The City of Dallas City Plan Commission (CPC) granted unanimous approval to the Steinbridge Group, who will transform land purchased from the Potter’s House Church and Clay Academy Charter School in 2022 at the height of the COVID-19 pandemic. The development advances the Steinbridge Group’s commitment to partner with HBCUs and other community institutions to transform underutilized assets and close institutional funding gaps.
Today, the Steinbridge Group, a rapidly growing real estate investment and development firm, announced unanimous approval by The City of Dallas City Plan Commission (CPC) for an approximately $54 million, privately funded development of 180 new homes in the Capella Park neighborhood in Dallas, Texas. The development advances the Steinbridge Group’s previously announced initiative, partnering with Historically Black Colleges and Universities (HBCUs) and other community institutions to generate value and attract students to close funding gaps within institutions by activating underutilized real estate.
The land, which totals over 15 acres, was purchased free and clear from a combination of the Potter’s House Church and Clay Academy Charter School in 2022 as institutions navigated the tumultuous nadir of the COVID-19 pandemic. The residential development plans will expand the existing Capella Park neighborhood and are in direct response to community feedback, emphasizing the critical need for new residential opportunities in Southern Dallas.
“Housing remains a scarce resource across too much of the country, and our investment strategy aims to directly support high quality homes for America’s families,” said Tawan Davis, Founder and CEO of the Steinbridge Group.
The development will consist of three-bedroom townhomes. The development’s green energy design and material sourcing will ensure that the project contributes to energy efficiency and environmental sustainability. In addition, the development will create approximately 175 new construction and ancillary jobs to complete the infrastructure and vertical development.
Steinbridge Group has built a reputation of making targeted investments to expand residential options, strengthen institutions and provide tangible pathways to homeownership. Earlier this year, Steinbridge committed $42 million to Virginia Union University to enable the institution to unlock the value of its 100-acre real estate holdings in Richmond’s North Side. The investment will empower the University to develop underutilized parcels for commercial and residential uses, which will catalyze more economic development and support housing needs.
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