Monday, October 20, 2014

Deal would add park land adjacent to Richardson’s new CityLine development

The land the city is buying is just south of the new CityLine project. (Richardson)
A new city park is planned right across the street from the huge CityLine development in Richardson.
CityLine is where State Farm Insurance will soon have almost 12,000 workers.
Plus more than 1,000 apartments, retail space and a hotel are planned.
On Monday night Richardson’s city council approved a plan to buy 60 acres at the southwest corner of Renner and Plano roads from members of the Margaret Hunt Hill family.
The $11 million purchase will allow Richardson to expand the adjoining Spring Creek Nature Reserve.
As part of the deal, the city will allow entitlements for the Hunt Hill family’s Galatyn Properties Ltd to develop up to 1,850 apartments on land it owns near the Galatyn Park DART rail station. Richardson would be required to rezone land for those apartments.
“Not only will this agreement help us preserve a unique natural environment, but it also supports our long-term vision for strategic development of the adjacent urban centers,” Richardson City Manager Dan Johnson said in a statement. “Expansion of the nature area nicely complements the CityLine, Caruth, and Galatyn Park Urban Center property developments nearby, and by shifting the multifamily development rights, we can better locate the multifamily units to enhance our transit-oriented development focus.”