Feature Illustration: Partial images of the concept elevation for Type Building “A” and a 3D bird’s-eye view of Del Rio Lofts. Source: Wallace Architects.
by Adolfo Pesquera
Del Rio (Val Verde County) — A Kansas-based multifamily developer of affordable housing projects obtained the zoning needed to pursue housing tax credit financing on a 61-unit proposal.
The project, if funded, would cost approximately $11.32 million and involves the construction of two residential buildings with surface parking. Approximately $7.7 million of the total would go to cover actual construction.
Common area amenities for Del Rio Lofts would include a fitness center, entertainment room, community room, native landscaping, outdoor community spaces and a dog park.
City Council approved without discussion a zoning change on May 25 from residential single estates to residential multiple family district. A representative of the development company did discuss the project, however, at a Planning and Zoning Commission session.
Jake Mooney of MRE Capital, Overland Park, Kansas, said 50% of the units would be two-bedroom apartments with about 1,100 square feet of living area; 25% of the units would be one-bedrooms with about 750 square feet; and 25% of the units would be three-bedrooms with about 1,330 square feet.
MRE Capital has applied for a 9% competitive housing tax credit award from the Texas Department of Housing and Community Affairs, which is expected to make its decision by late July.
“If we get the July (award), then this development will definitely be happening,” Mooney said. “We hope to be going to construction by the end of the year.”
Mooney said this would be their first project in Del Rio, however, the company has worked in other military towns and has completed eight other developments in Texas. He added that it is the company practice to “try to hire as many local subs as possible.”
MRE Capital listed TAN Construction Inc. of San Benito as the general contractor on its TDHCA application.
The proposed buildings will be three stories each and have a combined net residential area of 60,540 square feet, according to a project summary prepared by their architect. Common areas would add another 2,713 square feet.
The proposed parking provided is 108 spaces, of which eight would be ADA compliant. The impervious surface area is 77,205 square feet.
The project site is approximately three blocks southeast of the Plaza Del Sol Mall, at the southeast corner of Dodson Avenue and Newton Drive. The zoning change affects about 6.4 acres with the address 1999 Dodson Ave. However, Mooney said the apartment complex would be constructed about 500 feet east of Dodson, with vehicular access onto Newton.
Dodson is a commercial corridor and Mooney said the front half of the lot will be held in reserve for a possible commercial retail development in the future.
City staff, after reviewing the project, recommended the zoning change, noting that “the proposed use of an apartment complex is a good transition between the commercial uses on Dodson and the large lot residential estates developed further on Newton Drive.”
MRE Capital is one of two owners invested in this project. The other is Austin-based Structure Development.
Sallie Burchett of Structure Development submitted the zoning request in February and commented then that “multifamily is a complementary land use to commercial corridors, like Dodson Avenue. This site is conveniently located to provide nearby housing for Val Verde Regional Medical Center staff, and other Del Rio businesses’ employees and their families along Bedell (Avenue) and Dodson.”
MRE Capital acquired the property through a third party that in turn assigned the real estate contract to Del Rio Midwest Housing Partners LP, which is the partnership entity joining MRE Capital to Structure Development.
MRE Capital retained the services of Wallace Architects of Columbia, Missouri to draft the conceptual site plan and elevations.
VBX Project ID 2021-4081