Embrey Partners Starts Work on Infill TOD in Richardson
- Mar 31, 2014
San Antonio-based Embrey Partners Ltd. has commenced construction of GreenVUE, a Class A, transit-oriented development in the heart of the Telecom Corridor.
The upscale community will sit on an 11.3-acre infill parcel at 1350 N. Greenville Ave. in Richardson, within walking distance of the DART Redline Arapaho Station. It consists of three- and four-story, contemporary buildings featuring a unique combination of tuck-under private garages and structured parking.
“As the most significant and unique high-tech business concentration in Texas, Telecom Corridor is a particularly exciting development for us,” said Trey Embrey, president of Embrey Partners, in a written statement. “We have carefully researched the area and the market, and are confident we can successfully and competitively enter the area and deliver the best value to both our renters and partners with this project.”
Specifically designed to cater to the young Millennial demographic, the property will offer more than 400 luxury one- and two-bedroom urban apartment homes, ranging from 650 to 1,450 square feet. Interiors feature granite countertops, wood-style flooring, standup showers, and upgraded lighting and plumbing packages. Additionally, the lifestyle-oriented complex will showcase an expansive 8,500-square-foot clubhouse with ample amenities and social areas.
Leasing is expected to start this summer, with completion scheduled for 2015. Wells Fargo is providing construction financing for the project.
The GreenVUE community will be less than three miles away from the new State Farm Insurance regional campus at CityLine. Touted as the largest lease deal in Dallas history, the 2 million-square-foot State Farm campus will house thousands of employees in four state-of-the-art buildings, as previously reported by Commercial Property Executive. The Bloomington, Ill.-based insurer says it will start using the new offices beginning in late 2014, with moves occurring throughout 2015.
GreenVUE is not Embrey’s first foray into the Metroplex housing market. The developer recently completed and sold a 7.35-acre, 353-unit luxury multi-family community located at 4800 Keller Springs in Addison. “It was another infill project that attracted a lot of attention from renters,” said John Kirk, Embrey’s senior managing partner on the project.
Rendering of GreenVUE courtesy of Embrey Partners via Businesswire