An abandoned low-income housing development site in Plano will soon receive a new lease on life.
The property at Avenue G and 14th Street near the city's downtown has been left vacant for about eight years. But it has been sold to the nonprofit Texas State Affordable Housing Corp., which will partner with Lewisville-based Green Extreme Homes CDC, another nonprofit specializing in affordable, environmentally friendly homes.
"It takes a special developer to see the potential," said Deputy City Manager Frank Turner about the partnership, which also involves incentives from the city.
The property will be developed into 40 to 50 new for-sale condominium units ranging from one to three bedrooms.
Turner said Plano needs affordable new construction property in the sale and rental markets.
The majority of homes in the project would be reserved for moderate income buyers, or people who make less than 80 percent of the median area income.
The rest, about 20 percent of the new homes, will be offered as "workforce housing" to people such as teachers, firefighters and police officers.
With other housing projects under way in the downtown area, Plano is likely to reach its goal of creating 1,000 new housing units within a quarter-mile radius of the downtown Dallas Area Rapid Transit station by the end of the year, Turner said.
The city is trying to urbanize its downtown core with a variety of housing options, emphasizing access to transit and walkability.
Former Plano resident Reinhard Egger said the development is paying off -- and making downtown Plano a social destination.
He said he hopes housing options continue to grow and hopes it can attract businesses, too.
"Hopefully, young professionals can take advantage of that and establish themselves and establish downtown for what it should be," he said.
The affordable units are expected to be on the market by late 2013.
No information about pricing has been released.
Click here for more information on the city's complete plan.