DALLAS — Dallas City Council unanimously approved a $1.5 million loan and grant package Wednesday that will go toward supporting the development of a retail center in South Dallas.
The center, called Malcolm's Point, is being developed by SouthFair Community Development Corporation (CDC) at South Malcolm X Boulevard and Al Lipscomb Way.
“This project brings needed retail options and creates opportunities for local small businesses,” Deputy Mayor Pro Tem Adam Bazaldua said in a statement. “It’s a major step forward for South Dallas.”
The $2.3-million project will include a 4,800-square-foot building to house SouthFair CDC offices and Aunt Irene's Kitchen, as well as provide space for retail, restaurants, offices and communities.
“Our Malcolm’s Point Retail Project has been a long labor of love,” SouthFair CDC Executive Director Annie Evans said in a statement. “We’re grateful for the City’s partnership and the collaboration that brought us to this milestone.”
This city funding includes a loan from the South Dallas Fair Park Opportunity Fund as well as a community development grant. Texas Mezzanine Fund is also providing support.
“This project is a model for how community development drives economic growth,” Interim City Manager Kimberly Bizor Tolbert said in a statement. “We’re proud to support the efforts of SouthFair CDC and our community partners.”
SouthFair CDC was founded in 1991 to support housing and urban development in South Dallas. The South Fair Dallas Fair Park Opportunity Fund was established in 1989 to help fund economic development around Fair Park.
“This is just the beginning,” Chairman of the Opportunity Fund Board Leander Johnson said in a statement. “Malcolm’s Point paves the way for further growth and opportunities that will uplift our community.”
