit, pedestrian and bicycle facilities combined with TOD and resolving access deficiencies, probably within the next 30 years. The big hurdle is how to cross the river. Matthews Bridge is due for changes, replacement or perhaps a parallel structure- each operating one-way with dedicated bus, bike and bike lanes. Though not explicitly stated, the Arlington plan coordinates with the already proposed Expressway upgrades.
With the rest of the western world living in an average house size of 600-800 square feet, the existing inventory of durably constructed 1200 square feet homes on lawn-and-garden-sized lots should be adaptable for a certain lifestyle. (IKEA is coming to town.)