Work could begin as soon as June on a $42-million project to build apartments, shops, restaurants and offices between the Bishop Arts District and Jefferson Boulevard.
City Council on Wednesday approved a proposal to make 4.5 acres roughly bounded by Madison, Melba, Bishop and Ninth part of the Oak Cliff Gateway TIF District, making available $5 million in reimbursements for the Nazerian family’s mixed-use project, called Bishop Arts Village.
The developers say tax increment financing is necessary so that the project will vibe with Bishop Arts in the way of sidewalk width and style, lighting and building alignment, as well as amenities such as space for outdoor performances. The project also will include underground parking and will make some spaces available for public use.
The city in 2010 gave the developers $2 million in economic development funds to buy properties as part of its assemblage of the acreage. The family first started buying properties about 10 years ago.
City Councilman Scott Griggs said the project is “critical to grow the area.”
“I appreciate the Nazerians’ vision for acquiring the land before the success of the Bishop Arts District was really realized,” he said.