Waxahachie City Council members have given their support to a resolution that would allow for the creation of a new senior living complex.
The decision enables Palladium Waxahachie Senior Living to move forward on its application to the Texas Department of Housing for the use of tax credits in its construction.
Palladium representative Brian Combs told the council the goal is to create affordable multi-tenant housing for seniors who are 55 years and older.
“What we proposed here is senior living. It is three stories, it's class A and we would be using housing tax credits so we can have a mix of for market units and units that are affordable for seniors who might be living on a fixed income or retired,” Combs said. “This resolution of support would allow us to go forward with the funding.”
The development is expected to be composed of one and two bedroom apartments with 120 total units. The apartment buildings would be three stories tall and served by an elevator.
Amenities in the complex include a resort-style swimming pool, gazebo with sitting areas, grills and picnic tables, walking trails, a business center, and a fitness center. It would also feature a courtyard.
The senior living complex is planned to be located adjacent to Life Waxahachie High School, located on U.S. Highway 77 near Panorama Loop.
Palladium’s website states it is a privately owned company with more than 130 years of experience developing and managing properties in the cities of Denton, Dallas, Fort Worth, Garland, Plano, Irving, Little Elm, and Glenn Heights. Globally, the company has properties in London, Paris, and Milan.
They are currently developing a 30-story high-rise building in the Legacy West Development in Plano.
Combs stated Palladium is not a builder who intends to turn around and sell the property once it is complete. The company plans to provide management and oversight of Palladium Waxahachie Senior Living for years to come. He noted some of the properties the company owns in Western Europe have been under their supervision for more than 100 years.
According to the Texas Department of Housing Tax program website, the HTC is one of the primary means of directing private capital towards the development and preservation of affordable rental housing for low-income households.
The department has worked with public and private for-profit and nonprofit developers since 1987 to expand the state’s affordable rental housing stock through new construction and rehabilitation activities.
As of 2017, there are 15 TDHCA supported properties with a total of 1,347 units in Ellis County.
In documents submitted to the city, Palladium stated it is not proposing low-income housing, Section 8 housing, public housing or government subsidized housing. The development will be privately owned. It will use the tax credit equity to bridge the gap between the high cost of construction of Class A rental housing and charging rents that seniors can afford. The company intends to leverage $15 million in housing tax credits as equity to construct the development.
The next step is for Palladium to go through the rezoning process for the property. If they are successful with securing funding and zoning, construction will begin by the end of 2019.