A new high-rise development slated for downtown Dallas will include a number of affordable units according to recent reports—something many new projects throughout DFW have been lacking.
Being developed by Matthews Southwest, the new apartment tower will soon break ground at 2400 Bryan Street, and when finished, will stand 15 stories high and have around 230 apartment residences. And of those 230 units, over 100 will be reserved for below-market rents.
But just what does that means exactly? Well, according to affordable housing regulations, residents will need to be earning between 30 and 60 percent of the area’s median household income to qualify for the affordable units.
Also included in the project scope is a parking garage and right around 10,000 square feet of retail space, and estimated construction costs fall right around $49.4 million.
Just recently, Matthews Southwest also completed a $50 million restoration of the historic Dallas High School right next door, and the company was also behind the Omni Dallas convention hotel, which was completed back in 2011.