PILLAR: Growing
AGENDA DATE: May 27, 2026
COUNCIL DISTRICT(S): 2
DEPARTMENT: Office of Economic Development
PRIORITY: Targeted Economic Growth
______________________________________________________________________
SUBJECT
Title
Authorize a tax increment financing (“TIF”) development agreement with Mockingbird Owner LP, a Texas limited partnership and/or its affiliates (“Developer”) in an amount not to exceed $29,000,000 (“TIF Subsidy”), payable from current and future funds in the Maple/Mockingbird TIF District (“TIF District” or “Zone”), in consideration of the Developer’s design, engineering, financing, and construction of the Oak Park Mixed-Use and Mixed-Income Project (“Project”) on approximately 5.9 acres currently addressed as 1545 West Mockingbird Lane - Not to exceed $29,000,000.00 - Financing: Maple/Mockingbird TIF District Fund (subject to current and annual appropriations from tax increments)
*In alignment with Economic Development Incentive Policy.
Body
BACKGROUND
The Oak Park Mixed-Use and Mixed Income Project (“Project”) is proposed to be located on approximately 5.9 acres of property currently addressed at 1545 West Mockingbird Lane. The current site consists of an undeveloped, shovel-ready tract that is part of a larger 9.3 acre parcel.
The proposed Project includes construction of a 5-level multi-family residential building wrapping a parking garage (approximately 510 spaces), three commercial/retail buildings totaling approximately 10,400 15,000 square feet, and residential amenities including a clubhouse, coffee lounge, indoor/outdoor gathering spaces, fitness and wellness center, co-working space, storage units, resort style swimming pool, pet spa, and dog park.
Upon completion, the Project will consist of:
1. an approximately 373,120 square foot multi-family residential building (approximately 360 multi-family residential units);
2. an approximately 99,144 square foot parking garage (approximately 510 parking spaces);
3. approximately thirty-eight (38) surface parking spaces;
4. three (3) commercial/retail buildings totaling approximately 10,400 15,000 square feet;
5. an approximately 8,350 square foot green space anchored by an approximately 550 square foot commercial building; and
6. residential amenities that will include a clubhouse, coffee lounge, indoor/outdoor gathering spaces, fitness and wellness center, co-working space, storage units, resort style swimming pool, pet spa, and dog park.
The Developer is proposing that of the 360 units, 72 units (20%) will be set aside for households earning at/below eighty percent (80%) Area Median Family Income (“AMFI”). Specifically:
1. 18 units (5%) will be rented at/below 30% AMFI;
2. 54 units (15%) will be rented at/below 80% AMFI; and
3. 18 units (5%) at/below 100% AMFI
The Developer’s estimated total Project cost at substantial completion is approximately
$110,784,631.00 $111,949,421.00 and is comprised of the following components: (i) land acquisition costs of approximately $8,965,000.00; (ii) professional fees and soft costs of approximately $27,697,631.00 $27,825,254.00 (includes $3,421,397.00 in developer fees); and (iii) hard construction costs of approximately $74,122,000.00 $75,159,167.00.
Based on a comprehensive review of the development incentive application and extensive consultation with the City’s independent outside underwriter, staff offered a TIF development agreement and associated TIF Subsidy in a total amount not to exceed $29,000,000.00 as gap financing to make the Project financially feasible. On April 1, 2026, the Developer originally accepted the proposed incentive and the associated terms and conditions in an executed Letter of Intent. The Resolution accompanying this agenda item contains the detailed terms and conditions of the proposed incentive and TIF development agreement. The TIF Subsidy shall be payable upon completion of the Project, upon Developer’s satisfaction of all terms and conditions of the TIF development agreement, and in accordance with the TIF District Increment Allocation Policy.
The certified 2025 taxable value of the Property is $7,625,740.00 (Dallas Central Appraisal District). Upon completion and stabilization of the Project, the taxable value of the Property is projected to be approximately $75,0800,000.00.
On April 18, 2025, the City’s Urban Design Peer Review Panel (“Panel”) reviewed the Project. The Developer is revising the Project design to incorporate the Panel’s recommendations.
ESTIMATED SCHEDULE OF PROJECT
Begin Construction June 2028
Complete Construction June 2030
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On December 10, 2008, the City Council authorized the establishment of the Maple/Mockingbird TIF District by Resolution No. 08-3398; Ordinance No. 27435, as amended.
On September 23, 2009, the City Council authorized the Final Project Plan and Reinvestment Zone Financing Plan for the Maple/Mockingbird TIF District by Resolution No. 09-2362; Ordinance No. 27690, as amended.
On April 28, 2026, the Maple/Mockingbird TIF District Board of Directors reviewed the Project and unanimously recommended City Council authorization of a development agreement with Mockingbird Owner, LP and/or its affiliates in an amount not to exceed $29,000,000.00, with revisions extending the minimum investment deadline to June 30, 2030, and the ongoing minimum occupancy requirement to December 31, 2033.
The Economic Development Committee was briefed by memorandum regarding this matter on May 4, 2026. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=14824166&GUID=AF00E6CC-B5D7-4663-99B5-44FA7D5681A9>
FISCAL INFORMATION
|
Fund |
FY 2026 |
FY 2027 |
Future Years |
|
Maple/Mockingbird TIF District Fund |
$0.00 |
$0.00 |
$29,000,000.00 |
DEVELOPER/EXECUTIVE
Mockingbird Owner, LP
Carl Anderson, Registered Agent
MAP
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