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UDR Eyes Early '08 Start for $453M MXD Project

ADDISON, TX-United Dominion is planning 5,949 residential units, roughly 500,000 sf of office and an equal amount of retail on 100 acres near Brookhaven College.

By Connie Gore | Updated on November 12, 2007

(Read more on the multifamily market.)

UDR Rendering

ADDISON, TX-United Dominion Realty Trust is poised to break ground in early 2008 on the first phase of a $453-million redevelopment of a

Mid-Rise Rendering

100-acre tract that it amassed in the past year through the acquisition of nine multifamily properties. The replacement product will be 5,949 residential units, roughly 500,000 sf of office space and an equal amount of retail space.

The as-yet unnamed project will be UDR’s largest undertaking in the metroplex. The plan is still being fine-tuned although the REIT has penciled a first quarter 2009 delivery for the 2,712-unit first phase. To set up the play, the REIT acquired 2,499 units along Brookhaven Club Drive and Spring Valley Road near Brookhaven College.

“We’ve assembled this in pretty quick fashion,” says Larry Thede, investor relations director for the Highlands Ranch, CO-based UDR. He tells GlobeSt.com that the master plan is still in flux, but all acquisitions are done and talks are underway with city officials about increasing density, rezoning and other outstanding development issues. “Our intent is to start from scratch,” Thede says. “We’re likely going to get going early in 2008.”

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