LDG Development, a Kentucky-based property firm, is building a 180-unit mixed-income apartment complex in southeast Dallas.
The garden-style community, known as Meadowbrook, will be a $45 million housing development located at 910 S. Belt Line Road, and site on a 9.6-acre site, according to the Dallas Business Journal.
It will offer one-, two- and three-bedroom units, with the monthly rent ranging from $938-$1,670. LDG Development Manager Jake Brown said 90 percent of the apartments will be restricted to households making up to 60 percent of the area median income, while the remaining 10 percent will be sold at the market rate.
“That’s the ideal scenario where you’ve got folks from all backgrounds, incomes, and socio-economic status living in harmony together,” Brown said.
Brown said he also believes it’s important to the city of Dallas and recalls the City Council or City Planning Commission frequently discussing how much they want true mixed-income housing in the city.
Read more
LDG already has approximately 20,000 units across seven states, and about half of them are located in Texas, according to Brown. He said he came to the realization that they had a presence in about every major metropolitan area of the state except Dallas about three years ago, and hopes to change that with Meadowbrook.
Meadowbrook will be constructed in phases, and Brown hopes to have residents move into the first building by early 2023. The entire community is also estimated to be completed in summer 2023.
“There’s a huge shortage of not just housing in general but, in particular, affordable housing,” Brown said. “That was really a large part of the decision to make that push to have more of a presence [in Dallas] just for the need. The need along with also the city’s willingness to push for more affordable housing and more housing overall.’’
Meadowbrook is LDG’s second development in Dallas, and the first phase of the complex will have 300 units and is estimated to be completed later this year. Phase two will add 250 townhomes, and phase three will include about 250,000 square feet of commercial and retail space.
[Dallas Business Journal] — James Bell