DALLAS (WBAP/KLIF)- City of Dallas officials, Matthews Southwest, City of Dallas Housing Finance Corporation and Volunteers of America broke ground on a new mixed-use development called The Galbraith on 2400 Bryan Street that secures 111 new affordable housing units in Dallas.
“2400 Bryan Street represents a collaborative effort across City departments, lenders, and equity investors to support the City’s affordable housing development goals for Dallas,” said David Noguera, Housing and Neighborhood Revitalization director. “We hope that the success of The Galbraith will inspire other such developments and collaborations to follow.”
The City invested a total of $14 million into the project with a combination of funds (CDBG, Public/Private Partnership Funds, GO Bond Funds), requiring 51% of the units to be affordable. The mixed-use development will provide 217 residential units, of which 111 units will be affordable and 10,000 square feet of commercial space.
“The Dallas Office of Economic Development was extremely excited to provide gap financing for the development of The Galbraith, a high-quality, Class A, affordable residential rental development in downtown Dallas,” said Courtney Pogue, Dallas Economic Development director. “The project provides greatly needed workforce housing options in the core of Downtown Dallas while allowing its residents access to employment centers, transit and other world-class amenities such as the Dallas Arts District and Klyde Warren Park. Additionally, The Galbraith will feature a commercial component that will have a childcare facility for working families in Dallas’ downtown.”
“We are privileged to partner with the City of Dallas, the City of Dallas Housing Finance Corporation and Volunteers of America to provide high, quality, affordable housing in the heart of downtown,” said Jack Matthews, president of Matthews Southwest. “This is our second development with Volunteers of America, and it hopefully won’t be our last. We want to open up downtown to a workforce who might not otherwise be able to afford it.”
The Galbraith is expected to be completed in Fall 2021.