D ECONOMY: NEWS
Gateway Oak Cliff Opens
Gateway Oak Cliff, a new mixed-income housing development at 400 South Beckley Avenue in Oak Cliff, recently celebrated its grand opening. The apartment building provides 184 new affordable housing units that are designated for families earning 60 percent or less of the Area Median Income. The remaining 46 units are market-based rental units. The total project cost is over $45 million and is supported by a Oak Cliff Gateway Tax Increment Financing (TIF) subsidy of $4.2 million (which includes funds for environmental remediation, public infrastructure improvements, and an economic development grant), as well as federal housing tax credits from the Texas Department of Housing and Community Affairs.
Gateway Oak Cliff is owned by Dallas County and its partner, Catholic Housing Initiative, and is located at the former site of the Dallas County sub courthouse. The project offers new Class A affordable housing options near the Bishop Arts District and the soon-to-be-completed Southern Gateway Park.
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Verily moves it headquarters from California to Dallas' Cypress Waters
Verily, a health care software company owned by Alphabet Inc., recently announced that it is moving its corporate headquarters from South San Francisco, CA to Dallas, less than three years after opening their initial Dallas office in Cypress Waters.
The expansion of Verily further strengthens Dallas' position as one of the nation's leading biotech hubs. The company focuses on developing tools, services and software to help customers across the healthcare ecosystem. With this expansion, Verily is expected to double its Dallas workforce.
Cypress Waters is a 1,000 acre master-planned development, located in the City of Dallas near DFW International Airport, and is home to offices, apartments, restaurants and retail. Its creation was supported by the 2010 formation of the Cypress Waters TIF district.
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