Dallas developer gets funding for large downtown affordable housing project
The 204-units will be the latest addition to Sphinx Development’s master-planned community
A large affordable housing community is coming to downtown Dallas.
Dallas-based Sphinx Development Corporation has secured the financing to build a 204-unit project.
The Fiji Lofts apartments will be located at 301 S. Corinth, east of Interstate 35E on at least 2.7-acres, according to The Dallas Morning News. Sphinx obtained $34.25 million in financing from Citibank to finance the development.
The company has also partnered with Berkshire Hathaway Affordable Housing and Cameron County Housing Finance Corp on the project.
The rental community is expected to be completed by the end of 2023 and will cost more than $55 million. It will seek tenants who earn 60% or below the city’s median income.
A spokesperson from the company said this is the next phase of its massive master-planned community. Phase one was completed in 2010 with the 130-unit Fiji Senior Villas. That was followed by the 49-unit Fiji Townhomes community, which was completed in 2017.
Sphinx Development specializes in building housing for families earning below the region’s median income. To date, it has already added 2,600 units to the market across Texas.
This project also aligns with Dallas’s strategy of adding more affordable housing to its downtown area in an effort to spur economic growth. Dallas-based SPI Advisory recently purchased a 340-unit complex in an effort to capitalize on the city’s mission.