Offering Summary

Type: Land & Pre-Development

  • Preferred Return – 12% per year
  • Up to 2,000 Class A units at $5,000 per unit
  • Minimum 20 units ($100,000) per investor
  • 6% preferred return is  paid quarterly and remaining 6% is accrued till the end of the project

Net Cash Flow Distribution

Net Cash flow to be distributed in the following order:

  1. Where Proceeds are from a Company
    • Preferred return on capital invested in that company; then
    • Return of capital invested in that company; then
    • Same as general cash flow (see below)
  2. For Cash Flow Generally
    • Accrued but unpaid Preferred return; then
    • Return of capital contributions, until investors are fully repaid;
    • Remaining Net Cash Flow to the Class B Member.

The West Dallas Urban Village, is a multiple-asset-class master plan, programmed to accommodate a variety of income levels, daily necessity tenants and competitively priced Class A and Creative office.

For homeowners, this development offers fee simple homes and condominiums priced for a variety of income levels staring in the mid-$200s up to low $500s.

For the renter, the development offers apartment options ranging from affordable housing to upscale lofts.

The site will include approximately 100,000 square feet of build-to suit office space with significant dedicated and shared amenities for both creative and class A tenants. On the ground levels, the development will target a wide variety of tenants, including a neighborhood store, boutique grocer and a number of small-footprint food and beverage providers.

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Asset ClassLand AreaNSFGSFUnits
Apartments-480,750589,400566
Office-105,000105,000-
Retail-54,00054,000-
For Sale-229,495234,745198
TOTAL575,689869,245983,145764

ENTITLEMENT + PERMIT UPDATES

Updated: 30 July 2021 | 3:00pm CST

In the past 3 months, StoryBuilt continues the move forward on our West Dallas project with a focus on the following:

Zoning

  • Concept updates for zoning case completed.
  • We’ve hired new attorney’s to complete a new zoning package that will be presented to the city throughout ‘Q3 and ‘Q4 2021

Design

  • Finalize Phase I conception preparation for turnover to third-party design firm.
  • Source third-party architecture team for Phase I.
  • Requests For Proposals have been assembled and delivered to 4 firms.
    – Proposals were due by June 14th.
    – Interviews scheduled throughout July.
    – Award targeting mid to late ‘Q3.
  • Targeting a Schematic Design kickoff shortly after planning commission approval–estimated around mid-August.
  • The Development team finalizing Phase II programming by mid ‘Q3 2021.
  • Working closely with our consultants, on the remaining phases programming.

Marketing Research

We have continued to conduct the following research:

  • Competitive Property Tour with Property Management Consultant and StoryBuilt Architecture.
    – We visited 4 properties ranging from adjacent projects, mixed-use sites to large urban village concepts, similar to West Dallas’ concept.
  • Pro-Forma review with our management consultant.