More Multifamily is on The Way as LDG Development Plans Park at Northpoint Apartments

Dallas Development Services issued 33 permits for new multifamily construction in July, representing an economic impact of about $76 million. Although significantly less than the 65 multifamily permits issued in July 2022, it appears the housing business remains steady. The latest apartment complex being heralded is LDG Development’s 615-unit Park at Northpoint. 

On another note, Dallas City Council members have called for more “for-sale” single-family homes rather than mixed-income apartments, and their wish has been granted. More than 200 single-family permits were issued in July, representing a $75.8 million economic impact and an increase over the 162 permits issued in July 2022. 

PFC Approves $10 Million For LDG

Dallas is using $10 million in Community Development Block Grant funds for the mixed-income Park at Northpoint, which was approved under the city’s Public Facility Corporation, according to the Housing and Neighborhood Revitalization Department’s August “This is Our House” newsletter. 

Developments approved under the PFC financing structure are taken off the tax rolls for 75 years in exchange for the developer providing at least half the units below the market rate. 

The CDBG funds were awarded through the city’s Notice of Housing Affordability application, which uses entitlement funds from by the U.S. Department of Housing and Urban Development to support growth and development in economically distressed areas.  

District 6 Councilman Omar Narvaez, who represents the area encompassing 9999 West Technology Blvd., said he was excited about the project. 

“This is adjacent to a lake,” he said at an April council meeting when the project was approved. “There’s already a trail system. There are restaurants and a school close by. There are parks. There’s everything you need. Mixing in residential is going to be the key factor for us to start redeveloping this area.” 

Kentucky-based LDG Development has built workforce housing in Fort Worth, Austin, Houston, Denver, and Nashville. 

Under the PFC structure, city officials estimate tax revenue foregone will amount to about $2 million over a 15-year period. During that time frame, the PFC stands to collect an estimated $13.6 million in annual lease payments and structuring fees, “far outweighing any taxes that would have been collected from the property had it remained on the tax rolls in its current state.” 

Park at Northpoint

Developers say they plan to build one-, two-, and three-bedroom units on a 15-acre site. Although developers originally said they planned to start the first phase of construction in October, they’re now saying they’ll break ground in spring 2024. 

The first of two phases calls for 339 units, and the second phase will add another 276. Ten percent of all units will be reserved for families earning 60 percent of the area median income, or $61,860 annually for a family of four. Forty percent of the units are slated for families earning 80 percent of the AMI, or $82,480 annually for a family of four. The remaining units will be market rate. 

LDG Development has said monthly rental rates for the units are expected to range between $1,028 to $2,428 and will remain income-restricted for at least 20 years. 

Planned amenities include granite countertops, “wood-look” flooring, energy-efficient appliances, a swimming pool, and a fitness center.