Mintwood Real Estate broke ground Monday afternoon on a 219-unit multi-family development that will bring affordable and market-rate housing to Dallas in 2024. The Oakhouse development at 900 E. Colorado Blvd. is one of more than a dozen projects recently approved by the Dallas City Council under the Public Facility Corp. financing structure. Oakhouse is the first to turn dirt.
It’s tempting to refer to PFC projects as “controversial,” but only one council member — District 12’s Cara Mendelsohn — has routinely voted against them.
Neighbors, however, have raised concerns about other PFC projects — not necessarily because they attract lower-income residents, but because of the potential impact on the city’s general fund. The Oakhouse project does not appear to have any organized opposition.
The projects come with a 75-year lease, during which time the developer gets a 100 percent break on property taxes. The city, in return, gets much-needed affordable housing units and the developer can still make a profit. The lease can be negotiated over time and the city generates income through annual lease payments.
Councilman Chad West, who represents the North Oak Cliff district where the Oakhouse project is planned, has vehemently supported PFC projects.
“Is there any other way we’re getting affordable housing?” West asked in a December council meeting. “Are developers building it for free?”
The answer, from Assistant Director of Housing and Neighborhood Revitalization Kyle Hines, was a simple, “No.”
Oakhouse Development
The female-owned Mintwood Real Estate is providing 110 of the 219 units at “an affordable rate for people making 80 percent of the [Area Median Income], explained Erin Thomas, a spokesperson for the developer.
“The PFC structure will ensure ongoing affordability in the neighborhood as it continues to transform and experience market rent growth,” investors MSquared noted on their webpage devoted to the Oakhouse project.
The Oakhouse development is also in a trendy location, although it’s not particularly accessible while construction is underway.
“The property is a five-minute drive from the Bishop Arts neighborhood, which will give residents fast and easy access to jobs and schools,” Thomas said. “The building amenities will include a pool, dog park, workspaces, and a children’s lounge that’s attached to our fitness center.”
Plans also call for a Sky Lounge on the top floor facing downtown and featuring “amazing views of the downtown skyline.”
As daltxrealestate.com embarks on the celebration of Women’s History Month in March, it’s worth mentioning that Mintwood’s primary investor, MSquared, is also a female-owned company.
