Sphinx Development to Build Affordable Apartments in Dallas
It’ll be called the Fiji Lofts and the project will seek out tenants who earn 60% or below the city’s median income. Sphinx Development Corp. says it seeks out locations that have been historically underserved by the affordable housing industry. The company has built 2,600 similar units in Texas.
Sphinx has received a $34.5 million construction loan from Citibank and has partnered with a group of both public and private entities for additional funding. The 204-unit development is expected to cost $55 million.
The Fiji Lofts are going in at 301 S. Corinth, south of the city center off Interstate 35. Sphinx Development Corp. expects the project to be complete by 2023.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.