DALLAS, TX—Onu Ventures, Inc. continues its growth in 2024 with Dallas City Council’s approval of a 10-year tax abatement and an economic development grant of up to $3.5 million to construct the residential portion of The Adaline.
“We are grateful for this incentive package from the City of Dallas,” says Mikial Onu, founder and CEO of Onu Ventures. “This package helps us further our goal to offer upscale, workforce housing for working class families looking to settle in Southern Dallas County.”
Per the package, Onu Ventures will designate 20% of available residential units to households earning 80% of area median income. The remainder of the units will be made available at current market rates. Onu Ventures will secure a building permit from the city by the end of 2025. In addition, Onu Ventures commits to making at least $40 million in property improvements by 2027.
This milestone is indicative of the perseverance of Onu Ventures. To bring The Adaline to reality, Onu Ventures has had to withstand significant market challenges. Nevertheless, the firm remains steadfast in their commitment to bring attainable workforce housing to an under-invested region of Dallas.
“As a former football player, I believe in teamwork,” says Onu. “This has been a total team effort; from the City of Dallas, from our partners, and Onu Ventures. We want to show that this region of Dallas is worth the investment, and the incentive package will make this a more attractive deal for equity partners.”
For more information on this incentive package, click here to learn more at the Dallas Business Journal.
