Hunt Capital Partners and Sycamore Development are pleased to announce the opening of Cabana Design District, a 175-unit multifamily development in the heart of Dallas. This historic project has transformed the iconic former Cabana Hotel, located at 899 North Stemmons Freeway, into a vibrant mixed-income housing development.
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Cabana Design District in Dallas, a $116 million adaptive reuse of the historic 1962 Cabana Hotel, now home to 175 mixed-income residences in the heart of the Design District.
The $116 million redevelopment of the Cabana building preserved a piece of Dallas history at risk of being lost. Built in 1962 as a hotel, Cabana has a rich and star-studded history, including hosting The Beatles, Led Zeppelin, and the Monkees. The property has been revitalized into 175 homes, 40% of which are designated as affordable housing for families earning between 30% and 80% of the area median income.
Cabana Design District celebrated a grand opening on April 23 and is now accepting lease applications.
“The grand opening of Cabana Design District marks a significant milestone for Dallas. This project not only preserves a piece of the city’s history but also addresses the growing need for affordable housing. We are honored to have partnered with Sycamore Development to bring this vision to life.”
— Jeff Weiss, President, Hunt Capital Partners |
The redevelopment restores the architectural charm of the Cabana building while offering modern amenities and one-of-a-kind units with stunning views of downtown Dallas. The project was made possible with support from the City of Dallas, which provided $41 million in subsidies through the Design District Tax Increment Financing (TIF) District.
“We are thrilled to see the Cabana redevelopment come to fruition. This project is a testament to the power of collaboration and innovation, and we are excited for the positive impact it will have on the community.”
— Zachary Krochtengel, President, Sycamore Development |
The grand opening event celebrated the completion of this transformative project, bringing together community leaders and stakeholders to honor the revitalization of this historic landmark.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $4.1 billion in tax credit equity in 49 proprietary and multi-investor funds, financing development in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
About Sycamore Development
Sycamore Strategies LLC, d/b/a Sycamore Development, was founded in 2016. The firm is committed to building exceptional affordable housing in high-demand areas, benefitting both residents and the surrounding communities. Sycamore has been part of 20 successful Low Income Housing Tax Credit applications since its inception and specializes in mixed-income, adaptive reuse projects.
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“The grand opening of Cabana Design District marks a significant milestone for Dallas. This project not only preserves a piece of the city’s history but also addresses the growing need for affordable housing." — Jeff Weiss, President, Hunt Capital Partners
Contacts
For media inquiries, please contact:
Carolyn Baker
SVP Corporate Communications
Hunt Companies
Carolyn.baker@huntcompanies.com
856/298-2036
