The $42 million first phase of the planned development between Bishop Arts and Jefferson Boulevard will require about 4.5 acres of existing houses and apartments to be demolished, and the developer is seeking $5 million in economic development funds.

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The $5-million Tax Increment Financing grant would reimburse the developer, the Nazerian family, for expenses including sidewalks, street trees and lights, improved water and sewer lines and burying utility lines. The developer would provide 30 public parking spaces and some affordable apartments. About 43 of the 218 planned apartments would be available for 15 years to people earning no more than 80 percent of the Dallas median income, currently about $45,000 for a family of four.

The project’s first phase also calls for 26,670 square feet of retail and office space and a parking garage. The new buildings will have one or two stories on Bishop, and heights will increase to as many as four stories toward Madison.

The developer proposes adding the area to the Gateway TIF district and is expected to make a presentation to that TIF board today. See the full presentation here.

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