Dallas—Stratford Land and Bush/75 Partners have closed on the sale of 186 acres in North Texas’ telecom corridor to Dallas-based KDC, which plans to develop a $1.5 billion mixed-use development on the currently vacant land.
“The property’s easy access to major employment nodes, such as the North Texas telecom corridor and Legacy Business Park, makes it an ideal location for many professionals and families,” Steve Sanders, Stratford’s senior investment manager for Texas, tells MHN. “The property is also close to good dining, shopping and entertainment venues in addition to the University of Texas at Dallas.”
The site is located in the southeast quadrant of North Central Expressway (US 75) and President George Bush Turnpike (SH-190).
“The location of the property at two major highways in North Dallas, plus easy access to the DART Rail Station gives the property excellent access to all of North Texas, and even Downtown Dallas,” Sanders says.
KDC’s preliminary development plan includes several million square feet of commercial office space and almost 4,000 multifamily units, in addition to hotel, medical and retail establishments. State Farm has also announced its intent to anchor the development with a new regional office.
“The planned units will primarily consist of high-density multi-family with structured parking intended to create a ‘walkable community’ supported by the DART Rail Station,” Sanders says. “When this undeveloped site was acquired, we assessed it as one of the most premium development sites in the United States. Considering the location’s exceptional access and visibility in a demographically superior area, we concluded the property offered attractive upside potential in a recovering real estate market.”
The partnership acquired the land in 2009 and worked for several years to achieve optimum zoning, giving the property maximum development potential.
“Stratford and Bush/75 Partners envisioned a future mixed use, transit-oriented development in an urban environment that could adapt over time to shifting market demand,” Sanders says. “This acquisition reflects Stratford Land’s strategy of acquiring well-positioned assets in areas with strong demographics and buying them outright, unencumbered of debt, giving our partnerships the competitive advantage and flexibility to develop and market properties when demand is strong.”
KDC has previously developed three award winning projects in Richardson: 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.