A 725-space parking lot between the Mockingbird Station DART stop and a Kroger store could become a 429-unit apartment complex.
The developer, Trammell Crow Company, asked the city for $29 million in subsidies for the $117.3 million project. The developer says 20% of the units would be made affordable to people earning 80% or less of the median income for the area, which would cap a renter’s salary at $48,300 or $68,950 for a family of four.
The developers’ plan for the site also includes a three-story underground parking garage to replace much of the parking spaces now on the lot. The Dallas city council’s economic development committee last week signed off on the funding, and the project is expected to come before the full city council later this month.
“This is an opportunity to bring affordable units to a very high-opportunity area,” said Dallas office of economic development assistant director Kevin Spath.
The funding from the city of Dallas would come from a tax increment financing (TIF) district meant to encourage “transit-oriented development” near DART stations.
Mockingbird Station already boasts a variety of eateries, shops, and entertainment venues, as well as residential and workspace options.