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Dallas | 377-Unit PFC Multifamily
09/13/23 | The Cedars
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District: 2
377-Unit PFC Multifamily | Approved
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DISTRICT: 2
The Cedars Power & Light Residential and The Marcus
Cedars | 377 Units | Approved
The Cedars, a proposed 377-unit mixed-income multifamily development in the Cedars neighborhood of Dallas, received overall positive feedback from the City Council, though some concerns were raised.
The developer, Savoy Equity Partners LLC, highlighted that the project will bring much-needed mixed-income housing to the neighborhood, including 183 market-rate units and 155 affordable units at 60% and 80% AMI. They plan to preserve and restore a historic power and light building into an amenity center.
Council Member Narvaez praised the project, stating how excited he is about it. He also highlighted that this is what the city needs.
"I applaud that we're doing these things because the developers are not building it. And if they do give you some, because of the zoning case to get, in order for their zoning case to pass, you get maybe five units.
Again here, Council Member Mendelsohn expressed concerns about the 75-year tax abatement and the number of affordable units below 60% AMI. She pointed out that of 377 units, only 39 of them would be at 60%.
The City Manager defended the project and the Public Facility Corporation's role in providing affordable housing. He reiterated that although the revenues from PFC projects do not build roads, go to pensions, or help the police force, they are used to “double down on affordable housing.” Overall, despite some criticism, the project received Council approval.
06/27/23 DPFC Meeting Summary
The Cedars project, named Power & Light Residential and The Marcus by the developer, received positive feedback from the DPFC Board. The developer is Savoy Equity Partners. Key points presented by Savoy:
The project will develop two neighboring vacant land sites and restore the historic Power and Light building in the Cedars neighborhood.
It will bring 376 new apartment units to the south side of the Cedars neighborhood, with a mix of studio, 1, 2, and 3 bedroom units.
50% of the units will be affordable at 80% AMI and 10% at 60% AMI.
The project will upgrade some of the city's oldest infrastructure in the neighborhood.
The historic Power and Light building will be converted into the amenity center. The building will also be placed on the National Register of Historic Places.
Total project cost is $90 million, funded by Opportunity Zone equity, making Savoy long-term partners in the neighborhood.
The project was praised by Director Toledo for bringing much needed investment and affordable housing to the overlooked Cedars neighborhood. The DPFC Board unanimously approved the project.
Developer: Savoy Equity Partners, Seth Bame LinkedIn, Barrett Linburg LinkedIn Twitter
We answer:
Who else is developing PFC projects? What kind of pushback are they getting from the DPFC board? From the neighborhood? Where are they in the process?
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