A Philadelphia-headquartered real estate investment firm aims to start construction on a $54 million housing community in southern Dallas later this year or in early 2025.
The Dallas City Plan Commission voted Oct. 10 to approve a development plan by Steinbridge Group for a 180-townhome development in the Capella Park neighborhood. Because the project aligns with the existing zoning, that vote was the final regulatory hurdle the firm needed to begin work.
The Steinbridge Group purchased the 15-acre parcel that will house the development from the Potter’s House Church and Clay Academy Charter School in 2022. The company estimated it will create roughly 175 construction and ancillary jobs. The first phase of the project will focus on infrastructure and is anticipated to take about six to nine months. It will take another 12 to 18 months or so to build the three-story townhomes.
The Capella Park project is the Steinbridge Group’s first development in Dallas and part of its initiative to partner with historically Black colleges and universities, nonprofits and other community partners to activate underutilized land, drive economic activity and create additional housing. Founded in 2016, Steinbridge is a real estate investment firm focused on single-family development, single-family acquisitions and rehab and multifamily opportunities in urban infill areas, according to its LinkedIn profile. Other projects include a $42 million housing housing complex at Virginia Union University in Richmond, Virginia.
Founder partner and CEO Tawan Davis hopes to grow the firm’s presence in Dallas and said it could establish a small local team within the next year, with an eye toward eventually opening an office. He said the company looks for ways to add to the housing supply without gentrifying an area and also aims to soon announce projects in Austin and Houston.
“We look for opportunities to expand housing supply without displacing existing residents,” he said.
Read the full article at The Dallas Business Journal.