RICHARDSON, TX-KDC in Dallas announced today that it will acquire 186 acres by year-end for development of a $1.5 billion master-planned project. The project is able to move ahead in this Dallas suburb, thanks to rezoning approval issued by the Richardson City Council on Dec. 10.
The project will be located near the intersection of George Bush Turnpike (Intestate 190) and Central Expressway (US 75), adjacent to a Dallas Area Rapid Transit light rail station. The east side includes the 147.5 acres of land on the north side of Renner Road, between Plano Road and Wyndham Lane. The west side includes 38.5 acres of land south of Bush Turnpike between Plano Road and the DART light rail tracks. Conceptual design is under way for an urban environment that will incorporate build-to-suit office buildings, an integrated healthcare facility, 3,925 multi-family residential units, hotels, retail and restaurants.
“We started out with a vision of what this property could be and worked alongside the city of Richardson to make it happen,” says KDC CEO Steve Van Amburgh in a press release. “The development will have a great mix of amenities in a pedestrian-friendly environment that is inviting to corporate users and the community. The transit-oriented development will be an outstanding addition to Richardson's vitality.”
The mixed-use development is part of the City of Richardson's Tax Increment Financing Zone 2 outlined in the Bush/75 Urban Center Development Infrastructure Support Strategy. The City Council adopted and approved the final plan for the zone last night. Two zoning changes also were approved. One amended the Bush Central Station Planned Development District, Ordinance 3806, establishing an alternate Regulating Plan, associated development standards, and street cross-sections. The other was application ZF 12-20 PD Planned Development for the 147.5 acres of land on the north side of Renner Road, between Plano Road and Wyndham Lane.
“KDC has been a tremendous development partner in Richardson, and we are excited about this rezoning, which lays the groundwork for a major development at this very important crossroads to serve the entire North Texas region,” says Richardson Mayor Bob Townsend in a press release. “This site's outstanding location and multi-modal access will support the creation of a special project. We are fortunate to have a partner with the experience and ability that comes with KDC's involvement in the development of the site.”
Representatives from KDC were not immediately available for comment. An updated article will follow.
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