TREC Funds Give Life to South Dallas
Construction should wrap this quarter on the $20M 44k SF Parkland Clinic at Hatcher Station Village near Fair Park. It’s just one of the major revitalization projects going on in South Dallas and another reason we’re excited to bring you Bisnow’s Rise of South Dallas County event on Nov. 25 (8am) at the Sheraton Dallas.
The Frazier redevelopment was made possible with a loan from The Real Estate Council Foundation, which has been contributing to the development of Southern Dallas for over 20 years, The Real Estate Council CEO Linda McMahon (in white and red, with her family at the TREC Giving Gala) tells us. In 2012, TREC members created the Community Fund, a loan fund that operates like a bank with fees and interest, and a CDFI certification from the U.S. Department of the Treasury’s Community Development Financial Institution Fund. The fund provides flexible capital to spur development in neglected areas, she tells us. The fund gave needed gap funding to Frazier for land acquisition with a $200k loan that no other bank would have made. That was the necessary capital to seal the deal for the Parkland Clinic, she tells us.
Construction started earlier this year on the outpatient clinic at Scyene Road and Hatcher Street, adjacent to DART's Hatcher Station. Completion is targeted for early 2015. Hatcher Station Village is the cornerstone for economic opportunity in South Dallas, building on existing assets to lift the community to its full potential, Linda says. It connects South Dallas to the broader Dallas economic base. Easy access to DART, healthcare and career-focused education makes Hatcher Station Village a game-changer for urban revitalization, she tells us.
The clinic is the first of its kind to be built on the DART line, providing greater access to medical care. The center (designed by BOKA Powell and being built by Hill & Wilkinson) will serve geriatric and behavioral health patients, including adults and children. It will open for patients in Q1. Get your tickets here for our South Dallas event.