Philadelphia-based real estate investment and development firm the Steinbridge Group has received approval from the Dallas Plan Commission for a roughly $54 million, privately funded development of 180 new homes in the Capella Park neighborhood in southwest Dallas.
The firm said the development advances its previously announced initiative, partnering with Historically Black Colleges and Universities (HBCUs) and other community institutions to generate value and attract students to close funding gaps within institutions by activating underutilized real estate.
“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,” Tawan Davis, founder and CEO of the Steinbridge Group, said in a statement.
The land totals more than 15 acres and was bought from a combination of the Potter’s House Church and Clay Academy Charter School in 2022.
Plans for the development will expand the existing Capella Park neighborhood and are in direct response to community feedback, emphasizing the critical need for new residential opportunities in Southern Dallas, Steinbridge said.
The firm said the development will consist of three-bedroom townhomes and that its green energy design and material sourcing will ensure that the project contributes to energy efficiency and environmental sustainability. The development will create roughly 175 new construction and ancillary jobs to complete the infrastructure and vertical development, Steinbridge said.
Expanding housing and strengthening communities
Steinbridge Group is known for making targeted investments to expand residential options, strengthen institutions, and provide tangible pathways to homeownership.
Earlier this year, Steinbridge said it committed $42 million to Virginia Union University to enable the institution to unlock the value of its 100-acre real estate holdings in Richmond’s North Side. Steinbridge said that investment will empower the university to develop underutilized parcels for commercial and residential uses, which will catalyze more economic development and support housing needs.
In 2023, Steinbridge partnered with PNC Bank to reduce hurdles to homeownership for working families through the launch of a mortgage financing program in Philadelphia.
Steinbridge Group said its strategic investment in the Capella Park neighborhood is a demonstration of its commitment to fostering access to stable, high-quality homes in key metro areas across the country and contributing to the overall housing supply.
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