Richardson could see development from recent acquisition

12/06/2011

John Jacobs

John Jacobs


By Candace Carlisle | Staff Writer - Dallas Business Journal
 

The City of Richardson could see a development on 43 acres of prime undeveloped land, after a five-building property portfolio was acquired.

 

The site is zoned for a mixed-use development and will likely be a development target for KBS Strategic Opportunity REIT Inc. and JP-Richardson LLC, an affiliate of Dallas-based JP Realty, that acquired the portfolio from Equastone LLC, said John Jacobs, senior vice president of Richardson Economic Development Partnership.

 

"I would expect new development plans to be submitted for the land," Jacobs said.

 

A possible development would be aided by Texas Department of Transportation construction on Galatyn Parkway that will add access to North Central Expressway, he said. Construction is expected to begin this month and is scheduled for completion in early 2012.

 

JP-Richardson LLC is working with the City of Richardson on possible retail developments for the commercially zoned land, said Mark Jordan, a partner at JP Realty.

 
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