KDC AND JLB PARTNERS BEGIN CONSTRUCTION OF TWO APARTMENT COMMUNITIES, TOTALING 532 UNITS, AT THE CITYLINE DEVELOPMENT IN RICHARDSON, TEXAS
Nearly 1,000 apartments are now under construction in the initial phase of development
RICHARDSON, Texas – July 31, 2014 – Developer KDC and JLB Partners have started construction on two apartment communities at CityLine, the186-acre mixed-use development in Richardson, Texas. The 532 units will be located within walking distance of the four office towers leased by State Farm.
“The apartment homes at CityLine are a big part of the overall vision we have for the high energy, walkable CityLine development,” said KDC’s Walt Mountford. “Residents will not only be able to enjoy the fine quality of a JLB community, but also CityLine Plaza and fabulous retail, restaurants and entertainment options within minutes of walking out their front doors.”
The two new apartment communities at CityLine will each front Plano Road providing easy access. The northern four-story community will feature 233 units above approximately 20,000 square feet of ground floor retail and will be located along State Street and adjacent to CityLine Plaza, a centrally located urban plaza. The five-story southern project will contain 299 units and will be located at the corner of CityLine Drive and Plano Road. The apartments will be within walking distance of the four office towers, totaling 2 million square feet leased by State Farm, more than 92,000 square feet of retail, restaurant and entertainment space, and the Dallas Area Rapid Transit’s Bush Turnpike Station.
The apartments will include efficient one, two and three bedroom floor plans, ranging in size from 573 to 1,550 square feet. The units will feature hand scraped hardwood floors, granite and quartz countertops, stainless steel appliances and wine racks. Community amenities will include a resort style pool, a fitness center with a spin and yoga room, a resident lounge with a large screen television and kitchen, and a business center.
“Our residents will enjoy one of the few true live, work and play environments in the Dallas-Fort Worth area,” said Bay Miltenberger, CEO of JLB Partners. “We know that today’s renters want the convenience of efficient living with entertainment, dining and a public transit system nearby. The CityLine apartments will deliver it all.”
The apartment homes will be available in the second quarter of 2015. The leasing and management office will front CityLine Plaza, supporting the area’s pedestrian-friendly, vibrant feel. KDC and JLB Partners plan to build an additional 300 units during the next phase of development.
In total, there are nearly 1,000 apartment homes under construction in the initial phase of CityLine’s development.
Project financing was provided by Regions Bank and Capital One.
In July 2013, KDC broke ground on the 186-acre mixed-use CityLine development and announced that State Farm will lease 1.5 million square feet in three office towers. KDC also is developing an additional 500,000-square-foot building, to be leased by State Farm, and a 489,000-square-foot office complex for Raytheon at CityLine.
CityLine features dense urban development set in a comfortable environment with easy access to office, residential, retail, entertainment and parks. The $600 million, 2.3 million-square-foot initial phase of CityLine construction is slated for completion in late 2015. It includes a contemporary 150-room select service hotel; 935 apartment units; an 18,000-square-foot wellness and fitness facility; a 41,000-square-foot medical office building; and a 3.5-acre park with trails.
CityLine Plaza, a centrally located urban plaza designed by Office of James Burnett, will be the focal point of the first phase of development. More than 92,000 square feet of retail, restaurant and entertainment options will be integrated into the base of the office towers, the multi-family residential and the hotel. It will frame the CityLine Plaza and create a high energy environment.
By September 2015, CityLine is expected to have a daytime population of 10,000 people. At full build-out, the $1.5 billion CityLine project will contain approximately six million square feet of office space, two hotels, 3,925 multi-family residential units, 300,000 square feet of grocery, restaurant, entertainment and retail space, and three parks.
KDC, one of America’s leading commercial real estate and investment companies, provides a full range of commercial real estate services including corporate build-to-suit development, acquisitions, corporate facility project/construction management, project financing, asset and land management, and marketing and leasing. KDC is headquartered in Dallas and has offices in Atlanta, Austin, Texas; Charlotte, N.C.; and Houston. For more information, visit kdc.com.