Cedar Springs development on hold
Development plans for the area behind the Caven bars on Cedar Springs, now a parking lot, call for a high-rise and a pocket park.
Those plans are on hold. Higher interest rates keep Cedar Springs development from breaking ground DAVID TAFFET | Senior Staff Writer taffet@dallasvoice.com Construction of new apartments on property along Cedar Springs Road formerly owned by Caven Enterprises is on hold, according to sources with Caven, and interest rates are to blame.
Mortgage interest rates currently hover around 7 percent. Less than two years ago the rate was between 3 and 3.5 percent. Fannie Mae, the federal home loan backer, expects rates to fall by about one half of one percent next year but to still remain above 6 percent.
Construction interest rates are different from mortgage rates, but follow a similar pattern. When the sale of employee-owned Caven Enterprises was first announced in November 2020, the community was shocked and divided.
