Plans for the Mockingbird Station Redevelopment project were recently endorsed by members of the Dallas City Council Economic Development Committee, and later this month the full City Council will have to vote for the final approval to fund this US$ 117M project.
The plans submitted by Trammell Crow, a real estate development, investment, and property management company, entail the conversion of this public property into an affordable apartment complex with an underground parking garage that will serve as a replacement for the existing surface lot consisting of over 700 parking spaces.
Chad West, a council member, spoke in favor of the Mockingbird Station Redevelopment project, stating that this was a great example of how affordable housing could be incorporated into scarcely used public lands in other parts of the city. He also mentioned that the city needed to work towards closing the affordable housing gap, which would make it easier for workers to live in the city.
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Council member, Omar Narvaez, also pointed out that adding this housing development at the site of the existing surface lot could provide more riders at DART’s Mockingbird Station, which is the second busiest one in DART’s network.
Mockingbird Station Redevelopment project to bring 429-units, with 20% affordable units
The site for the Mockingbird Station Redevelopment project is located adjacent to the SMU/Mockingbird station and was acquired by the developer through a 99-year land lease agreement.
The project entails an 18-story apartment tower consisting of 429-units, out of which 20% of the available units will be set aside for households earning up to 80% or less of the area median income. The price range for these affordable units is estimated at US$ 48,300 or US$ 68,950 for a family of four.
In addition, a three-level underground parking lot with about 500 spaces, will also be built and made available for public use. This parking garage will be owned and operated by DART.
The Mockingbird Station Redevelopment project will be executed at a Dallas Transit-Oriented TIF District, and this could yield tax incentives from the city, worth up to US$ 29M for the developer. This funding will reimburse Trammell Crow for infrastructural expenses in relation to the 18-story apartment tower, which includes improvements to the water and sewer lines, relocating power lines, and paving new streets.
