Central Dallas Community Development Corporation (Central Dallas CDC) completed the acquisition of 511 N. Akard today. The fifteen story office tower in Downtown Dallas will be re-developed into 209 apartments, ground floor retail and two floors of office space. Construction on the project, tagged CityWalk@Akard, will begin in 2007.

“This closing could not have happened without the commitment and hard work of many great community partners,” said John Greenan, Executive Director of Central Dallas CDC. “We are especially thankful for the support of the Dallas City Council, especially Angela Hunt and Gary Griffith, who backed this project from the beginning and whose support helped us to secure nearly $14 million in funds for this project.”

Central Dallas CDC, the sister organization of Central Dallas Ministries (CDM), secured commitments of $1.75M from the City of Dallas and $12M in low-income, housing tax credits from The Texas Department of Housing and Community Affairs (TDHCA) for the project earlier this year.

Additional partners include JPMorgan Chase Bank, the Enterprise Community Loan Fund, the Corporation for Supportive Housing, Fannie Mae, The Real Estate Council and The Real Estate Council Foundation, the Baron and Blue Foundation, WKMC Architects, McCaslin Properties, the BECK Group, Sowell & Company and the United Way of Metropolitan Dallas.

Central Dallas CDC will convert the property into 209 high-quality apartments. Two hundred of the units will be affordable, workforce housing. Of these, fifty will be set aside for formerly homeless individuals who qualify for the permanent housing development. Nine of the units will rent at market rates.

Originally built between 1957 and 1959, the mid-century building will be restored to its original design on the interior, and the exterior of the building will see few modifications. “Since the building is nearing the half-century mark, we will be able to apply for Historic Tax Credits. This building has great architectural significance for Downtown that needs to be preserved,” said Larry James, President and CEO of CDM.

Interior features such as marble-walled lobbies, stainless steel lighting fixtures, and original flooring will be several of the key historic features of the building. Central Dallas CDC will also preserve the 290-seat auditorium.

“Downtown is the heart of Dallas’ thriving business community, but that heart could not beat without the thousands of low-income people who work in Downtown’s stores, restaurants and parking areas,” said James. “This project will reserve a space for these workers to live Downtown.”

Although it is modeled after similar projects in cities like New York City and Houston, this project will be the first of its kind in Dallas.

“Dallas currently has less than 1 unit of permanent housing for every 25 homeless people that need a home,” continued James. “We firmly believe that providing our homeless neighbors with a place of their own will allow them to address the most significant problems that forced them onto the streets of our city.”

“This project is only a small first step, but it is a significant beginning,” said Greenan. CDCDC is working with WKMC Architects on the plans for CityWalk@Akard. WKMC’s Rob Colburn is leading the design team. The estimated cost for the total project is approximately $23 million.

Central Dallas CDC is a 501 (c) (3) organization, created by Central Dallas Ministries to increase the supply of affordable housing as part of the diverse, economically-mixed neighborhoods of the inner city of Dallas. Central Dallas CDC is co-developer of the project along with McCaslin Development. Scott Collier, of Staubach and Co., represented Central Dallas CDC in the purchase of the building. Central Dallas CDC has engaged Sarah Anderson of Sarah Anderson Consulting as the tax credit consultant and Coats-Rose as the law firm on this project.

Central Dallas CDC has received support from all corners of the city, from City leaders to business leaders. Those letters of support and more on this project can be viewed at www.CentralDallasCDC.org.