The City of Dallas City Plan Commission (CPC) granted unanimous approval to the Steinbridge Group, who will transform land purchased from the Potter’s House Church and Clay Academy Charter School in 2022 at the height of the COVID-19 pandemic
The development advances the Steinbridge Group’s commitment to partner with HBCUs and other community institutions to transform underutilized assets and close institutional funding gaps
DALLAS, October 15, 2024–(BUSINESS WIRE)–Today, the Steinbridge Group, a rapidly growing real estate investment and development firm, announced unanimous approval by The City of Dallas City Plan Commission (CPC) for an approximately $54 million, privately funded development of 180 new homes in the Capella Park neighborhood in Dallas, Texas. The development advances the Steinbridge Group’s previously announced initiative, partnering with Historically Black Colleges and Universities (HBCUs) and other community institutions to generate value and attract students to close funding gaps within institutions by activating underutilized real estate.
The land, which totals over 15 acres, was purchased free and clear from a combination of the Potter’s House Church and Clay Academy Charter School in 2022 as institutions navigated the tumultuous nadir of the COVID-19 pandemic. The residential development plans will expand the existing Capella Park neighborhood and are in direct response to community feedback, emphasizing the critical need for new residential opportunities in Southern Dallas.
“Housing remains a scarce resource across too much of the country, and our investment strategy aims to directly support high quality homes for America’s families,” said Tawan Davis, Founder and CEO of the Steinbridge Group.
The development will consist of three-bedroom townhomes. The development’s green energy design and material sourcing will ensure that the project contributes to energy efficiency and environmental sustainability. In addition, the development will create approximately 175 new construction and ancillary jobs to complete the infrastructure and vertical development.
Steinbridge Group has built a reputation of making targeted investments to expand residential options, strengthen institutions and provide tangible pathways to homeownership. Earlier this year, Steinbridge committed $42 million to Virginia Union University to enable the institution to unlock the value of its 100-acre real estate holdings in Richmond’s North Side. The investment will empower the University to develop underutilized parcels for commercial and residential uses, which will catalyze more economic development and support housing needs.
In 2023, the Steinbridge Group partnered with PNC Bank to reduce hurdles to homeownership for working families through the launch of a mortgage financing program in Philadelphia.
Steinbridge Group’s strategic investment in the Capella Park neighborhood is a clear demonstration of its commitment to fostering access to stable, high quality homes in key metro areas across the country and contributing to the overall housing supply.
About Steinbridge Group
The Steinbridge Group is an investment company with an initial focus on impact through real estate. The company is currently advancing a strategy to acquire, renovate and develop homes to lease and sell to families in major cities throughout the United States.
The Steinbridge team includes leading professionals with global experiences across real estate and finance with billions of dollars of investing, acquisitions, asset management, construction, development, and leasing experience.
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