Dallas City Council

10/25/23 | 289-Unit PFC Multifamily

October 25, 2023

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October 25, 2023

District: 1

289-Unit PFC Multifamily | 2020 N Beckley Ave | Approved

New Section | PFC Data : MOU fees, AMI Percentages, and more.

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City Council-Approved PFC Deals in District 1

DISTRICT: 1

Banyan Flats 2020 N Beckley Ave

Kessler | 289 Units | Approved

‟If anybody has affordable housing units in their district that are 75 years or older, I'd love to know about them. I think it would be rare or non-existent.

Cara Mendelsohn, Council Member District 12

This was the debate around Banyan Flats, a 289-unit mixed income product in a District 1 Opportunity Zone. At the October 25th Council meeting, the Texas-based developer Banyan Residential sought a 75-year tax abatement for the project.

Mendelsohn ‘philosophically opposed’ the abatement, arguing affordable units are never viable for that long. She referenced the CPAL report calling for more 30% AMI units, whereas Banyan Flats targets 80-100% AMI.

The project received praise from District 1 Council Member Chad West, who pointed out that the higher AMI units help the housing need by replenishing overall housing stock.

At its DPFC meeting, Banyan Flats initially faced some apprehension from the East Kessler Park Neighborhood Association due to misconceptions about ‘workforce housing.’ It aims to address the acute workforce housing deficit by housing employees of the nearby Methodist Hospital.

However, after enlightening interactions with the association's president Dr. Charles Haley, involving him touring another Banyan property, the community's perspective shifted to seeing the value in workforce housing.

The developer stressed the disparity between the mere 34 affordable units constructed in the area since 2014 against 1,200 market rate units. Banyan Flats looks to significantly increase that number, with 145 of the 289 total units in a blend of 60-80% AMI.

08/22/23 DPFC Meeting Summary

During a meeting at the East Kessler Park Neighborhood Association, initial apprehensions arose due to misconceptions about the nature of workforce housing, confusing it with Section 8/voucher housing. However, following enlightening interactions with Dr. Charles Haley, the association's president, and a firsthand look at another of Banyan's ventures, the community's perspective shifted, seeing the value in workforce housing.

Councilman Chad West championed the initiative, asserting that he believes neighborhood groups now stand in its favor. This sentiment arose post Banyan's proactive engagement to demystify the workforce housing model.

Stressing the disparity, the developer pointed out the scarce 34 affordable units constructed since 2014 in the region against a staggering 1,200 market rate units. Banyan Flats promises to significantly bolster these numbers.

With an overwhelming board consensus, the project got the green light. As proposed, the blueprint comprises 289 units, of which 145 cater to the 60% and 80% AMI demographic. Not only does it position itself in a Qualified Opportunity Zone, but it also pledges top-tier amenities. Addressing the acute workforce housing deficit, it emerges as a potential home for many prospective employees of the nearby Methodist Hospital. Recognizing its potential, the hospital's president even toured another Banyan property to get a sense of their product.