DALLAS-The Dallas Morning News reports that on Sept. 16, the Dallas City Council's Economic Development Committee approved spending $750,000 in grant funds on pre-construction expenses related to a proposed project on 3.8 acres in the Vickery Meadow area of Dallas. The article indicates that the city owned site, which is close to the Dallas Area Rapid Transit light rail line, could one day hold a library branch and up to 300 apartment units.

The acreage is on Park Lane near Greenville Avenue – and the article points out that, more than a decade ago, the city said it would build a library branch for the area. At the time, DMA Development Co. and Carleton Residential Properties stepped forward, but that wasn't enough for the city, which had paid close to $6 million to acquire and scrape the land.

The economic development committee's approval for pre-construction expenses will move to a full council vote on Sept. 25, with the proposed project including a possible health clinic and retail, along with the library and multifamily units. The project will likely cost approximately $41 million, and the city would like to see a ribbon-cutting within the next two years.

The project is just one piece of the transit-oriented development plan introduced last year by Portland, OR-based John Fregonese of Fregonese Associates, who is working on ways to fill vacancies around of DART's light-rail stations.

To read more about this project, click here.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.