Finance REITs
May 8, 2008
By: Tonie Auer, Southwest Correspondent
Denver-based UDR Inc. broke ground today on a $1 billion, 99-acre multi-family, retail and commercial development in the Dallas suburb of Addison, Texas.
In addition to being the largest development ever undertaken by UDR, the project--dubbed Vitruvian Park--is also Addison’s first major sustainable green initiative.
The first development phase will feature 667 multi-family housing units and a 12-acre public park. Leasing is projected to begin by the end of 2009 with occupancy expected to be available at the beginning of 2010. All phases of Vitruvian Park (pictured) are expected to be completed in 2017.
“The proximity to jobs, entertainment and major transportation corridors along with being located in the city of Addison--which is well managed and always looking to reinvent itself--was attractive to us,” Mark Culwell, UDR senior vice president of development, told CPN today. “It was a collaborative effort in designing and addressing the challenges of the design with the city.”
“Today, this project would be suspect,” Culwell said. “But this high density urban style product takes two years to deliver and we think--by all forecasts--that we should be in a recovery at that point and we’ll be delivering units into a recovering economy.”
Vitruvian Park also introduces a new green initiative program created by the town of Addison that is the city’s own hybrid of Energy Star and Leadership in Energy and Environmental Design (LEED) standards to maximize efficiency and minimize environmental impact. These standards will be included in all of the 5,500 dwelling units and 300,000 square feet of office and retail space throughout Vitruvian Park. UDR will also recycle much of the waste from the demolition, as well as utilize recycled materials in Vitruvian Park’s construction. The company expects to pursue LEED certification for the project.
UDR is a multi-family REIT that acquires, sells, develops, redevelops and manages properties in targeted U.S. markets.
The city of Addison currently has more than 170 restaurants, 4,000 rooms at 22 hotels and more than 11 million square feet of office space within its 4.3-square-mile borders.
By: Tonie Auer, Southwest Correspondent
Denver-based UDR Inc. broke ground today on a $1 billion, 99-acre multi-family, retail and commercial development in the Dallas suburb of Addison, Texas. In addition to being the largest development ever undertaken by UDR, the project--dubbed Vitruvian Park--is also Addison’s first major sustainable green initiative.
The first development phase will feature 667 multi-family housing units and a 12-acre public park. Leasing is projected to begin by the end of 2009 with occupancy expected to be available at the beginning of 2010. All phases of Vitruvian Park (pictured) are expected to be completed in 2017.
“The proximity to jobs, entertainment and major transportation corridors along with being located in the city of Addison--which is well managed and always looking to reinvent itself--was attractive to us,” Mark Culwell, UDR senior vice president of development, told CPN today. “It was a collaborative effort in designing and addressing the challenges of the design with the city.”
“Today, this project would be suspect,” Culwell said. “But this high density urban style product takes two years to deliver and we think--by all forecasts--that we should be in a recovery at that point and we’ll be delivering units into a recovering economy.”
Vitruvian Park also introduces a new green initiative program created by the town of Addison that is the city’s own hybrid of Energy Star and Leadership in Energy and Environmental Design (LEED) standards to maximize efficiency and minimize environmental impact. These standards will be included in all of the 5,500 dwelling units and 300,000 square feet of office and retail space throughout Vitruvian Park. UDR will also recycle much of the waste from the demolition, as well as utilize recycled materials in Vitruvian Park’s construction. The company expects to pursue LEED certification for the project.
UDR is a multi-family REIT that acquires, sells, develops, redevelops and manages properties in targeted U.S. markets.
The city of Addison currently has more than 170 restaurants, 4,000 rooms at 22 hotels and more than 11 million square feet of office space within its 4.3-square-mile borders.
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