Savoy Equity Partners has completed its second development site in Dallas’ Cedars neighborhood within the past year.
The Dallas-based real estate firm, which invests in and develops multifamily properties, has acquired the apartment complex that includes the former 8,400-square-foot Dallas Power & Light building at the southwest corner of South St. Paul Street and Richardson Avenue.
Savoy plans to build a 300-plus mixed-income apartment community and a screened parking lot on the 2.67 acres it acquired from three sellers, while keeping the Power & Light Building intact and repurposing it as an amenity center for residents.
The Power & Light Building is just one of four buildings that once provided power for Dallas’ streetcars, according to Barrett Limberg, co-founder and president of Savoy.
Scott Lake and Jake Milner of Davidson Vogel Real Estate brokered the deal.
Savoy specializes in integrating complex tax structures into its projects, and this particular site is located within an Opportunity Zone.
“We are excited about this project because of its potential to contribute to the growth of Dallas while preserving important history. We are currently in the planning stages and look forward to sharing more details as the project progresses,” Limberg said.
The company is set to receive more than $1.85 million in funding from the city of Dallas for the roughly $83.5 million apartment development, with conditions including that half of the units be made available to low- and moderate-income renters.
Savoy also acquired land about two blocks away in December. The company plans to build a 76-unit building at the intersection of Corinth and El Bay, with construction expected to begin in the third or fourth quarter of this year.
The Cedars area has several large projects underway, including Hock Global’s So Good District, located less than a half-mile from Savoy’s new acquisition.
The development is expected to include hundreds of apartments, along with townhouses, a hotel and commercial space.
Further development plans expected to impact the area in the coming years include the redevelopment of the Kay Bailey Hutchison Convention Center and potential new uses for Old City Park.
