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Dallas Plan Commission approves townhome development in Capella Park

A townhouse development from Steinbridge Group

Steinbridge Group

Dallas' City Plan Commission has approved a $54 million, privately funded development of 180 new homes in the Capella Park neighborhood.

According to a release, the development will be executed by Steinbridge Group, a Philadelphia-based real estate investment and development firm working to acquire and remodel homes to lease to middle class working families in major cities across the U.S.

The land, which totals over 15 acres, was purchased from a combination of the Potter’s House Church and Clay Academy Charter School in 2022.

The development will expand the existing Capella Park neighborhood, and is in response to community feedback, requesting more residential opportunities in Southern Dallas.

Capella Park is a "new urbanist" master-planned community just off West Kiest Boulevard between Mountain Creek Parkway and Spur 408, adjacent to Dallas Baptist University, The Potter’s House, near Duncanville.

“Housing remains a scarce resource across too much of the country, and our investment strategy aims to directly support high quality homes for America’s families,” says Steinbridge Group founder and CEO Tawan Davis in a statement.

The development will consist of three-bedroom townhomes for rent.

In 2023, Steinbridge Group partnered with PNC Bank to reduce hurdles to homeownership for working families through the launch of a mortgage financing program in Philadelphia.

The release says their investment in the Capella Park neighborhood is a demonstration of their commitment to fostering access to homes in key metro areas across the country and contributing to the overall housing supply.

No Cap

Dallas was a top-10 destination for Gen Zers on the move for 2023

Photo by Lance Asper on Unsplash

Who wouldn't want to live in a Gen Z paradise like Dallas?

As Gen Z enters adulthood, many are flocking to the nation's biggest cultural hubs like New York City, Los Angeles — and now Dallas, which had the ninth-highest inflow of Gen Zers in 2023.

Dallas' new reputation as a Gen Z hotspot was unveiled in a recent report by American home improvement brand This Old House, which analyzed migration trends across multiple generations using 2023 U.S. Census Bureau data.

Dallas saw an influx of 13,770 Gen Z residents last year to become the generation's No. 9 most popular city. That's 4,223 more Gen Zers than the net migration rate from 2022, the report found.

Real estate marketplace Zillow seems to agree on a statewide scale, declaring Texas as the No. 1 destination for Gen Zers on the move in 2024.

However, as Gen Z Dallasites may have learned, it's going to take a big bite out of their paychecks to live in such a highly sought after city. A March RentCafe housing cost analysis predicted Gen Z adults living in Dallas are likely to spend over $149,000 on rent by the time they are 30 years old.

While Dallas saw big gains in its Gen Z population last year, many other big cities saw a mass exodus. Plano, for example — which gained 1,295 Gen Z residents in 2022 — lost 4,028 Gen Zers in 2023, the report discovered.

The biggest Gen-Z exodus was in El Paso, with a drop of 5,607 — "a sharp turn from 2022 when the city saw an increase," the report said. "Other cities, including Plano, Texas; Memphis, Tennessee; McKinney, Texas; and Wichita, Kansas, are seeing similar declines."

"Gen X, baby boomers, and the Silent Generation are also moving away from major cities, particularly New York City and Washington, D.C.," the report said. "They’re heading to some of the same cities as Gen Z, including Houston and Jacksonville, Florida."

The top 10 cities that gained the most Gen Z residents in 2023 are:

No. 1 – New York City, New York
No. 2 – Los Angeles, California
No. 3 – Houston, Texas
No. 4 – Philadelphia, Pennsylvania
No. 5 – Chicago, Illinois
No. 6 – San Diego, California
No. 7 – Seattle, Washington
No. 8 – Charlotte, North Carolina
No. 9 – Dallas, Texas
No. 10 – Minneapolis, Minnesota

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