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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.

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.

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.

By |2015-02-18T11:33:34-05:00September 24th, 2014|Bishop Arts District, Development, News|22 Comments

About the Author:

Rachel Stone is the Oak Cliff editor. Email rstone@advocatemag.com or follow twitter.com/advocate_oc.                                     

22 Comments

  1. […] new development? No one seems to have asked and no one seems to care. But the City granted Nazerian $2 million to help purchase those properties then promised him $5 million more in tax reimbursements to […]

  2. Amy March 13, 2015 at 4:30 PM

    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.

  3. Billy Bob March 13, 2015 at 2:31 PM

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

  4. Brandon Mohon October 27, 2014 at 3:26 PM

    This is a private investment that the city should not have touched with tax money.

  5. […] massive Bishop Arts District redevelopment project from the Nazerian family gained approval Thursday for $5 million from the Oak Cliff Gateway Tax […]

  6. Robin October 16, 2014 at 8:51 AM

    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.

  7. […] $42 million first phase of the planned development between Bishop Arts and Jefferson Boulevard will require about 4.5 acres of existing houses and […]

  8. paisano57 October 9, 2014 at 12:24 PM

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

  9. paisano57 October 9, 2014 at 12:17 PM

    Yes please, no more apartments!

  10. Michael Amonett September 26, 2014 at 6:41 AM

    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.

  11. Alicia September 25, 2014 at 3:31 PM

    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.

  12. Ted September 25, 2014 at 2:58 PM

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

  13. Amy September 25, 2014 at 2:32 PM

    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?

  14. Alicia September 25, 2014 at 2:22 PM

    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.

  15. Rachel Stone September 25, 2014 at 9:56 AM

    Yes, a two-story underground garage for the 200 apartments and retail

  16. Oak Cliff Townie September 25, 2014 at 9:35 AM

    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..

  17. Lui September 25, 2014 at 7:25 AM

    Was the land bought with “grant money” generating income for ten years ?

  18. Lui September 25, 2014 at 7:22 AM

    How do you get 4 mill from the city (us) to buy land? Then sit on it for 10 years ?

  19. Cabe Booth September 25, 2014 at 3:10 AM

    ah.. i found an answer NM

  20. Cabe Booth September 25, 2014 at 3:07 AM

    will there be art. and/or people who make art?

  21. Stephanie September 24, 2014 at 9:49 PM

    Rachel, do you know what architecture firm they are working with?

  22. c0ntr0lz September 24, 2014 at 5:47 PM

    They’re going to build some parking garages, right?

Comments are closed.