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December 2005 • Volume 2, Issue 12 This issue home | Past issues | Chamber home Developers Announce Urban-Style Retail, Office, Apartment Project At Central And Campbell
Reprinted from The Dallas Morning News, Nov. 30, 2005 See sidebar on Chamber's reaction >> RICHARDSON – More than 200,000 cars drive by the southeast corner of North Central Expressway and Campbell Road every day. Developers are planning to give them a reason to stop. Three firms are teaming up to build a $90 million town center project at the busy intersection. The Eastside development will contain an urban-style shopping center, more than 400 apartments and office space built around a two-acre park. Developers Greenway Investment Co., Fobare Commercial and Post Properties Inc. got approvals this week from the city of Richardson and plan to break ground next summer. "We saw this property a couple of years ago and couldn't believe there were almost 30 acres to redevelop at this intersection," said Gerald Stool, chief executive of Greenway Investment. It will construct more than a half-dozen retail and office buildings in the project. "You have all these people working in the area," he said, "but you don't have the type of mixed-use developments we have in Uptown, Southlake or some of the other cities." The Eastside development is about a 10-minute walk from two of DART's light rail stations. To make the stroll more pleasant, a $1.5 million improvement project will upgrade and landscape the walkways running along the east side of North Central between the DART stops. "Our hope is to [eventually] take it all the way down to Spring Valley," said Richardson City Manager Bill Keffler. The 90,000-square-foot retail center will be designed by architect O'Brien and Associates and leased by the Retail Connection. About half the space will be leased to restaurants, Stool said. Next to the shops, Atlanta-based Post Properties will build a four-story, 425-unit apartment complex with ground-floor retail. Post has done similar projects in Uptown, Addison and Plano. "We see a huge demand for the rental units, and it's a great retail location," said Post Executive Vice President David Ward. "We're filling a slot that's been left vacant thanks to the change in the office market." BGO Architects of Dallas designed the Post project. The heart of Eastside is an existing 10-story office tower. An investment partnership represented by Dallas-based Fobare Commercial bought the former Ericsson tower and its 1,000-car parking garage in 2001. The company also owns a one-story office complex farther south that will be phase two of the project. "Initially the planned development was for 1 million square feet of office buildings," said company principal Tod Fobare. But since the tech sector crash, the Telecom Corridor has had an oversupply of office space. "What Richardson was missing was an amenity for the office buildings with quality restaurants and retail," he said. The huge parking garage in the center of the development also helped the deal move forward, he said. Richardson Mayor Gary Slagel said the Telecom Corridor® office district is perfect for retail and residential. "We have gone around the country and seen things like this," he said. "This project combines all the elements." Fobare and Dallas-based Greenway also bought the Chase Bank Tower and surrounding 12 acres at North Central and Belt Line Road in Richardson and have a commercial building under contract on Greenville Avenue across from the Eastside site. |
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