A mixed-use affordable housing development is underway in Old East Dallas, and it’s bringing one of Jeff Bezos’ preschools with it.
Austin-based affiliate companies Saigebrook Development and O-SDA Industries have started construction on Kiva East, according to the Dallas Business Journal.
Upon completion, expected in early 2024, Kiva East will have 87 units, 71 of which will be offered at affordable prices through a tax credit financing partnership with the Texas Department of Housing and Community Affairs. To qualify, new residents’ households would have to make between 30 and 60 percent of the area’s median household income, which comes to about $19,200 to $38,400 annually for a single person.
The development will also serve as a home to Bezos Academy, a tuition-free, Montessori-inspired preschool founded by the Amazon founder. The partnership between Saigebrook and Bezos Academy includes a 10-year lease agreement identical to the one Bezos Academy signed in January with Dallas-based Forefront Living to put up a location in Presbyterian Village North.
Coincidentally, just last week, less than a 15 minute drive west on Interstate 30, Bezos’ ex-wife, philanthropist MacKenzie Scott, announced a $16 million gift to Grand Prairie schools. Since their divorce in 2019, Scott has donated about $12 billion to over 1,200 groups, including multiple universities and organizations in Texas.
The full mixed-use development, located at 4724 and 4806 East Side Avenue, got a kickstart with $2.48 million in HOME Investment Partnerships funds from the Department of Housing and Urban Development. It was also lent an undisclosed amount from the City of Dallas, under the Notice of Funding Availability (NOFA) program, as well as the Dallas Housing Opportunity Fund.
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