KDC to Develop $1.5 Billion Project in Richardson

Aerial view of Richardson land tract KDC plans to acquire.

Over the years, KDC has been involved in some big projects. A new complex it has in the works in Richardson will be its largest yet. The company is planning a $1.5 billion mixed-use development on 186 acres just east of North Central Expressway along the south side of State Highway 190.

The Richardson City Council approved rezoning of the property last night, clearing the way for KDC to proceed with its acquisition of the tract. The Dallas-bsaed developer says it plans to close on the buy before the year’s end.

Architects are working up plans for an “urban environment” that will feature office, healthcare, multifamily, hotel, and retail and restaurant components.

Steve Van Amburgh

“We started out with a vision of what this property could be and worked alongside the City of Richardson to make it happen,” said Steve Van Amburgh, KDC’s chief executive officer, in a statement. “The development will have a great mix of amenities in a pedestrian-friendly environment that is inviting to corporate users and the community.”

The property is adjacent to the Dallas Area Rapid Transit’s Bush Turnpike Station on its red line, and divided by Plano Road. The 38.5-acre west-side tract lies between the DART light rail tracks and Plano Road. The 147.5-acre east-side tract is north of Renner Road between Plano Road and Wyndham Lane.

According to KDC:

The mixed-use development is part of the City of Richardson’s Tax Increment Financing Zone 2 outlined in the Bush/75 Urban Center Development Infrastructure Support Strategy. The City Council adopted and approved the final plan for the zone last night.  Two zoning changes also were approved. One amended the Bush Central Station Planned Development District, Ordinance 3806, establishing an alternate Regulating Plan, associated development standards, and street cross-sections. The other was application ZF 12-20 PD Planned Development for the 147.5 acres of land on the north side of Renner Road, between Plano Road and Wyndham Lane.

Richardson Mayor Bob Townsend said the rezoning “lays the groundwork for a major development at this very important crossroads to serve the entire North Texas region.”

KDC is no stranger to Richardson, having developed three notable projects in the city for Fossil (535,000 square feet, 2011), Blue Cross Blue Shield (1.1 million square feet, 2009), and Nortel Networks (an 800,000-square-foot campus built in 2001, now occupied by Bank of America and State Farm).