Mikial Onu can recite statistics from memory, and he’s quick to point out that more than 5,700 people work in blue-collar jobs in ZIP code 75241, that blue-collar jobs in the area pay between $40,000 and $70,000 a year, and that fewer than 3,500 of those 5,700 employees actually live there.
For those who don’t, Onu can recite the Area Median Income (AMI) for the neighborhoods they live in: $81,000 in DeSoto, $84,000 in Cedar Hill, and about $104,000 in Red Oak. These are facts and figures to know when trying to stimulate private investment with 12 acres of land in South Dallas.
Ground is breaking this week for The Adaline, a 12-acre mixed-use development by Onu Ventures near the intersection of Interstates 45 and 20. Plans for Phase 1, valued at $5 million, include construction of a 4,100-square-foot market and cafe called “Miss Eddie’s,” a 10,000-square-foot outdoor event space bearing the BKYD name, and 5,200 square feet of rentable retail space. Completion is expected this fall.
Plans for the $50 million development also include 198 apartments and 40 townhouses, with a workforce housing product targeted to renters in the 65% to 90% AMI range. Construction on Adaline would begin in 2022. The original goal was to bring entirely private investment to a neighborhood featuring market-rate products, Onu says, adding that there’s a misconception about what that means. “What market rate really means is market rate relative to the county,” he says.
As Onu says, the lack of market-rate housing distorts local income information, making it appear as though there are no very wealthy people in the area. “And when you don’t have money, you don’t have retail, you don’t have market-rate housing, you don’t have single-family homes, you don’t have restaurants, you don’t have grocery stores, and that’s what everyone’s talking about,” he says.
Onu said people are working in the area and earning good incomes, but are living elsewhere because of a lack of supply. “The supply is not there because people don’t understand the market well enough,” he said.
That’s where Onu comes in. He grew up in the Houston suburbs and got to know Dallas while studying finance at Southern Methodist University. After earning a master’s in leadership from the University of Colorado Boulder, he returned to Dallas in 2021 and founded Onu Ventures. The company has about 10 projects in its portfolio, including Adaline.
“I was looking for an area of Dallas where I could really have an impact,” Onu says. “You know, a 22-year-old can’t just come to Park City and start developing retail. It doesn’t make a lot of sense. But in South Dallas, I understood the people, I understood the community, I understood the different things that were going on there.”
He points to the communities that make up the outer ring of growth around Dallas: Rowlets, Red Oaks, Planos. But in South Dallas, Onu sees opportunity. “I think this is the only place that’s still ripe for development, where you can buy land at a feasible price, and you can get creative,” Onu says. “And I hope other people see that too.”
Miss Eddie’s was designed by Dallas-based Plan B Group, whose portfolio includes the Haywire in Uptown Dallas and Legacy Food Hall in Plano. Onu said the project would be appealing in Highland Park or Plano. “Just because it’s in South Dallas doesn’t mean it’s going to be less quality,” he said. “That’s why I’m excited. This very high-quality project, when it’s completed, will be designed by some of the best retail people in Dallas.”
Onu is quick to point out that this isn’t a charity. “We’re not a nonprofit,” he says. “We don’t do things that we don’t think will make us money.” To him, the Southern Dallas Project isn’t about Adaline or being the only organization pursuing a future in the area, it’s about starting something new.
“We’re excited to see what a new generation of innovators can do in South Dallas,” Onu said.
