DALLAS — Construction of a new affordable housing complex is underway on East Side Avenue in East Dallas. The project is generating some excitement in the City of Dallas.
Developers, investors, city staff and other project partners officially broke ground on the future site of Kiva East on Tuesday. It will be an 87-unit mixed income apartment community.
“We’re trying to preserve some affordability within this community,” said Lisa Stephens, president of Saigebrook Development, LLC.
Developers and supporters are boasting Kiva East as an affordable and market-rate housing community.
“This is a huge game changer for District 2 and the City of Dallas,” said councilman Jesse Moreno. He represents the area and is vice chair of the City Council’s Housing Solutions Committee.
Analysts say rents have increased more than 16% year over year. They also say demand for affordable housing, in this economy, is high.
“Here in the City of Dallas we’re facing challenging time, for a good reason. We’re having new residents move to Dallas. We’re having a lot of investment happening in our great city. But what that means is that rents at our apartments continue to escalate. Our housing units continue to dwindle, because we do have more people living in our city,” Moreno explained.
That’s why city staff and developers said they are so optimistic about affordable housing projects like Kiva East.
“Kiva East is going to be a tremendous asset,” said Mayor Eric Johnson.
Kiva East is a $25 million private and public funded project.
The building will have one, two and three bedroom units. Future tenants can expect upgrades like granite counter tops, walk-in closets, energy efficient amenities and much more.
The Bezos Academy is also opening a Montessori-style early childhood education center on the site.
“These are class A market rate apartments, offered at an affordable price,” Stephens added.
Developers said they expect Kiva East to be completed and ready to open by the fall of 2024.