The Dallas City Plan Commission voted on October 10 to approve the development of a $54 million housing community in southern Dallas.
The project, led by real estate investment firm Steinbridge Group out of Philadelphia, could begin construction early next year. The greenlit plan would create a development comprised of 180 townhomes in the Capella Park neighborhood.
Phase one of the project, focused on infrastructure, will take between six and nine months to complete. Phase two, focused on the townhomes, will require an additional 12 to 18 months to complete.
Capella Park is known for its large, luxurious homes. In 2022, The Dallas Express reported on opposition to a proposed warehouse zoning plan in the same neighborhood. At the time, residents cited concerns about a significant surge in traffic.
With the Dallas City Plan Commission’s approval of the new residential project, Steinbridge Group has no further regulatory hurdles since the proposed development already meets existing zoning requirements.
The development will encompass more than 15 acres. It was purchased in 2022 from two different sellers: Potter’s House Church and Clay Academy Charter School.
The development will expand the existing Capella Park neighborhood, something Steinbridge Group founder and CEO Tawan Davis says is needed.
“Housing remains a scarce resource across too much of the country, and our investment strategy aims to directly support high-quality homes for America’s families,” Davis said in a statement.
The development will consist of three-bedroom townhomes with a green-energy design focus. According to the Steinbridge Group, roughly 175 new construction and ancillary jobs are expected to be created to “complete the infrastructure and vertical development. ”
According to its website, the Steinbridge Group allocates private capital into areas that “can address social and economic dislocations in a way that is consistent with US economic realities.”