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Monday, September 29, 2014
Another huge mixed-use development is on the drawing boards in Richardson
The 55-acre project is just to the west of the new CityLine development with State Farm Insurance.(City of Richardson)
Next door to State Farm Insurance’s towering new office campus in Richardson, developers are working on another huge mixed-use development that will bring millions of square feet of additional construction.
The proposed project – which was just approved by Richardson’s planning and zoning commission – would take up the vacant 55 acres between U.S. Highway 76 and the CityLine development anchored by State Farm.
DART’s Bush Turnpike commuter rail station sits in the middle of the two properties.
The vacant property, which is being rezoned, is at the southeast corner of Bush Turnpike and U.S. 75 and is owned by the Caruth Foundation.
Real estate investor and developer Parliament Group Inc. is buying the property and has been working with the owners, city officials and Good Fulton & Farrell architects to plan the new project.
The huge State Farm campus is just across the DART rail line from the new development. (Steve Brown)
Zoning was just approved by the Richardson Plan Commission for 1.35 million square feet of office space, a 150-room hotel and 60,000 square feet of shopping.
There will be 1,250 urban style apartments, to be developed by Trammell Crow Residential.
“The velocity and scope of this is impressive,” said Richardson City Manager Dan Johnson. “We are excited that these firms see the value of Richardson.”
Johnson said the just-approved zoning changes for the Caruth property were “tweaks” on planning done back in 2010 and 2011.
That’s when initial designs for the Caruth land and the adjacent CityLine property were down.
In 2012 developer KDC bought the 186-acre CityLine tract on the south side of Bush Turnpike at Plano Road and began work on a $1.5 billion mixed-use project.
The smaller Caruth property – which fronts on U.S. 75 – has remained vacant while State Farm’s office towers have gone up to the east.
But that’s soon going to change.
“The projects will be very symbiotic to each other,” Johnson said. “Combined they are over $2 billion in tax base.”
The latest zoning allows for high-rise office construction at the northeast corner of Renner Road and U.S. 75 and “freeway hi-rise” buildings of up to 300 feet tall at the southeast corner of Bush and 75.
Mid-rise mixed-use buildings would be constructed along the DART line.
Designs for the project include a greenbelt along Spring Creek.
“A corridor has been left to construct the proposed Cotton Belt rail line,” Johnson said.
Parliament Group plans to start taking ownership of the property in December, according to partner Joe Altemore.
“This project is going to be huge,” Altemore said. “It’s going to be a bookend for the CityLine development.
“We are getting a great reception to the project,” from commercial real estate firms that will buy development sites and build, he said.
Trammell Crow Residential is working on plans for the first phase of apartment communities it will build, which will be designed by Good Fulton & Farrell, Altemore said.
Next door at CityLine, construction is already underway on four office towers for State Farm, a half-million-square-foot campus for Raytheon Corp. and almost 1,000 apartments.
A shopping center anchored by Whole Foods Market and an Aloft Hotel are about to start construction.
Combined, CityLine and the Caruth tract development will create one of the largest, most dense transit oriented, mixed-use developments in the country.
“This is an active urban market – not suburban,” Johnson said. “The intensity and quality of the development is so strong.”