Special to The Dallas Examiner
The Ridge at Lancaster, a new mixed-income housing and transit-oriented development, recently broke ground Monday in Southern Dallas.
Located at 2101 Crouch Road, the development will include 300 units – 270 units will be reserved for families earning up to 60% of the area median income. The remaining 30 units will be available at market rate pricing. The apartment complex will have up to four-bedroom units available.
The property will offer several upgraded features including spacious floor plans with upgraded flooring and granite countertops; fitness and business centers; and a large swimming pool. Residents can also enjoy quick access to public transportation and Dallas’ new Singing Hills Recreation Center.
The complex is part of the City’s Comprehensive Housing Policy and was recommended for approval by the Housing & Homelessness Solution’s Committee and approved by the Dallas City Council in May 2020. The Dallas Housing Finance Corporation authorized financial close of the development in April 2021.
Tennell Atkins, District 8 Councilmember and Chairman of the Economic Development Committee, who represents the area and played a key role in bringing this development forward, said he believed that the addition of this mixed-income development will lead to other investments in the neighborhood and surrounding area.
“The city of Dallas is excited to break ground on The Ridge at Lancaster. This first phase is a $75 million investment into District 8 that will provide high-quality, workforce housing for our residents,” Atkins said. “The second and third phases of this mixed-income development will provide additional housing options for our residents in the form of market-rate townhomes as well as much needed commercial/retail space. The total development cost is estimated to be $210 million and will serve as an economic development catalyst leading to additional investment in the community.”
This development is made possible by a partnership with the City of Dallas and LDG Development. It is owned and financed by the Dallas Housing Finance Corporation in partnership with LDG Development and will help to fill Dallas’ growing need for attainable and diverse housing options. Located near Camp Wisdom DART Rail Station, residents will have transportation access to major employment centers throughout the City.
LDG Development is the country’s largest developer of affordable workforce housing with more than 20,000 units across the country, including 7,500 in Texas. The Dallas Housing Finance Corporation issued $50 million in private activity bonds to fund the project and will own the project in partnership with LDG. Additional funding for this project is being provided by Red Stone and Enterprise Community Partners. Once complete, The Ridge at Lancaster will be LDG’s first property in the city of Dallas.
“Communities across the country are struggling to keep up with the growing demand for new housing that is located in close proximity to retail and commercial amenities that families and individuals frequent on a daily basis,” said Chris Dischinger, co-founder, and co-principal of LDG Development. “This development reflects that demand, while recognizing that any long-term success of an area has to include an influx of diverse housing options.”
The complex is the first phase of a three-phase development spanning approximately 94 acres. It will include market rate and diverse housing options and will offer onsite amenities including 250,000 square feet of commercial and retail space.
Plans for the remaining phases of this development are currently in design. This will include 250 units of townhomes and the commercial and retail spaces. Construction on the remaining phases of this development is expected to begin July 2022.