The Dallas City Council has approved a tax increase loan of up to $ 31.4 million in the first phase of University Hills. Planned 270 acre development It is located next to the University of North Texas on the Dallas Campus in southern Dallas.
Dallas-based Hoque Global has hundreds of single-family homes, 1,500 apartments, 1.5 million square feet of commercial space, and more than 50 acres of green space on undeveloped land near the intersection of Interstate 20 and Lancaster Road. It is a plan to bring.
According to the company, the first phase will include more than 500 single-family homes and town homes, 250 apartments, and approximately 200,000 square feet of offices and retail stores.
District 8 councilor Tennell Atkins described this development as a “game changer” in southern Dallas.
“This is a big step in helping to end racial and economic segregation in Dallas. Many opportunities for home ownership and wealth building in southern Dallas,” said a district councilor. One Cara Mendelsohn said.
The company touted the project as a catalyst for growth in the region.
Centurion American Development Group owns a property located south of DART’s Blue Rail Line. Farmers branch-based developers purchased the site in 2016 and proposed their own plans for multipurpose development in 2017. The plan didn’t come true.
According to city documents, land construction and land acquisition for the first phase of the project is estimated to cost more than $ 63 million. Under the agreement, developers must purchase land by the end of 2023 and complete field work by the end of 2025.
City funding requires some units to be booked at affordable prices at certain income levels, and homebuilders are encouraging buyers to participate in a homebuyer support program that they plan to develop for the community. Need to be encouraged. According to city documents, the program is expected to provide financial support to buyers who meet specified income requirements.
District 3 councilor Casey Thomas said one of his goals when elected was to have a prestigious place for young adults to form a family and call home in southern Dallas. Said. He said University Hills would answer that.
“This will be another legacy project,” said Thomas.