DALLAS — The Dallas City Council has approved a new TIF district focused on transit-oriented development. The district encompasses 559 acres, and includes eight DART rail stations going from the Lovers Lane/Mockingbird area to the Lancaster/VA Medical Center area.
It is made up of three sub-districts: the first includes the areas around the Lovers Lane and Mockingbird stations; the second includes the Cedars station, as well as the station at 8th ad Corinth, both of which are tied to the new Trinity River Corridor project; and the third sub-district is the Lancaster Corridor, which includes Illinois Station, Crest Shopping Center, Kiest Station and VA Medical Center Station.
The TIF district has a 30-year life and is expected to generate approximately $328 million in revenue. During that time, real property values within the district are expected to grow from $320 million in 2008 to $3.52 billion by 2038.
The revenue produced by the district will be allocated for development projects in the district and public infrastructure that includes streets, sidewalks, lighting and landscaping.
Numerous projects are currently under development in the area. Southern Methodist University is expanding its campus with projects that include the George W. Bush Presidential Library and numerous campus facilities.
Locally based Prescott Realty Group is planning two development projects within the district at University Crossing. The first project, The Shelby, is currently under construction and will include 55 residential lofts and 3,500 square feet of retail space. The second project, The Shamburger Lofts, is still in the planning stages. Plans currently consist of more than 400 residential units and 8,000 square feet of retail space. TIF funds will assist in building the infrastructure that will create synergy within the area.
“The use of TIF funds [will help] create a walkable neighborhood,” says Bryant Marshall, director of Prescott Realty Group. He adds that the funds will make it easier for residents of the projects to get from their homes to the places they live, work and play.