Friday, February 20, 2015

$500M CityLine-Adjacent Center Planned



DALLAS—Richardson has landed yet another multimillion-dollar mixed-use project.

BC Station Partners LLC has acquired 54 acres at the southeast corner of Central Expressway and the President George Bush Turnpike from the W.W. Caruth Jr. Foundation at Communities Foundation of Texas for a $500-million “transit-oriented development.” The site is due west of KDC's CityLine project and adjacent to DART’s Bush Turnpike light rail station, and will include office, retail, residential and hotel components.

Upon completion, the project is expected to have more than 1.35 million square feet of office space, 100,000 square feet of retail, 1,250 multifamily units and two hotels.

“Our project is an extension of CityLine,” Joe Altemore, principal with BC Station Partners, told GlobeSt.com. “It will provide the ‘front door’ to CityLine from Central. The balance of uses will be very similar, in fact the development code for both projects is much the same, a hybrid form base zoning. Our project will essentially be the west bookend of what will be a 250-acre urban, TOD development.”

Trammell Crow Residential (TCR) is scheduled to break ground on the first phase of the multifamily and retail section at the site next month. The Alexan CityLine development is the first of four communities totaling 1,250 units that TCR will complete adjacent to the State Farm and Raytheon campuses in the next several years.

The first phase directly across the DART rail station from State Farm will total 351 units with 10,000 square feet of retail and restaurant space; they are scheduled to be delivered in late summer of 2016. Alexan CityLine will offer residents top-of-the-line finishes and luxury amenities including resort-style pools, state-of-the-art fitness center, a dog park and a pet spa.

Transwestern Development Co. is also in the planning phase for the site’s office component, which would be located at the northeast corner of Central and Renner Road.

“We are excited to be involved in the further expansion of the new urban hub and we expect to receive significant interest from a diverse group of tenants,” says Reid Caldwell, Transwestern managing director, who leads the office development team. “The Dallas-Fort Worth office market is in a major expansion mode driven by job growth, and we expect this to continue.”

Anna Caplan, GlobeSt.com