High-rise hotel coming at entrance to Richardson’s huge CityLine development
July 25, 2016
A key tract at the entrance to Richardson's huge CityLine campus has sold for a major hotel project.
Missouri-based developer Drury Southwest bought the almost 3-acre site at CityLine Drive and U.S Highway 75. The property is just west of State Farm Insurance's high-rise regional campus and near DART's commuter rail station.
Drury Southwest - which builds and operates more than 130 hotels in 20 states - bought the land from BC Station Partners, the real estate investment group which is developing the southeast corner of U.S. 75 and Bush Turnpike, Collin County deed records show.
"Plans call for 168 rooms in an 11-story building with four levels of parking and seven levels of hotel," said BC Station Partners' Joe Altemore. "Construction is set to start in four to six months."
The planned hotel will be the third major project on the 55 acres between the State Farm campus and U.S. 75 that BC Station Partners owns.
Trammell Crow Residential is building a large apartment community on part of the land.
And this week Transwestern Development Co. begins construction on a more than 300,000-square-foot office building on a site just south of Drury Southwest's purchase.Drury's planned hotel will be one of two being built in the area. An Aloft Hotel is under construction across from the State Farm towers in the heart of the CityLine project.
Almost 10,000 people now work in the $1.5 billion CityLine development, one of the largest new employment centers in North Texas.
By Steve Brown | Real Estate Editor
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