Multi-million dollar affordable housing project comes to Redbird
A major breakthrough in high-quality affordable housing was made as the City of Dallas, Dallas Housing Finance Corporation and real estate developer, Palladium USA, joined to break ground on a multifamily luxury mixed-income project in Redbird on November 12, 2019.
Nestled on the southern side of Redbird, the more than 60-million-dollar development will breathe new life into an area teeming with potential.
“This development demonstrates the City’s investment and commitment to providing quality affordable or workforce housing in Dallas,” said City Manager T.C. Broadnax. “This is possible through strong partnerships and it can serve as an excellent way to address the citywide housing shortage.”
The development is expected to have 300 housing units, within four stories, 70% will be affordable housing and 30% market-rate housing.
Located in one of the city’s Reinvestment Strategy Areas, the Palladium USA development passed stringent evaluation criteria to receive funding from the City and to finance a gap in construction costs.
Two other projects will break ground next year. 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,” said Assistant Director of Economic Development Avis Chaisson. “These projects highly leverage the City’s funding of 26.3 million dollars.”