Mockingbird Station East could receive $29 million in future tax reimbursements from the City of Dallas.
The money, from the Dallas Transit Oriented TIF District, would be used to reimburse developer Trammell Crow Co. for infrastructure costs related to the 18-story apartment tower, such as relocating Oncor power lines, improving water and sewer lines and paving new streets and curbs.
The total cost of the development is estimated at $117 million.
The 429-unit development would include about 86 apartments, or 20%, that are affordable for 15 years. That means they would be available to households earning no more than 80% of the area median income, which is about $48,272 for a single person.
Trammell Crow is developing the site, adjacent to the SMU/Mockingbird station, in agreement with DART. SMU/Mockingbird is the one of the busiest stations in the DART system. DART will own and operate the parking garage, which will be available for public use. It will have about 500 spaces.
City Council is expected to consider the subsidy at its Feb. 23 meeting.
