City Council approves $6.5 million deal for new apartments at Dallas Farmers Market
Construction will soon begin on the next phase of apartments at the Dallas Farmers Market.
On Wednesday, the Dallas City Council approved a $6.5 million development deal with local developer Spectrum Properties Ltd. for Pearl Lofts, a six-story community with 100 apartments along Pearl Street and Jan Pruitt Way. The development is estimated at $33.2 million.
It is the latest parcel to be redeveloped at the Dallas Farmers Market, which spans 16.5 acres bounded by Marilla Street, Cesar Chavez Boulevard, Harwood Street and Interstate 30.
“What’s exciting is that [the redevelopment] came to fruition,” said Brian Bergersen, president and CEO of Spectrum Properties, in an interview. “We dreamed of what it could be 10 years ago.”
The agreement, covered by future tax increase funding, includes a development grant of nearly $6.2 million for high-density development and affordable housing. The rest will cover infrastructure improvements for utilities and streets.
The council also approved a nearly $268,000 development deal to create a pedestrian plaza between Taylor Street and Marilla Street, also using tax increment funding.
The North Texas Food Bank, which previously had its headquarters at the project site, will occupy 5,585 square feet of ground floor office space.
Facilities will include a swimming pool, dog park, fitness center, community hall and fire pit. Floor plans will vary from 620 to 1,200 square feet.
“It’s probably going to be our finest property from a finish standpoint that we’ve done there,” Bergersen said.
The developer plans to start demolishing the existing building immediately and construction is expected to be completed in March 2025. Andres Construction is the builder and Wilder Belshaw Architects designed the project.
As part of the funding agreement, 33 of the 100 units will be set aside to be affordable for households earning up to 80% of the region’s median family income.
Bergersen said most of the units designated as affordable at his other properties are occupied by people working in sectors such as health care, hospitality and municipal government.