New Financing for Big Oak Cliff Building Site
Former Oak Farms Dairy property across the river from downtown Dallas is slated for mixed-use construction.
The former Oak Farms Dairy property in Oak Cliff is owned by investor Cienda Partners.(Cienda Partners )
Investors who own one of the most high-profile building sites in North Oak Cliff have gotten new financing for the property.
In 2014, Dallas’ Cienda Partners acquired the 13-acre Oak Farms Dairy plant on North Lancaster Avenue near the Trinity River levee.
The real estate firm later more than doubled its holdings with purchases of nearby properties.
Cienda Partners purchased the old Oak Farms dairy property across the river from downtown in 2014.(DMN files )
The old dairy plant was knocked down in 2015, and since then Cienda Partners has been marketing sections of the property to builders of apartments, offices and other projects.
The site was one of the Dallas locations pitched to Amazon when it was looking for a second headquarters site.
The owners — who plan to start a first-phase apartment project this year — have obtained $25 million in financing for the entire property from Pegasus Bank of Dallas.
“Cienda’s Oak Farms development is one of the highest-profile sites from downtown towards North Oak Cliff,” Barry Hancock, one of Cienda’s founding partners, said in a statement. “Over the years, we have acquired and sold over $120 million of assets in the area and are happy to be part of these important new developments across the river.”
Hancock said the property is zoned for up to 20 stories of construction with no maximum density requirements. The site is also located in a federal Opportunity Zone and is part of Oak Cliff’s Gateway Tax Increment Finance District.
“The Oak Farms development is the Gateway from downtown to Oak Cliff,” Dallas city councilman Chad West said in a statement. “With its accessibility to all five forms of transportation and surrounded by parks, it is one of the most important and high-profile developments in the Southern Sector.”
The property is across from the city’s Gateway Park and is located on the Oak Cliff trolley car line.
Steve Brown, Real Estate Editor. Steve covers commercial and residential real estate in Dallas-Fort Worth.