Flora Lofts bringing affordable apartments to the Arts District
Construction will begin in May on the affordable artists lofts in the Dallas Arts District. The 24.5 million Flora Lofts will be constructed at 2121 Flora St by a partnership between LaReunion TX and developer Graham Greene, who owns the lot. Presently the property is a surface parking lot. The Downtown Connection TIF and City Center TIF are contributing a total of $2 million to the project. In return, the City will have access to 50 spaces in the parking structure accompanying the lofts, for 15 years.
The 48-unit development project will offer 39 artists units available for below-market rates. Four units will be offered at 30 percent adjusted median family income, 10 at 50 percent, and 25 at 60 percent. The project is modeled after Minneapolis-based Artspace. Applicants will be selected for occupancy by a committee of their artist peers who do not qualify for the affordable housing. The committee will be selected by LaReunion TX and will verify income & qualifications of applicants. If the lofts do not receive enough applicants, units may become available to others.
Construction is expected to be complete by December 2015.
Source: Dallas Morning News, January 6, 2014.
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