Dallas firm Savoy Capital Partners plans affordable development in Cedars neighborhood

Savoy Capital Partners has closed on its second development site in Dallas’ Cedars neighborhood within a year. The real estate firm, which is based in Dallas and invests in and develops multifamily properties, acquired an assemblage at the southwest corner of South St. Paul Street and Richardson Avenue that includes a former 8,400-square-foot Dallas Power & Light Building. Savoy plans to build a more than 300-unit mixed-income apartment community and a screened parking garage on the 2.67 acres acquired from three sellers. It will keep the Power & Light building,...