Palladium USA has broken ground on a $107 million mixed-income development adjacent to the Buckner DART station in Southeast Dallas.
The firm is converting an underutilized parking lot at the station to provide new housing opportunities and connect residents with public transportation.
Palladium Buckner Station will offer 304 residences featuring one-, two-, and three-bedroom floor plans. Of these, 244 units will be available at 60% of the area median income, while 60 units will be market-rate apartments.
The new development will include 30 three-bedroom, two-story townhome units.
“Construction has started, and we are proud to break ground on this transformational community, which reflects Palladium USA’s ongoing commitment to providing high-quality, mixed-income housing in Dallas and for the surrounding community,” said Tom Huth, president and CEO of Palladium USA.
Amenities will include a resort swimming pool, a state-of-the-art fitness center, a conference center, a business center, a children’s playroom, a 1,600-square-foot community room, a basketball court, and more.
A public pedestrian promenade, meticulously planned with enhanced landscaping, will also make the property stand out, according to the team.
Palladium Buckner Station was designed by ARRIVE Architecture Group, and BBL Building Co. Operation Community Care is also a partner.
Regions Bank provided key financing for the development, including $34 million in low-income housing tax credit (LIHTC) equity, $26 million in bridge loan proceeds, and a $47 million Federal Housing Administration Section 221(d)(4) loan. The Texas Department of Housing and Community Affairs awarded the 4% LIHTCs.
Additional funding includes $14.5 million from the city of Dallas and $49.9 million in tax-exempt bonds issued through the Dallas Housing Finance Corp.