Validus Development Corp. has announced plans to construct a 104-unit high-rise on a vacant three-quarter-acre corner lot located north of Hood and Brown streets near Turtle Creek. The local planning commission has approved some modifications to the original concept, which will now be voted on by the Dallas City Council.
The project will feature larger-than-average units, with an average size of 2,229 square feet. In order to take advantage of a city incentive program, the developer has committed to setting aside 5% of the apartments for households earning up to 81% of the area’s median family income level.
Accordingly, instead of providing these affordable units on site as originally planned, it is possible that they may opt instead pay a fee to create housing elsewhere in lieu thereof.
This development marks another addition in Connect CRE’s coverage area and further solidifies its position as an expert source for commercial real estate news and information.
