Dallas Business Journal / 15 Jan 2016
Posted on January 20, 2016
Apartment community gives McKinney new affordable housing option
Jan 14, 2016
Staff Writer Dallas Business Journal
McKinney soon will get new affordable housing as a new apartment development has gotten underway.
Dallas-based developer Ground Floor Development, a firm that specialized in affordable housing development, has begun construction on a six-building, 182-unit apartment community, called Post Oak Apartments, near McKinney Ranch Parkway and Collin McKinney Parkway.
The development of Post Oak Apartments will have a positive impact on McKinney, with the development expected to generate $19.7 million in local salaries and create more than 200 new jobs, said Brian Webster, vice president of KWA Construction, which is the project's general contractor.
The Post Oak Apartments are being built with tax credit equity from the Low Income Housing Tax Credit program. The community will have 130 homes earmarked for families or residents earning 60 percent or less of the Area Median Income.
The remainder of the apartments will be leased at competitive market rental rates.
Plans for the six-building apartment community include a clubhouse with fitness center, business center, resident lounges and a laundry facility. Each of the one-, two- and three-bedroom apartments will have individual patios or balconies.
Architecttura Inc. is the project's architect. Boston Capital is the investor behind the community's construction.