Large-scale multipurpose development is planned to bring detached homes, apartments, and commercial buildings next to the University of North Texas on the Dallas campus.
Dallas-based Hoque Global said Monday that it plans to acquire 270 acres of undeveloped land near the intersection of Interstate 20 and Lancaster Road for University Hills. Over 50 acres of open green space.
The first phase will include over 500 single-family homes, 250 apartments, and approximately 200,000 square feet of offices and retail stores.
According to the company, the property could catalyze future growth in southern Dallas.
“Large, multi-purpose, multi-stage development at this location rewrites our perception of investment and migration to southern Dallas,” Hoque Global CEO Mike Hoque said in a statement. “We hope University Hills will be the first of many community-led neighborhood construction developments that will bring the quality work and housing that the region has longed for to grow.”
Centurion American Development Group currently owns a property located south of DART’s blue rail line.Farmers branch-based developer I bought the site in 2016 Then, in 2017, he proposed his own plan for multipurpose development. The plan didn’t come true.
“The region needs projects that create jobs, good housing, and high-quality retail,” said Bob Mon, President of the University of North Texas at Dallas, in a statement. “UNT Dallas welcomes visionary developers who can attract public transport oriented development near us. We are very excited about this project.”
According to city documents, land construction and land acquisition for the first phase of the project is estimated to cost more than $ 63 million. On Monday, the Dallas City Council’s Economic Development Commission considered a proposal for up to $ 31.4 million in first-stage tax increases. It hasn’t gone to the city council for approval yet.
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.