Affordable housing development, traffic signal coming to Loop 288

If the signal costs less than $400,000, the city will apply the difference toward the development of the nearby Pebblebrook Open Space as a city park.

Pedcor did not provide the city with estimated rents but was approved for a $3.1 million tax reduction through the Texas Department of Housing and Community Affairs’ Housing Tax Credit Program. The program funnels private equity funds into affordable housing projects and can be used by developers to reduce federal tax liability.

All 276 units will be designated for low-income housing, leased at below-market-rate rents, according to information submitted to the department.

Denton Grove is one of several housing developments, including Agave Ranch and Quincy Court Apartments, currently under construction after first being proposed to the council two years ago.

The $58 million project will also include 524 parking spaces. The development is expected to be complete by June 2023, according to plans submitted to the Texas Department of Licensing and Regulation.