The Beaux House by Bishop Ridge. Photo by Emma Ruby.
279 housing units — 140 of which will be affordable housing — were approved under the city’s Public Facility Corporation financing structure earlier this week in the latest Bishop Ridge housing project that will come to Lake Cliff, Candy’s Dirt reports.
The developer, Savoy Equity Partners, agreed to a 75-year lease with the Public Facility Corporation, which will allow the property to stay off tax roles for the 75 year term as long as at least half of the apartment units are offered at an affordable rate.
The development appears to be split between several locations along Lancaster Avenue, Ewing Avenue and Jefferson Boulevard.
Bishop Ridge boasts a litany of small apartment complexes in North Oak Cliff, with most clustered along Ewing Avenue. A quick drive by Wednesday afternoon showed construction underway at the Beaux House, which is located just North of the newly approved units on Lancaster Avenue.
According to Candy’s Dirt, Bishop Ridge plans to include 37 studio units, 175 one-bedroom units, 55 two-bedroom units and 12 three-bedroom units in the latest development.
Of those units, at least 113 will have adjusted rent for households making less than 80% of the area median income, and 30 units will be adjusted for households making less than 60% of the area median income.
“We’re seeing a lot of people get priced out of the North Oak Cliff area,” city council member Chad West told Candy’s Dirt. “This is going to be an opportunity for long-term affordable housing.”
