Monday, August 24, 2015
Dallas looks to expand Oak Cliff TIF district with new $38M apartment project
The city of Dallas could amend a tax increment financing district in Oak Cliff in hopes of gaining momentum with developers looking to bring multimillion-dollar projects to the southwest portion of the city.
The amendment would expand the district to encompass the entirety of a proposed $38 million apartment development, called Oxygen at Trinity River, along the southwest area of Beckley Avenue and Interstate 30.
By amending the TIF district, the entirety of the proposed five-story, 250-unit apartment building by Frisco-based RWI Green Development LLC would be eligible for $4.6 million of city tax incentives.
If the development qualifies for TIF incentives, the developer could bring about 50 apartments earmarked for affordable housing, or about 20 percent of the building. The remaining apartments would be rented at a market rate.
RWI has yet to purchase the tract for the proposed development, likely waiting to see if the incentives are approved by the city's economic development committee on Monday. If approved by the committee, the enlargement of the TIF district would need approval by the Dallas City Council.
A public hearing is scheduled for Aug. 26. If approved, RWI could purchase the acreage in September and begin construction by June 30, 2016. If the developer begins construction in June, the development would be slated for completion in February 2018.
Plans for the Oxygen development include a hike-and-bike trail connection to Coombs Creek Trail from Beckley Avenue, tucked-under parking for residents and bike parking and Solar car ports. The TIF funds will help offset these infrastructure improvements, the Oxygen developers say.
The development group has funding for the $38 million project through $11.1 million of private equity and a $27.5 million construction loan. If this project is developed, city officials expect to see more than $2 million of incremental revenue from the new building through 2027.
The TIF amendment is expected to be pass easily through the economic development committee with Mayor Mike Rawlings being a proponent of development in South Dallas through his GrowSouth initiative.
Candace Carlisle/Dallas business Journal