DALLAS—Onu Ventures, Inc, one of the fastest-growing real estate development firms in the Dallas-Fort Worth Metroplex is set to begin construction on The Adaline, the $80 million workforce-centric multi-family and retail development set to be located on Bonnie View Road near Interstate 20 in Southern Dallas County.
The City of Dallas formally approved permits for the development in the third quarter of 2024. With the closing of the $2.45M construction loan originated by Oregon-based Precision Capital, and the investment by Onu Ventures, construction is set to begin on the retail phase of the project, which will be called The Adaline Plaza.
“Precision was a blast to work with on this closing,” Onu explains. “We had challenges with the City of Dallas’ permitting which delayed us quite a bit, but they remained supportive as we worked through it. They understood this project, and their understanding showed in the very flexible, creative terms we agreed on. Their loan will give us ample time and ability to execute our business plan, while keeping our leverage relatively conservative.”
Final plans on the mixed-use development include:
- 198 apartments and 40 townhomes for 238 leasable units
- 3,600-square-foot clubhouse and leasing center
- an expansive outdoor amenity deck
- network of jogging and walking trails on the property
- 4,100 square-foot neighborhood market & cafe (Miss Eddie’s)
- 5,200 square-foot retail space
- 6,000 square-foot outdoor commons
- 127,000 gallon retention pond with 2 fountains
“This is a significant step forward for not only Onu Ventures, but for the City of Dallas and the entire Best Southwest area,” says Onu Ventures founder and CEO Mikial Onu. “We are excited to begin the journey to bring competitively-priced multi-family workforce housing, exciting dining, and great shopping options to this part of the Dallas-Fort Worth area, and show that Southern Dallas County is a great place to live, work, and play.”
The aforementioned Adaline Plaza (retail & market area) is currently under construction and is set to be delivered in the first quarter of 2025. The residential phase will begin construction later this year and is scheduled to be delivered in early 2026.
Miss Eddie’s Market & Cafe: a first of its kind anchor for Southern Dallas County
Miss Eddie’s Rendering
The central anchor of The Adaline Plaza will be Miss Eddie’s, a 4,100-square foot neighborhood market, café, and eatery that will be the first of its kind in Southern Dallas. Designed by the award-winning architectural firm Plan B Group, Miss Eddie’s will feature an indoor and outdoor dining experience, high-quality food and beverage options, and robust retail space stocked with name-brand convenience goods, locally-sourced organic produce, and household essentials.
“Miss Eddie’s serves as the heart of The Adaline as a whole,” says Onu. “This is one of the first brand-new dining and retail concepts created specifically for this market. I hope this project will serve as the genesis of other developers and entrepreneurs seeing Southern Dallas in a new light, and recognize the opportunity that is present in this area.”
Onu Ventures has committed an initial investment of $450,000 into the development of Miss Eddie’s.
An extensive journey will soon become reality
In addition to Miss Eddie’s, The Adaline Plaza will have 5,200 square feet of retail space for up to 4 tenants. Ideal tenants are well-established local businesses that understand the Southern Dallas area and have a desire to contribute to its growth. Tenants will benefit from many of The Adaline Plaza’s features, including onsite walking spaces, outdoor seating, urbane water features, and a spacious commons that will play host to various community events year-round.
“This area has been underserved for way too long,” says Onu. “With The Adaline Plaza, we’re bringing a luxury suburban retail and dining experience that is unlike anything this region has ever had. This is a real game changer for this part of Dallas County.”
The Adaline project represents one of the largest efforts of private investment undertaken in the Southern Dallas area.
Onu notes that the process has been a labor of extensive planning, designing, and negotiation, sometimes requiring revisiting certain elements.
“With a project like this, we want to ensure that we are bringing a development to market that not only reflects the values of Onu Ventures, but also fulfills a need that has not been met in this part of Dallas,” remarks Onu. “Indeed, we’ve had to go back to the drawing board to make the enhancements we felt that would add value and comfort for the tenants that will come to live, work, and shop at The Adaline.”
“We’re excited to finally make this dream, if you will, a reality for this area. We cannot understate the importance of this project for the Best Southwest area.”
Onu Ventures will announce a date for the Grand Opening of the Adaline Plaza at a future date.
ABOUT ONU VENTURES, INC.
Onu Ventures is a real estate development corporation engaged in the acquisition, development, and disposition of all traditional types of real estate in the Sun Belt region. From raw land to master planned communities, we approach all projects with an open mind; we consider the future economic impact of the market and submarket. Developments include low to mid-density apartments, single-family home communities, townhome communities, mixed-use, and retail. We aim to capitalize on the immediate submarket’s opportunities for future growth. We make the vision a reality through careful due diligence, strategic partnerships, and competitive financing structures.
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