At an Aug. 5 meeting, council members voted unanimously to approve a zoning change to a nearly 3.2-acre lot in the northwest part of the city to allow for the construction of Heritage Estates at Valley Ridge, a mixed-income independent senior living development.
“This senior living community will be upscale and create a space for seniors to live in the same city they have lived throughout their lifetime,” said Patricia Fant, a land planner with engineering firm McAdams, who is representing project developer Generation Housing Partners, in a letter to city staff.
What you need to know
Located adjacent to age-restricted Solea Lewisville active adult community, Heritage Estates will feature 110 one- and two-bedroom units, according to a city memo. Of those units, 11 will be rent restricted for those making 30% of the area median income, 44 will be rent restricted for those making 50% of the AMI, and 55 will be rent restricted for those making 60% of the AMI.
According to the memo, developer Generation Housing Partners has secured a 9% housing tax credit from the Texas Department of Housing and Community Affairs, which could help cover 50%-60% of the project’s hard costs. The department’s competitive Housing Tax Credit Program is aimed at preserving affordable rental housing across the state.
Amenities planned for the project include public open space and a connection to the 4.2-mile Garden Ridge Trail.
What else?
No timeline was provided for the construction of the Heritage Estates at Valley Ridge project.
“The proposed development would directly assist in providing housing options for Lewisville’s aging residents, and contribute to diverse and thriving neighborhoods,” the city memo states.
