Kiva East rendering. Courtesy of Saigebrook Development and O-SDA Industries.
A multifamily development offering affordable and market-rate housing as well as space for a pre-K is coming to Old East Dallas.
Groundbreaking on the Kiva East development is scheduled for early December, according to a press release. The project, which will be at 4806 Eastside Ave., is a collaboration between women-owned firms Saigebrook Development and O-SDA Industries. Located in City Council District 2, it will have direct access to the Santa Fe Trail. The property is surrounded by multifamily and single-family housing, as well as a commercial development with a Planet Fitness, Family Dollar and Cici’s Pizza.
“We are very proud of the unique community that we are creating with Kiva East,” says Lisa Stephens, owner and president of Saigebrook Development. “The development exemplifies the ideal high-quality, mixed-income housing community. We leveraged cutting-edge partnerships to go beyond just meeting affordable housing needs and create an enriched living experience for our residents.”
Of the 87 units at Kiva East, 71 will be available to households earning 30%-60% of the area median income. This comes through a partnership with the Texas Department of Housing and Community Development and the use of Housing Tax Credit financing.
Financing for the project is coming from several sources. The project received $2.48 million in HOME Investment Partnerships funds from the U.S. Department of Housing and Urban Development, awarded through the City of Dallas’ Department of Housing and Neighborhood Revitalization’s Notice of Funding Availability. It also received a loan from LISC’s Dallas Housing Opportunity Fund, in addition to funding from Hudson Housing Capital, Citibank, Legacy Bank and the Texas State Affordable Housing Corporation.
Kiva East has a 10-year lease agreement with Bezos Academy to house a tuition-free, Montessori-inspired pre-K at the development. It will have two classrooms and can enroll 40 students in a full-day, year-round early-childhood educational program. The Bezos Foundation will cover the costs of building out the interior of the space.
The development will be National Green Building Standard certified. Planned community spaces include a two-story clubhouse, business center, leasing center, fitness center, splash pad and bike parking.
Saigebrook Development and O-SDA Industries are also behind the Summit Parque community in North Dallas, as well as many other projects across Texas.
