This morning the City of Richardson closed a contract to purchase the Continental Inn, located at 758 South Central Expressway, and the adjacent property located at 750 South Central Expressway. The properties cover 3.36 acres of land, cost $2.2 million, and are strategically located in the West Spring Valley redevelopment corridor.
“This purchase will help us get closer to realizing redevelopment goals we have for the Spring Valley Corridor,” said Richardson Mayor Bob Townsend
. “Our studies have shown the area is perfectly located to attract destination retail opportunities, and we are working towards creating catalyst projects to attract new development.”
Demolition of the Continental Inn and adjacent property is already underway and is expected to be complete by mid-September. The property will be used as part of a retail redevelopment plan.
More on the West Spring Valley Corridor Redevelopment Area
The West Spring Valley Corridor is one of six Enhancement/Redevelopment areas identified in the City of Richardson's 2009 Comprehensive Plan. These areas were identified as worthy of further study due to changes in the development market, demographics, technology, or building format since their original development. The Richardson City Council, the surrounding neighborhood, and the community as a whole were all very interested in pursuing a comprehensive redevelopment and reinvestment strategy for the West Spring Valley Corridor, which was selected for the inaugural study.
The Corridor consists of 197 acres generally bounded by Coit Road, a six-lane divided arterial, on the west; Central Expressway (US Highway 75), an eight-lane freeway with three-lane frontage roads, on the east; Spring Valley Road, a six-lane divided arterial with a tunnel section at Central Expressway, on the south; and single-family residences and an auto sales lot on the north. The area is also served by bus routes and is located two-thirds of a mile from a Dallas Area Rapid Transit (DART) light rail station at its closest point (two miles at its furthest distance).