KDC HOLDS GROUNDBREAKING CEREMONY AT 186-ACRE MASTER-PLANNED PROJECT IN RICHARDSON, TEXAS
State Farm to lease 1.5 million square feet in three office towers at the Richardson location
RICHARDSON, Texas – July 11, 2013 – KDC today held a groundbreaking ceremony at its new 186-acre master-planned project in Richardson, Texas. State Farm will lease 1.5 million square feet in three towers, which are currently under construction at the development.
“This is an exciting day for KDC as we officially break ground on the largest and most visionary development in our history,” said Steve Van Amburgh, chief executive officer, KDC. “Offering this kind of creative development to North Texans, adjacent to the DART light rail system, is what the work force of today is seeking and residents and visitors expect. We plan to deliver everything from office to entertainment in a very inviting and pedestrian-friendly environment.”
The three towers are part of KDC’s $1.5 billion master-planned project in Richardson near the intersection of President George Bush Turnpike and North Central Expressway (US 75). The Class A office buildings will consist of a 13-story tower, 15-story tower and 21-story tower. Each tower is situated on a five-level parking structure along with ground floor retail space.
“Our move here to Richardson and the creation of a larger multi-functional facility is one of many changes we’re making across the country to better meet the ever expanding needs of our customers,” said Mary Crego, senior vice president, State Farm. “We’re pleased to be a bigger part of the Richardson community and what being here offers employees as we position State Farm to better serve communities across North America.”
The new facilities will serve as a hub that will provide claims, service and sales support to State Farm customers. The site will be staffed by a combination of new hires and existing employees. Once completed, State Farm will have capacity for up to 8,000 employees throughout the greater-Dallas area.
“We work hard in Richardson to provide quality infrastructure and a business-friendly atmosphere to attract signature employers and developments such as this,” said Richardson Mayor Laura Maczka. “We feel very fortunate to be the site for this project, and we look forward to the destination retail and other mixed-use amenities that this transit-oriented development will bring to the community.”
The office towers are slated for early 2015 occupancy. KDC plans to achieve LEED® Silver certification from the U.S. Green Building Council. LEED is an internationally recognized green building certification system, providing third-party verification that a building was designed and built using strategies aimed at improving overall performance and sustainability.
In December 2012, KDC announced the acquisition of 186 acres of land to develop a master-planned project in Richardson. KDC’s project, adjacent to the Dallas Area Rapid Transit’s (DART) Bush Turnpike Station on its Red Line, will be a transit-oriented development on the east and west sides of Plano Road. The east side includes the 147.5 acres of land on the north side of Renner Road, between Plano Road and Wyndham Lane. The west side includes 38.5 acres of land south of President George Bush Turnpike between Plano Road and the DART light rail tracks.
“KDC has been a longtime partner in Richardson, and we’re ecstatic to be working with the group again on this record-breaking project,” said Richardson City Manager Dan Johnson. “Richardson is the heart of the second-largest employment center in the Metroplex, and we wanted to see something special occur at this important crossroads of US 75, the President George Bush Turnpike and the DART station. The State Farm development is a perfect fit for that location and builds on our goals to develop contemporary business settings that are being sought by companies and their employees.”
The first phase of KDC’s development will include the three office towers, just under 1,000 multi-family residential units, a 150-room select service hotel, a health clinic and fitness facility, more than 75,000 square feet of retail and restaurants, and a specialty grocery-anchored retail center.
Once all phases of KDC’s Richardson master-planned community are complete, it will include 5 million square feet of office space, 300,000 square feet of grocery, restaurant and retail space, 3,925 multi-family residential units and two hotels. Randy Cooper and Craig Wilson with Cassidy Turley represented State Farm in the real estate transaction. Austin Commercial is the general contractor and Corgan Architects is the shell building and interiors architect.
Following the groundbreaking ceremony, State Farm will host a State Farm Career Showcase at the Dallas-Richardson Renaissance Hotel from noon to 7 p.m. Open to the public, the “showcase” is for those interested in working for State Farm and wanting to learn more about the nation’s largest insurer of homes and autos. The showcase will include displays, video, and allows an opportunity for visitors to have conversations with State Farm associates. The company says that a Career Fair will be scheduled later in the summer.
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 Austin, Texas; Charlotte, N.C.; Detroit; Houston; and Lexington, KY. For more information, visit kdc.com.
About State Farm®
State Farm and its affiliates are the largest provider of car insurance in the U.S. and is a leading insurer in Canada. In addition to providing auto insurance quotes, their 17,800 agents and more than 65,000 employees serve 81 million policies and accounts – more than 79 million auto, home, life and health policies in the United States and Canada, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 44 on the Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.