The Dallas area is abounding with development, but parts of Southern Dallas remain underinvested, and Mikial Onu is seizing the opportunity.
His firm, Onu Ventures, is spearheading a 12-acre mostly residential project, dubbed the Adaline, at Interstate 20 and Bonnie View Road, an area that’s historically been overlooked by developers and investors alike, the Dallas Business Journal reported.
The Adaline is slated for 238 multifamily units, comprising a mix of apartments and townhomes, alongside 2.5 acres of retail and a park. Amenities will include a jogging trail, dog park and fitness center.
The first phase, set to cost about $50 million, will prioritize the construction of the retail portion, Adaline Plaza. Scheduled to start construction next month, Adaline Plaza will feature a 4,100-square-foot market café, complemented by a 5,200-square-foot building available for lease, potentially housing a fast-casual restaurant.
The Adaline reflects Onu Ventures’ business model of creating vibrant, walkable communities in underserved neighborhoods.
“What happens is people are making money working in the ZIP code but are living elsewhere,” Onu told the outlet. “Our goal was to figure out: how can we get … income back into the ZIP code, so it can be counted toward the census data? That way we can attract grocery stores without basically begging them to come for free.”
The development offers convenient access to downtown Dallas via Interstate 45, as well as higher education, with the University of North Texas at Dallas and the Dallas College Cedar Valley Campus nearby.
The project aims to address a critical need for affordable housing in the community, as it will cater to households earning between $40,000 to $70,000 annually. Onu Ventures has opted to forgo affordable housing tax credits in favor of design strategies to lower construction costs.
Despite facing challenges such as securing financing and navigating complex permitting processes, Onu remains undeterred in his vision. With an eye toward the future, he is already laying the groundwork for additional projects in Southern Dallas, including a mixed-use student housing development across from UNT Dallas.
—Quinn Donoghue
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