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Dallas City Council
09/27/23 | 160-Unit TIF Mixed-income
Welcome to Ultraground. You hear about projects ahead of the groundbreaking ceremony here.
September 27, 2023
District: 6
160-Unit TIF Mixed-income | Approved
You saved: 3h 42m
DISTRICT: 6
Cabana Sycamore 899 N Stemmons Fwy
Design District | 3.27 Acres | 160 Units | Approved
Rehabbing a hotel into affordable housing…at $725,000 per unit.
That number raised eyebrows when developer Zach Krochtengel/Sycamore Strategies proposed redeveloping the historic Cabana Hotel in Dallas' Design District.
The estimated $116 million project budget would deliver 160 residential units ($725,000 per door).
The Design District TIF Board voted 3-1 to not recommend the TIF funding and project to the City Council. TIF Board member Ed Oakley spoke against the funding amount at the council meeting.
‟ It's gonna cost $116 million for 160 units. It doesn't make economic sense to me. There's, the, they're gonna provide 64 affordable units. The 160 units will cost $725,000 per unit to rehab a hotel into affordable housing. It's on a freeway. Would you put children on the freeway in an apartment building?
However, the project did receive praise from Council Member Omar Narvaez whose district includes the site.
‟ The Design District, as you all are aware, doesn't have a lot of housing throughout. Housing's coming in. We've been working on it. What we're missing is workforce housing.
..And so thank you to Zach for your commitment to workforce affordability, you did a project on Fort Worth Avenue. It's almost done being built.
More From Zachary Krochtengel/Sycamore Strategies:
DISTRICT: 6
The Villas at Western Heights | 1515 Fort Worth Ave | 130 Units | Resolution
Zach Krochtengel highlighted that 40% of the units will be affordable at workforce rates, including 30% AMI units. The affordable units will have 45-year deed restrictions.
The project passed 12-3 after additional discussion on process issues related to alignment with the city's bike plan.
Developer: Sycamore Strategies, Zachary Krochtengel LinkedIn
Other mixed-income projects delivered with Tax Increment Financing.
DISTRICT: 2
Oaklawn Place (Sadler Senior Apts) 5725 Sadler Cir | 84 Units | Resolution
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