According to news reports of a Richardson City Council meeting earlier in December, KDC announced its intent to develop a $1.5 billion mixed use development adjacent to the Bush Turnpike DART Station on this property. 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.
“Stratford is delighted to play a key role in bringing to market a visionary project which will be good for Richardson and the greater Dallas/Fort Worth area,” said Stratford Land’s Senior Investment Manager for Texas Steve Sanders. “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 then worked for several years to give the property maximum development potential by achieving optimum zoning.
Located in the center of one of America’s most prominent high-tech business concentrations, the property is surrounded by numerous major employers and highly desirable residential, shopping and entertainment venues. The site is also located nearby the prestigious University of Texas at Dallas.
“Stratford and Bush/75 Partners envisioned a future mixed use, Transit-Oriented-Development (TOD) in an urban environment that could adapt over time to shifting market demand,” added Sanders. “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.”
Along with its decades of proven success as land investment managers, Stratford Land also provides non-recourse financing for a variety of real estate purposes, including acquisition, refinancing, return of equity, horizontal development and note purchase. The company’s financial strength enables it to acquire and hold land during various economic cycles and to reposition land to its highest and best use.