Trammel Crow Residential announced it would build a 200-unit apartment community in Oak Cliff next year. The four-story apartment project will sit on about three acres of land, on the banks of the Trinity River and is reported to cost $19.1 million.
According to the Dallas Morning News, the city of Dallas’ office of economic development will subsidize the project with $4 million from the neighborhood tax increment finance district. The residential project is expected to break ground in February 2013 with completion planned for June 2014, adds the Dallas publication.
Combining apartments and rental townhouses, the Alexan Trinity Development will have 166 rental units, with rents ranging between $965 and $2,210 on a monthly basis, and 34 units that will meet the district’s affordable housing requirements, with rents between $880 and $927 per month. Alexan Trinity will add additional market rate housing options within walking distance of Methodist Medical Center and within 5 minutes of downtown.
The Oak Cliff project will be the developer’s fifth recent apartment project in the Dallas area. Crow Residential is currently building in Las Colinas, off Inwood Road in the Medical District and near Maple Avenue in Oak Lawn. Additionaly, the company plans to build apartments on the Goat Hill property, just north of downtown Dallas.
The City of Dallas plans to spend circa $36 million on the Oak Cliff Gateway, along with this residential project. According to the Dallas Business Journal, the money will be spent on public infrastructure, facade improvements, environmental remediation, pedestrian linkages and lighting, educational and training facilities, and economic development grants.
Photo courtesy of Office of Economic Development, Dallas
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