Dallas’ City Plan Commission unanimously approved Steinbridge Group’s $54 million plans to develop 180 three-bedroom townhomes in the city’s Capella Park neighborhood, the real estate development and investment firm announced.

The 15-acre project is related to Steinbridge Group’s partnership with historically Black colleges and universities and several “community institutions,” the firm said on Tuesday. However, the development won’t include student housing, according to a representative for Steinbridge Group

In November 2023, Steinbridge Group announced that it would provide $100 million for real estate development partnerships with HBCUs and other organizations.

The partnership aims “to generate value and attract students to close funding gaps within institutions” by using real estate development, according to the
firm. Steinbridge Group is represented by Jacob Herzek of Reed Smith LLP, and Suzan Kedron and Victoria Morris of Jackson Walker LLP.

Read the full article at Law 360.