{"id":1004055280,"date":"2012-12-13T07:39:48","date_gmt":"2012-12-13T15:39:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004055280"},"modified":"2020-04-13T22:18:20","modified_gmt":"2020-04-14T06:18:20","slug":"kdc-moves-ahead-on-1-5b-m-u-project-in-metro-dallas","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kdc-moves-ahead-on-1-5b-m-u-project-in-metro-dallas\/","title":{"rendered":"KDC Moves Ahead on $1.5B M-U Project in Metro Dallas"},"content":{"rendered":"<p><em>\u00a0By Scott Baltic, Contributing Editor\u00a0<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004055287\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kdc-moves-ahead-on-1-5b-m-u-project-in-metro-dallas\/richardson-photo-12112012\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg\" data-orig-size=\"2475,2324\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Richardson Photo 12112012\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?w=1024\" class=\"alignleft size-medium wp-image-1004055287\" title=\"Richardson Photo 12112012\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg\" alt=\"\" width=\"300\" height=\"281\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg 2475w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=300,282 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=768,721 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=1024,962 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=1536,1442 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=2048,1923 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=150,141 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=696,654 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=1068,1003 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=1920,1803 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/Richardson-Photo-12112012.jpg?resize=447,420 447w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Rezoning has been approved for Dallas-based KDC\u2019s $1.5 billion, master-planned, mixed-use project in Richardson, Texas, clearing the way for the company to acquire the needed 186 acres of land and move forward with the development, KDC announced Tuesday. The Richardson City Council approved the rezoning on Monday night.<\/p>\n<p>The acquisition of the land, which consists of two major blocks and is sited in a tax- increment financing zone, is expected to be completed by year\u2019s end. The as-yet-unnamed development straddles Plano Road on the south side of President George Bush Turnpike (Texas 190) just east of the North Central Expressway (US 75), in the northern Dallas suburbs. The site is adjacent to the Bush Turnpike station on Dallas Area Rapid Transit\u2019s Red Line.<\/p>\n<p>The project reportedly is the largest in KDC\u2019s history. The company previously developed three 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.<\/p>\n<p>KDC CEO Steve Van Amburgh told <em>Commercial Property Executive<\/em> that the new project\u2019s first phase, totaling about $600 million to $700 million, should consist of more than 1 million square feet of office space, a healthcare facility of about 50,000 square feet, 75,000 to 100,000 square feet of restaurants and service\/convenience retail, 600\u2013800 units of multi-family, and a limited-service hotel.<\/p>\n<p>Construction probably will start in February or March, with deliveries starting in the third or fourth quarter of 2014. That phase, Van Amburgh said, will constitute about 35 to 40 percent of the eventual total buildout.<\/p>\n<p>As for the following phase, Van Amburgh said that KDC has been in meetings regarding a grocery-anchored retail center. This would be in line with the company\u2019s desire to create, as Van Amburgh put it, \u201ca great mix of amenities in a pedestrian-friendly environment \u2026 a live-work-play environment.\u201d The development is planned to include 3,925 multi-family residential units when buildout is complete in four to five years.<\/p>\n<p>Van Amburgh told <em>CPE<\/em> that demand for the project\u2019s various components will be powered by job growth created by companies expanding in the area. The motive forces behind that expansion, he said, include Texas\u2019 right-to-work laws and lack of corporate or individual income taxes.<\/p>\n<p><strong>Like us on facebook:<\/strong><em><a title=\"Commercial Property Executive\" href=\"https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191\" target=\"_blank\" rel=\"nofollow\">\u00a0https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rezoning has been approved for Dallas-based KDC\u2019s $1.5 billion, master-planned, mixed-use project in Richardson, Texas, clearing the way for the company to acquire the needed 186 acres of land and move forward with the development.<\/p>\n","protected":false},"author":882,"featured_media":1004055287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21782,21783,21754,21752,21742,21747,21749],"tags":[],"class_list":["post-1004055280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-development","category-investment","category-medical-office","category-mixed-use","category-latest","category-office","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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