Seven things to know about the $40-million Bishop Arts project

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A $40-million redevelopment project surrounding Bishop and Ninth could create a connection between Bishop Arts and Jefferson Boulevard.

Farrokh Nazerian and his son, Michael, acquired 32 parcels of land near Bishop Arts, which they’ve been holding for about a decade and now are set to move on creating apartments, shops and restaurants there.

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The project is expected to expand the perceived Bishop Arts area further into the surrounding neighborhood and create an inviting walk  or bike ride between Bishop Arts and Jefferson where Jim Lake Cos. is redeveloping the Jefferson Tower.

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Here are seven things to know about the Nazerian project:

*The project’s first phase is bounded by Bishop, Melba, Madison and Ninth.

*About 200 apartments and a two-story underground parking garage are planned for the first phase of development.

*In 2010, the Nazerians received a $2 million grant from the city to buy some of the property.

*The developers are seeking a second $2 million economic development grant from the city to complete the project.

*The Nezerians are seeking $5 million in Tax Increment Financing to complete the project’s $40-million first phase.

*The project does not lie within in a Tax Increment Financing area, and the city is considering expanding the Gateway TIF District to include the project.

*The project could have buildings as high as five stories under the current zoning.

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22 Comments

  • I’m not “demanding” anything. I am wishing more people here had the money and sense to do a project that had a more positive long term impact than more apartments. I would do it if I had millions in grants from the city.

    By the way some of that money they are getting from the city IS my money.

  • Break out your checkbook and build them yourself instead of demanding someone else do it with their money.

  • Explain to me how this will benefit OC? More apartments? more congestion? Still poor parking in Bishop Arts… No discussion of better services like a new grocery store…
    Sadly if they build it they will come.

  • The city giving money and tax incentives for a slumlord to build more apartments in my neighborhood. That’s all I need to know.

  • It seems like some conceptual drawings would go a long way towards creating more assurance in the community. Now, all anyone has to go on are a few paragraphs of descriptive text. For the large amount of money already allocated and the even larger amount sought, at the very least, some drawings are in order.

  • Look into exxir capital, this is his managment company which is backed by Kensington properties llc. Most of Michaels properties are like Chapel Brook apartments and Riverfall Square which he owns both. The two best properties he has are Carlisle on Katy Trail and Maple Terrace. Being in Uptown they are not up to par but they do have really low prices.

  • What are some other properties the Nezerians have developed? Did the properties develop as planned? One can judge character by looking in the past.

  • I really wish someone would build small, affordable prefab modern single family homes or a tiny home community. Home ownership helps build a community. Don’t we have enough apartments sprouting up around here?

  • This is really unfortunate, as a former employee the son is running everything and he does not have a clue as to what he is doing. If you look into all of his rental properties, they are all less than satisfactory. Most of the son’s real estate ventures bring in seedy people and he does not take care of his buildings at all. Sad, but he is going to run one of my favorite neighborhoods in dallas into the ground like he has with every property he has owned.

  • Those millions will come into play…Public money ? HUD Deal ?…. In order to make Bishop Arts better they will remove the Low income spread out housing / Apartment area around it and replace it with LOW INCOME High density Apartment Hives…I don’t think Our City will be able to support another UPTOWN and with the tens of thousands units that are about to be built in the Trinity to loop 12 corridor we can’t expect young executives to fill each complex..

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