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Developers plan to break ground soon on a high-rise apartment project on downtown Dallas’ eastern edge that will provide affordable housing.
Real estate firm Matthews Southwest plans to construct the apartment tower at 2400 Bryan Street next door to the historic Dallas High School building.
The 15-story building will have about 230 apartments, with more than 100 of the units reserved for below-market rents. Residents in the planned project would have to earn between 30 percent and 60 percent of the area’s median household income to qualify for the affordable rental units.
A parking garage and almost 10,000 square feet of retail are also planned for building, which overlooks the U.S. Highway 75 overpass.
Architect Perkins + Will designed the angular building along DART’s rail line with a concrete, brick and glass exterior. Matthews Southwest filed building permits for more than 448,500 square feet of construction valued at almost $49.4 million.
The same developer completed a $50 million restoration of the 1907 Dallas High School next door at Pearl and Bryan streets. Matthews Southwest also developed the downtown Omni Dallas convention hotel, which opened in 2011.
Part of the new apartment project will be funded with low-income housing tax credits from the state of Texas.
"We expect to close with our tax credit investor and financing and provide the notice to proceed to our general contractor in early to mid-April," developer Jack Matthews said in an email. "There will be 18 months of construction to get our first units occupied in fourth-quarter 2020."
The 15-story 2400 Bryan project will include apartments and retail.