New Savoy Project Opens in the Cedars Amid Downtown Southside Momentum
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A new apartment complex in the Cedars celebrated its grand opening on Tuesday, adding 76 mixed-income units just south of downtown Dallas. And the timing couldn’t be better.
Stakeholders have high hopes for the neighborhood considering its proximity to the central business district, which is seeing new investment in its southern sector. The Kay Bailey Hutchison Convention Center redevelopment, for instance, is just blocks away from The Marcus, the latest completed project by local developer Barrett Linburg’s outfit Savoy Equity Partners.
Poised for some serious growth in the not-so-distant future, the Cedars and other neighborhoods east of I-35 and south of I-30 still have parcels of land at affordable price points. While demographics aren’t quite such that builders are moving to put up big-ticket towers just yet, there’s a need in the area for high-quality attainable housing.
“The Cedars is one of my favorite parts of not only my district but the entire city of Dallas,” said Council Member Jesse Moreno (District 2), speaking at the grand opening of The Marcus. “It was one of the original neighborhoods of the city of Dallas, and over the past 5-10 years, we’ve seen a lot of transformation. We’ve seen a lot of growth. You see townhomes, you see apartments, and the best part of all of that is that it’s just minutes from downtown Dallas.”
Linburg named the building after Dallas retail legend Stanley Marcus — founder and namesake of the iconic Neiman Marcus brand — of whom there’s a mural painted on a nearby building. Marcus was born and raised in the Cedars.
The Marcus isn’t the only project of Savoy’s in the neighborhood; a second is breaking ground soon. Linburg and his team are going to restore a historic red-brick Dallas Power & Light building down the street. The property will serve as an amenity center for the 315 units they’re going to build around it.
“So that’ll be another really cool thing going on in this neighborhood,” Linburg told CandysDirt.com.
The Dallas Mavericks building a new arena at 1500 Marilla St. and jumpstarting a new entertainment district on the south side of downtown would almost certainly add to the momentum behind the Cedars, though it’s unclear whether officials will ultimately decide to abandon City Hall over its purported $1 billion price tag for restoration.
“Regardless of what happens with that building and redevelopment at that site, whether it happens or not, we are in a win-win position,” Linburg said. “If a billion dollars is spent on revitalizing City Hall, then City Hall is going to be way cooler and more vibrant, and the area around it is going to be uplifted. If City Hall is abandoned and it’s developed, then several billion dollars is going to be spent there, and we’re in a better position.”
The neighborhood is poised to undergo some significant transformation in the coming years. Downtown revitalization, whatever form it ultimately takes, will have its spillover effects — and no doubt the first stop could be the Cedars.
Located at 2020 S Ervay St., The Marcus includes income-restricted units for renters earning 60-80% AMI or below. Just over half the apartments are in that affordable category, with the rest going for market rate. The project was delivered through a Public Facilities Corporation tax exemption agreement with the city, locking in the affordable units for 60 years.
Floor plans run from 550-square-foot studios to 1,100-square-foot two-bedroom units across four stories. There are 16 studios, 44 one-bedrooms, and 16 two-bedrooms.
All have faux-wood plank flooring, quartz countertops, stainless-steel appliances, and a washer and dryer. Select units come with garden tubs, walk-in showers, private balconies or patios (with fenced yards), and a built-in desk or shelving. Community amenities include a boutique fitness center, on-site gated parking, elevator access, a conference room, resident workspace, and a secure room for package deliveries.
The Marcus is the first rental property developed, built, and managed by Savoy. Investors include Allivate Impact Capital and CEI-Boulos Capital Management.
