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Revitalization efforts stepping up: Mesquite council lends support to housing project
By Kenny Green, kgreen@starlocalnews.com
One of the major areas the city of Mesquite is seeking to revitalize is the Gus Thomasson corridor.
The city council approved a resolution by a 5-2 vote supporting the application for low-income housing credits with the Texas Department of Housing and Community Affairs for the construction of The Villas of Vanston Park. The development is being planned at 4540 Gus Thomasson Road. The dissenting votes were cast by Councilman Greg Noschese and Councilman Dennis Tarpley.
The resolution provides a local funding commitment for the project and declares that the project will contribute significantly to the revitalization efforts of the city to improve the North Gus Thomasson Road Corridor.
The resolution allows Body Vanston Park Investments, L.P., (VPI) to file an application by the March 1 deadline with the Texas Department of Housing and Community Affairs for tax credits. The project, The Villas of Vanston Park, is a multifamily and mixed-use project.
The project will bring up to 177 new households into the heart of the Gus Thomasson Square area. The small businesses and restaurants within the pedestrian shed of the project will benefit from the influx of new residents who must shop for groceries, sundries, medical care and other daily services.
The city believes it can bring evening street-level activity to the area, which is a necessary ingredient for entertainment and restaurant establishments. The project can, over time, exert upward pressure on real estate values, which gives investors a reason to consider further opportunities for rehabilitation and new construction.
"Design is critical. It will comply with the Gus Thomasson Revitalization Code because that will bring activity to the street," Gertson said. "The whole thing is designed to complement the tremendous public project that the council already supports and has funded on Gus Thomasson with the reconstruction of that street so it is walkable."
The project will consist of multifamily units that extend back to Forrest Drive, live-work units and ground floor flex space for later conversion to retail and office as the commercial market matures.
A new street will be built from Gus Thomasson Road to Forrest Drive. The street will create new value for property in its path, especially at its intersection with the new mid-block crossing of the Thomasson Square Project.
To be competitive for the award of tax credits, the project needs the city's support, including a local funding commitment. The proposed resolution provides that firm commitment in the amount of $1.86 million. Funding may take the form of a construction or permanent loan, a grant, an in-kind contribution, or a contribution that will support the project.
City staff has developed a funding plan that includes all of these forms of contribution in an amount designed to maximize application points for VPI and minimizes the city's net long-term incentive. A final decision on the precise form of the funding must take place prior to Sept. 1. The funding commitment is wholly dependent on VPI receiving a credit award.
"Section IV makes the funding commitment of this project contingent upon the design of this project," Gertson said. "If there are concerns about the store front retail levels, then we can add that down by adding a couple of words there. The purpose of that is to make sure this project does not go forward until it has got the right kind of design."
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