First city-sponsored development to break ground since the adoption of Comprehensive Housing Policy
Dallas, TX – The City of Dallas, the Dallas Housing Finance Corporation, and Palladium USA broke ground, Tuesday on the City’s first multifamily, mixed-income development since the adoption of the Comprehensive Housing Policy in 2018. The 60-million-dollar community is on a parcel of the former Redbird Mall property and is part of the overall Reimagine Redbird redevelopment.
“This development demonstrates the City’s investment and commitment to providing quality affordable or workforce housing in Dallas through strong partnerships and it can serve as an excellent way to address the citywide housing shortage,” says City Manager T.C. Broadnax.
Located in one of Dallas’ Reinvestment Strategy Areas (RSA), the building is expected to be four stories tall with 300 units that will be 70 percent affordable and 30 percent market-rate. Future residents will have access to all the planned retail, restaurants, and commercial activity at Redbird. This is the first of three projects to qualify for funding under the City’s 2018 Notice of Funding Availability (NOFA) proposals. The City’s funding package is a total of 8.3 million dollars and consists of HOME investments Partnership Program Funds, Community Development Block Grant Funds, and 2012 General Obligation Funds. Construction for the project is expected to be completed by December 31, 2021.
The Palladium USA project was one of three projects that passed stringent evaluation criteria to receive funding from the City to finance a gap in the costs to construct the developments. The other two projects, developed by General Housing Partners and RMGM Developers LLC an affiliate of Matthews Southwest, will break ground over the next few months. These projects are expected to bring over 700 high-quality multifamily units to market including over 500 affordable units within the next three years. The developments are located across Dallas, including South Dallas, East Dallas, and Central/Downtown Dallas in council districts 8, 9, and 14.
“All three developments represent an investment of more than 180 million dollars,” says Assistant Director of Economic Development Avis Chaisson. “These projects highly leverage the city’s funding of 26.3 million dollars.”