MELISSA, Texas — Gardner Capital Development has unveiled plans for Gala, a 93-unit independent living community in Melissa, approximately 35 miles north of Dallas.
Development costs are estimated at $16 million for the three-story community. Gardner received a $1.3 million reservation of affordable housing tax credits from the Texas Department of Housing and Community Affairs, as the community will be reserved for mixed-income seniors.
Gala is part of a 35-acre mixed-use development that will eventually include retail components.
Gardner expects construction of the development to begin in the second quarter of 2017, for completion in fall of 2018. Gardner Capital Development Texas LLC will serve as the lead developer for this project, supported by Gardner Capital Construction LLC, Cross Architects and Allied Orion Group property management.
Gardner Capital is an affordable housing and renewable energy tax credit development, syndication and investment company with primary offices in St. Louis, Dallas, San Francisco, Atlanta and Springfield, Mo.