86-Unit Bella Limon Files Dallas Permit, Seeks $8.8M City Loan

The City of Dallas logged a $10.9 million commercial new-construction permit on Oct. 23, 2026, for an 86-unit, five-story project at 4311 Belmont Ave. in Dallas, ZIP code 75204. The permit, COM-NEW-26-000357, names the project Bella Limon and lists the owner of record as 3328 Shepherd LLC, an entity name that does not identify the developer. A separate Dallas City Council record for the same Belmont Avenue address identifies the developer pursuing the project as O-SDA Industries, LLC.

Why it matters

The permit itself and the council record describe two sides of the same deal. O-SDA Industries is working the public-subsidy side, a development loan tied to a 2026 competitive housing tax credit, while 3328 Shepherd LLC holds title and pulls the building permit. Pairing the two records shows the project is structured as a mixed-income development rather than a market-rate filing, and that its economics depend on a tax credit award O-SDA Industries has not yet received. The permit description also cites “SB840,” the 2025 state law letting multifamily use proceed by right on commercial-zoned land, which is consistent with a site that did not need a separate rezoning case before filing.

The numbers

Permit COM-NEW-26-000357 covers new construction of 136,328 square feet: a ground-floor commercial shell and open parking garage with four levels of multifamily above, totaling 86 units. The city lists an estimated job value of $10.9 million and record status as Pending, with companion filings for a plat (PLAT-26-000206), paving and drainage (PAV-DRNG-26-000233) and water and wastewater (WWWES-26-000231). Separately, a Dallas Housing and Homelessness Solutions Committee briefing scheduled for Oct. 26, 2026, previews a Dec. 9, 2026, City Council item asking to authorize a development loan agreement with O-SDA Industries of up to $8.8 million for Bella Limon, made up of $5 million in Community Development Block Grant or HOME funds and $3.8 million in Mixed-Income Housing Development Bonus fee-in-lieu funds. The council item is conditioned on O-SDA Industries receiving a 2026 9% Housing Tax Credit award.

What’s next

Nothing here is finished business. The building permit remains Pending, not issued, and the city loan is a proposed council item that has not yet gone to committee or to a vote. The loan itself depends on a tax credit award that has not been announced. The next confirming records to watch are the Oct. 26 committee briefing, the Dec. 9 council vote on item 26-2771A, the 2026 9% Housing Tax Credit allocation list, and eventual issuance of the building permit. The site sits inside the broader Dallas-Fort Worth multifamily pipeline.