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DALLAS - The Dallas City Council unanimously approved a $14.5 million incentive earlier this week, to support the development of the Palladium Buckner Station Project, a proposed mixed-income and transit-oriented development project in the Pleasant Grove area of southeast Dallas. The project will be developed at the Dallas Area Rapid Transit (DART) Buckner Light Rail Station, located at 8008 Elam Road, and will transform an underutilized surface parking lot into high quality mixed-income apartments. The project, led by Palladium USA Inc., is being developed in partnership with the Dallas Housing Finance Corporation.
“This is an exciting project for Council District 5—the largest development in this part of Southeast Dallas in decades. Palladium is a highly respected developer known for maintaining ownership and management of their properties long after construction is complete. This development directly addresses the City’s urgent need for high-quality affordable housing and has the potential to catalyze meaningful economic development and revitalization in a community that truly needs it,” said Council Member Jaime Resendez (District 5).
The estimated $107.1 million project will include new ground-up construction of residential buildings to include 304 mixed-income apartments comprised of 90 one-bedroom, 147 two-bedroom, and 67 three-bedroom units. Of the 304 apartments, 244 (80%) will be income-restricted and leased solely to households earning at or below 60% area family median income. Additionally, the project will include the development of residential amenities, two residential parking garages including 350 parking spaces, and a publicly accessible promenade providing a direct pedestrian connection to the DART Buckner Light Rail Station.
The City’s incentive includes a loan in an amount not to exceed $6,183,092 and a grant in an amount not to exceed $8,316,907 from several funding sources administered by the City’s Office of Economic Development including general obligation bond proceeds from the economic development/housing propositions in the City’s 2006, 2017, and 2024 bond programs.
“This transit-oriented development is a significant milestone for our City, one that reflects the culmination of years of extensive planning and coordinated efforts with DART to create vibrant and sustainable communities around transit," said Kimberly Bizor Tolbert, City Manager for the City of Dallas. "We’ve long recognized the potential of transit-oriented development to bring much-needed housing, economic growth, and improved accessibility to neighborhoods in our southern sector. Today, we are proud to see this vision becoming a reality."
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