search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsMohamed Hadid files for bankruptcy on Beverly Hills lot, owing $55M to creditorsMohamed Hadid files for bankruptcy on Beverly Hills lot, owing $55M to creditorsLA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsThe Daily Dirt: Sorting fact from fiction on developers’ new tax breakThe Daily Dirt: Sorting fact from fiction on developers’ new tax break
Commercial
Houston

Stewardship Development plans workforce housing in Houston  

Firm was approved for Low-Income Housing Tax Credits related to two other projects

Stewardship Development Plans Workforce Housing in Houston
Stewardship Development Founder Bill Syrios (Linkedin, Getty)

Stewardship Development is planning a 72-unit workforce community in North Houston, taking another dip into the Greater Houston housing market. 

The Oregon-based developer is set to begin construction on the multifamily project, dubbed Saddle Creek Village, in July, according to a filing with the state. It will be located at 15960 Kuykendahl Road with an estimated price tag of $14 million, or $194,000 per unit. 

The development will span roughly 85,000 square feet and include two three-story buildings, an after-school learning facility and a dog run. Saddle Creek Village is expected to be completed by September 2025. Oregon-based firm Otak will be spearheading design. Stewardship Development did not immediately return a request for comment. 

It was the only submarket in the metro to experience triple-digit negative net absorption, with -116 units, indicating more apartments were left empty than were rented out last quarter, according to Transwestern.  

Sign Up for the undefined Newsletter

The development is partially funded by the Harris County Treasury ARPA Multi-Family Acquisition Program, which has allocated $33 million to 540 housing units. The program aims to boost affordable housing options through the American Rescue Plan Act state and local fiscal recovery funds by targeting the acquisition, rehabilitation and construction of affordable multifamily housing. 

New Hope Housing’s 102-unit senior living development Ennis, at 1887 Ennis Street — which received a $17 million equity investment from Capital One in February — is another upcoming project that was awarded the ARPA funding. The Richman Group also received funds to renovate 220 units at Meadowbrook Plaza, at 600 and 720 East Little York Road. 

Stewardship Development is also behind two of the 17 developments that the Houston City Council approved for Low Income Housing Tax Credits last month. The firm has proposed two 66-unit affordable developments, called Bissonnet Village, at 12865 Bissonnet Street, and Veterans Memorial Village, at 11415 Veterans Memorial Drive. 

Read more

Companies and People
Stewardship Development
Tags
Affordable HousingHoustonTexasWorkforce Housing