STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 28, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize a Chapter 380 conditional grant agreement and all other necessary documents with 1632 MLK LLC or an affiliate thereof for the redevelopment of a commercial building located at 1632 Martin Luther King Boulevard, Dallas, Texas 75215 - Not to exceed $1,000,000.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund)
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BACKGROUND
For more than a year, City staff has been in discussions with St. Philip's School and Community Center ("St. Philip's") for the redevelopment of a vacant commercial building at 1632 Martin Luther King, Jr. Boulevard ("Project"). A separate affiliated for-profit entity, 1632 MLK LLC ("Developer"), has been established for the Project.
For seven decades, St. Philip's has served as an anchor institution and resource for the South Dallas community. Now known as the Forest District, this area is deeply rooted in poverty, with a median income of $24,702.00 compared to the city of Dallas which has a median income of $45,215.00. Revitalization of the South Dallas community depends on successful economic development initiatives and projects along its major commercial corridors.
The Project entails the complete renovation of the existing 12,000 square foot historic commercial building (originally built in 1913) into 5 leasable spaces. The Developer has already pre-leased 50% of the space to a sit-down restaurant and a dentist. The Project is intended to provide increased neighborhood services to the community and bring hope to the area by stimulating investment on the Martin Luther King Jr. Boulevard Corridor. The Project also supports and further leverages the 2019 Chase Pro Neighborhoods Initiative along with their 2019 Community Master Plan to revitalize th...
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