The Dallas City Council announced January 17 that last week they had approved a 125 single-family home development for Pleasant Grove (Council District 5), to be funded with a $1.9 million grant given to Greenleaf Ventures.
The Pleasant Grove area consists of Trinity Forest, Prairie Creek, Marvel Drive, and Bruton Road. Most of the existing homes in this area were built in the 1960s, according to the press release. Downtown Dallas is less than eight miles away and Highway 175 is easily accessible.
The homes planned for the new development will be around 1,850 square feet and have at least three bedrooms and will range in price from $175,000 to $325,000. Twenty percent of the homes will be held for families that earn “less than 80% area median income, which is about $70,000 for a family of four,” the press release explained.
According to Victor Toledo, a Real Estate developer, the area was chosen for this development plan due to its access to St. Augustine Park, Prairie Creek Library, various schools, and a retail center anchored with a Fiesta Mart.
Deputy Mayor Pro Tem Jaime Resendez said the Pleasant Grove area hasn’t seen many homes go up for sale on the market. The new development will help alleviate the lack of available homes and “provide quality housing,” Resendez said, adding the area will be helpful for college graduates who return home to begin their careers.
“Greenleaf Ventures has committed to allocating 50% of the development costs to MWBEs (Minority and Women-Owned Business Enterprises)” and “the development will activate a vacant 24-acre site and provide the City with annual property tax revenue estimated at $241,656.” A portion of Dallas’ American Rescue Plan Act (ARPA) will also be funding the grant in order to supply water infrastructure for the homes in the new development.
Toledo stated, “The development will follow the success of the two recent developments by Greenleaf Ventures in the Buckner Terrace and Cedar Run neighborhoods that both sold out within 12 months of opening. This new community will also provide 125 homeowners with the opportunity of creating generational wealth that results from rising home values over time.”
The total cost of the development will be around $31 million. Groundbreaking is scheduled for later in the year.