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KDC To Develop $1.5B Office, Retail, Multifamily Project Near Dallas

Developer Plans to Acquire 186 Acres For Mixed-Use Project Near Richardson By End Year End
December 11, 2012
Dallas-based KDC announced it will purchase 186 acres of land to develop a master-planned project in Richardson, TX, near President George Bush Turnpike and North Central Expressway (US 75).

State Farm Insurance, which is re-aligning and consolidating its corporate office holdings across the nation, is reportedly among the anchors of the transit-oriented development adjacent to the Dallas Area Rapid Transit (DART) Bush Turnpike Station on its Red Line.

The Richardson City Council on Monday night approved rezoning for the property, which includes key blocks of land on the east and west sides of Plano Road. The east side includes the 147.5 acres on the north side of Renner Road between Plano Road and Wyndham Lane, and the west side includes 38.5 acres south of President George Bush Turnpike between Plano Road and the DART light rail tracks.

A conceptual design is under way for the tax-increment financed transit-oriented development, which will incorporate build-to-suit office buildings, a health care facility, 3,925 multifamily residential units, hotels, retail and restaurants.

KDC previously has developed three projects in Richardson, including 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.

The new project will be the largest project in the 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."

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