Turtle Creek Terrace doesn’t look as dilapidated as Lincoln claimed

After a long and winding road, Lincoln Property’s proposed Lincoln Katy Trail project was denied by city council (I assume they will re-apply). That project would have replaced the Turtle Creek Terrace condo complex. Today, Turtle Creek Terrace unit #168, located at 3203 Carlisle – the intersection of Oak Lawn and Uptown – was listed.

It’s a perfect illustration of my point that replacing 115 existing market-rate affordable housing units with 45 was a bad deal. This one-bedroom, two-bathroom unit has 824 square feet and is listed for $149,000 with Tyler Hagood from Small World Realty. Using basic mortgage tools, that breaks down into a monthly payment of approximately $925 assuming a 30-year mortgage or ~$1,250 for a 15 year payoff. These monthly costs include mortgage, taxes, insurance, and HOA fees.

According to Zillow calculators, using Dallas’ average household income of $54,727, a couple could afford a monthly payment of $1,629/month. Using the 80 percent average median income required for listed affordable housing ($43,781), this home is purchasable by someone earning just $42,000 – less than a qualified affordable unit.

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The Katy at Victory Park facing down the opening edge of the Katy Trail

From the American Airlines Center and before even turning the corner and passing over the Tollway, the Katy Trail is lined with new apartment buildings towering over it.  From Victory Place, Camden Victory Park, The Alexan, and the latest — Magnolia Station and The Katy at Victory Park — walking at this end of the trail is something less than peaceful. Bleu Ciel will almost complete the curtain.  I’m pretty sure I can hold my breath long enough to see Little Mexico Village and the Magnolia condos fall to development to completely encase this end of the trail.

Of course these apartments have the manufactured hipster vibe residents have self-deluded themselves into thinking they possess.  Magnolia Station talks about apartments that evoke a “Modern Spirit” or “Vintage Soul” while The Katy at Victory Park harkens for residents who “live with intention,” whose “best friend” is their pet, and who want to “live inspired on the trail.”

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