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July 22, 2013

KDC Breaks Ground on $1.5B Mixed-Use Complex in Richardson

By Amalia Otet, Associate Editor

KDC Real Estate Development & Investments, along with anchor tenant State Farm Insurance, ceremonially broke ground last week on its $1.5 billion mixed-use development in Richardson.

In a deal touted as the largest lease in North Texas history, the Illinois-based insurance company will occupy 1.5 million square feet of office space in three towers of the massive construction project.

Scheduled for completion in early 2015, the new State Farm complex was designed by Dallas architect Corgan Associates. Austin Commercial is the general contractor.

The high-profile facility is expected to become one of the region’s biggest employment centers, generating approximately 8,000 new jobs, according to the Dallas Morning News.

Located at State Highway 190 and Plano Road, right next to DART, US-75 and the George Bush Turnpike, the 185-acre project will ultimately include several build-to-suit office assets, an integrated healthcare facility, 3,925 multi-family residential units, two hotels, retail and restaurants.

“We started out with a vision of what this property could be and worked alongside the city of Richardson to make it happen,” said KDC CEO Steve Van Amburgh in a statement. “The development will have a great mix of amenities in a pedestrian-friendly environment that is inviting to corporate users and the community. The transit-oriented development will be a great addition to Richardson’s vitality.”

Last month, State Farm unveiled plans for a $600 million, five-building campus in downtown Tempe, Ariz., which will be similar to the North Texas operations hub. Dubbed Marina Heights, the project will include more than 2 million square feet of office and retail space on a 20-acre site adjacent to Tempe Town Lake.

Renderings courtesy of The Pantagraph