The Denton Housing Authority is partnering with Ohio-based NRP Group to bring a 322-unit apartment complex to Denton.
The apartment homes will be rented to people and families who fall within 60 percent of the area median income or less, according to developers. The median income for Denton is $48,518, according to the U.S. Census Bureau as of 2014. Rent is expected to range between $660 and $1,035 monthly.
The first units and complex clubhouse are slated to open late summer or fall 2017, and construction overall has a projected 2018 completion date.
Workers already have begun turning dirt at the site, 2420 E. McKinney St.
An official groundbreaking ceremony is set for later this summer.
“We’re excited about the process and the constituency we’re going to be serving in the near future,” said Salty Rishel, a commissioner on the Denton Housing Authority Board. “We hope that this is just a start of a very good partnership.”
The housing authority for numerous years has issued vouchers for rental and housing assistance.
Because of thousands of people seeking financial assistance for low-income housing, the housing authority had closed its waiting list for years. Earlier this year, the authority reopened its list and received 5,000 applications.
Officials said there is a preference for assisting those who are homeless.
About 3,000 people are on a waiting list seeking aid, according to housing authority officials.
They anticipate making assistance available to people to reside in this new complex.
“There’s a tremendous need in our community,” Rishel said.
The site for the complex, now mostly full of trees and brush, is blocks from Mack Park and adjacent to Denton Municipal Electric’s McKinney Street substation. Many areas of the 16-acre site already are sectioned off and an excavator is on-site to move dirt.
There are plans to re-purpose and reuse nearly 40 percent of the trees on the site once the complex is complete. The site for the complex was redesigned several times to save trees there, according to developers.
Michael Bell, a senior planner with the city, said developers for the complex received a special-use permit last year, and the plat process recently was completed.
NRP Group will develop and manage the complex, said Jason Arechiga, vice president of development for the company.
A name for the complex will be determined next week. Two ideas being bounced around are Veranda Estates or Veranda, Arechiga said.
The complex is geared toward families and will include one-, two-, three- and four-bedroom units, he said. Amenities for the complex will include two-, three- and four-story buildings with multiple elevators, two community rooms, an after-school program for children called Homework First, fitness and business centers and pools.
There also are plans to offer camps for children during summer, he said.
“It’s geared towards working-class families,” Arechiga said. “We’re really trying to develop a community here ... a community and sense of place and not just an apartment complex.”
Tax credits from the Texas Department of Housing and Community Affairs and Bank of America are financing the $50 million project, Arechiga said.
The apartment complex in Denton will be the second in the county developed and managed by the NRP Group, but the developer’s first affordable community.
Its other community, The Ellis in Carrollton, is a 330-unit luxury apartment complex.
NRP Group, with headquarters in Cleveland, has 236 communities across 12 states. In Texas, the developer has 45 affordable and senior communities.
BRITNEY TABOR can be reached at 940-566-6876 and via Twitter at @BritneyTabor.