Special to The Dallas Examiner
Dallas City Council approved a $1.9M grant on Jan. 12 to Greenleaf Ventures for the development of 125 single-family homes in Council District 5 Pleasant Grove area. The grant will be funded with a portion of the city’s American Rescue Plan Act allocation with the intent of providing water infrastructure in support of the new homes.
“I am very excited about this project,” said Deputy Mayor Pro Tem Jaime Resendez. “There are very few houses for sale in our district and this development will provide quality housing, especially for our young people who have returned home from college and are launching their careers.”
Pleasant Grove is in the heart of Southeast Dallas, bounded by Bruton Road, Marvel Drive, Prairie Creek and the Trinity Forest. Its housing stock was largely built in the late 1960’s so the need and demand for new housing is prominent. Less than eight miles from downtown with easy access to Highway 175 makes the area makes the area highly sought after by homebuyers.
In describing why this area was selected, Real Estate developer Victor Toledo said this community has terrific access next to the Prairie Creek library, a Fiesta anchored retail center and several schools and St. Augustine Park.
“This development will follow the success of two recent developments by Greenleaf Ventures in the Buckner Terrace and Cedar Run neighborhoods that both sold out within 12 months of opening,” Toledo said. “This new community will also provide 125 homeowners with the opportunity of creating generational wealth that results from rising home values over time.”
The single-family homes will be an average of 1,850 square feet, include a minimum of 3 bedrooms, serving mixed income homebuyers with 20% of homes preserved for buyers earning less than 80% area median income which is about $70,000 for a family of four. Home prices are anticipated to range between $175,000 and $325,000. The development will activate a vacant 24-acre site and provide the city with annual property tax revenue estimated at $241,656.
The $31 million development will also generate job opportunities for Minority and Women-Owned Business Enterprises. Greenleaf Ventures has committed to allocating 50% of the development costs to MWBEs, well exceeding the city’s expectations.
The project is expected to break ground in late 2022.