The Piedmont/Scyene Joint Venture (PSJV) and its managing joint venture partner, Dallas City Homes, have completed the rezoning of its site located at 2500 and 2504 Hillburn, to allow for the development and construction of retirement housing. The conceptual drawings below, prepared by GFF Planning and TBG through the Real Estate Council, contemplate a 120 unit senior rental community. Financing sources are currently being identified.
2500-2504 Hillburn has been a vacant site for more than 10 years, and was recently acquired by PSJV. It is situated in the midst of a redevelopment effort which began in 1997 when the joint venture acquired the HUD foreclosed apartment complex known as Georgetown I, II, and III. The apartments had originally been built in the early 1950s, and had become a source of blight, crime, and a property devaluation engine for the neighborhood. With the help of a $5.5M grant from HUD, PSJV was able to redevelop part of the 43 acre site for 191 single family homes, and retain 157 rental units. The successful housing development outcomes achieved by PSJV allowed the larger neighborhood to recover its property values and achieve stability.
When the seniors community is constructed PSJV will have provided housing to a cross-section of households: families with children, singles, seniors, renters and homeowners on approximately 50 acres of land.