North Carolina real estate investment firm seeking to add multifamily units to The Hill

Real estate investment firm Asana Partners wants to add residential units to its shopping center, the Hill.  

According to filings with the Dallas City Plan Commission, the North Carolina-based company aims to redevelop the entire property over time and create a walkable mixed-use development. The first phase of the redevelopment will include multifamily units with ground-level retail.  

The proposed rezoning would allow for the construction of up to 1,200 apartments if all units are set at market rate or up to 1,740 units if mixed income housing is provided. If the project is developed with the greatest possible number of multifamily under Asana’s request, the property would have about 139 affordable units for individuals earning between 60% to 100% of the area median income. Under staff recommendations, the redevelopment could include about 171 affordable units for households earning between 51% to 100% of the area median income.  

The proposed rezoning project will appear before the Dallas City Plan Commission on Thursday, and city planners recommended its approval.  

“Overall, staff supports the proposal because it will enable the continued use of an existing, successful retail center while allowing for the gradual redevelopment of the site as a dense, walkable, mixed-use development with immediate access to transit,” city staff wrote in the zoning report. “With this request, staff also recognizes an opportunity to leverage additional development rights to gain affordable housing. Lastly, the proposal is supported by many goals from the comprehensive plan and Neighborhood Plus plan related to encouraging mixed use, transit-oriented development and enhanced urban design standards.” 

Asana purchased the 240,000 square foot shopping center in 2021. Located at 8041 Walnut Lane, The Hill features over 30 retail, restaurant, fitness and service options.  

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