Groundbreaking in Addison Begins on $1 Billion Sustainable Initiative
- May 12, 2008
By Erika Schnitzer, Associate EditorAddison, Texas–UDR Inc., a Highlands Ranch, Colo.-based multifamily REIT, has broken ground on Vitruvian Park, a 99-acre, 5,500-unit mixed-use development. The $1 billion project will be Addison’s first major sustainable initiative.The development will launch a new city program that is a hybrid of Energy Star and LEED (Leadership in Energy and Environmental Design) standards. UDR plans to pursue LEED certification for the project.”Addison and UDR are both committed to sustainable development. The nature of the project is supportive of the idea of walkability,” says Tom Lamberth, vice president of development at UDR. Additionally, the project will include Energy Star appliances, and UDR will invest in water catchment options and is looking at outfitting the development’s parking garages and decks with outlets to support electric cars, Lamberth explains.The project features traditional lofts, soft lofts and townhouse-style units. Amenities include a swimming pool, demonstration kitchen, movie theater, fitness center and business center.Public and private amenities include landscaping, a spring-fed creek and an amphitheater. Widened sidewalks and proximity to the interior main street are designed to encourage more pedestrian traffic. The project will also include three parks.The development will be constructed in six phases. The first stage will include 667 apartments, 32,100 sq. ft. of retail space and a 12-acre park. Units from phase one will range from 600 to 1,000 sq. ft. and cost $875 to $1,500 per month. “For phase one, we have largely targeted the job core in North Dallas, where there aren’t a great deal of this type of housing options,” Lamberth tells MHN.Leasing is expected to begin by the end of 2009, and move-ins are expected to start in 2010. The entire project is anticipated to be complete by 2017.