The Richardson City Council on Monday approved zoning for 186 acres of land near Bush Turnpike and Central Expressway (US-75) that will become a $1.5 billion master-planned project developed by KDC.
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KDC’s project, adjacent to the Dallas Area Rapid Transit’s Bush Turnpike Station on its Red Line, includes key blocks of land on the east and west sides of Plano Road. The east side includes 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,” said KDC Chief Executive Officer Steve Van Amburgh. “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 a great 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. In addition to the zoning approval, the City Council on Monday also adopted and approved the final plan for the TIF zone.
The TIF, established in 2011, uses funds generated through increased real property tax values realized from new development within the district over a 25-year period to reimburse the developer for up-front costs incurred to install necessary public infrastructure and other public improvements.
“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,” said Richardson Mayor Bob Townsend. “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.”
KDC has previously developed three award winning projects in Richardson: the 800,000-square-foot Nortel Networks Galatyn Park Campus in 2001 (now occupied by Bank of America and State Farm), the 1.1 million-square-foot Blue Cross Blue Shield Campus in 2009, and the 535,000-square-foot Fossil Campus in 2011.
“KDC and the City of Richardson have had a long and successful track record and we are extremely pleased to again be teaming with them on the largest project in our company’s history,” said Toby Grove, KDC president.
“The site is one of the finest undeveloped properties in the Dallas/Fort Worth Metroplex, and perhaps in any major U.S. metropolitan area,” said Walt Mountford, KDC Executive Vice President. “It is uniquely surrounded by the vehicular and light rail infrastructure that corporate clients seek and their employees demand.”
KDC’s 38.5-acre tract west of Plano Road, is part of a planned 57.1 acre mixed-use, transit-oriented development originally approved in early 2011. The remainder, approximately 18.6 acres, is planned to be developed by Zale Corson Group beginning in 2013. The area, along Renner Road west of Plano Road, would include approximately 800 multifamily residential units, retail-ready ground floor space, structured parking and planned streetscape amenities.