UDR, MetLife Form Partnership for Luxury Development in Addison
- Aug 19, 2013
By Amalia Otet, Associate Editor
Denver-based UDR Inc. formed a partnership with MetLife Inc. to own and further develop the master-planned community known as Vitruvian Park in Addison.
UDR began construction on the 126-acre Vitruvian Park in 2008. Located just northwest of I-635/LBJ Freeway and the Dallas North Tollway between Midway Road and Marsh Lane in Addison’s southwest quadrant, the community will ultimately comprise four cohesive yet distinct neighborhoods: Park Side, Fountain Square, Market Square and South Gate.
All told, the master plan calls for as many as 6,000 dwelling units, along with a state-of-the-art 12-acre park and approximately 200,000 square feet of supportive office and retail space.
MetLife shelled out $145 million to become half owner of the recently completed LEED-certified Savoye and Savoye Squared apartment complexes, as well as the Fiori residential community, which is still under construction, according to The Dallas Morning News. The partnership also includes 28.4 acres of developable land parcels where the venture will be able to build approximately 2,000 to 2,500 homes and 45,000 to 50,000 square feet of retail space. Additionally, the two companies will jointly own and operate two A-quality, high-rise communities located in downtown Denver (Acoma) and San Diego (Current).
Combined, the Savoye and Savoye Squared luxury communities contain 739 homes with a cost basis of $136.4 million, as per company statements. Occupancy rates for both properties are running at above 94 percent.
Fiori contains 391 homes under development and had a $98.4 million price tag, which was 93 percent funded in June 2013 and subject to a GMAX agreement with the general contractor.
Located at 3990 Vitruvian Way in Addison, Fiori offers one -, two- and three-bedroom apartment homes finished in granite, stainless steel and hardwood. The apartment units feature distinctive design elements such as frameless showers, surround sound, freestanding tubs, California closets and energy-efficient appliances. Community amenities include a penthouse lounge; climate-controlled, resident wine storage; a waterfall courtyard with fire pit, pool and sun deck area; a business center; art sculptures; concierge services; as well as on-site maintenance.
The Vitruvian Park development has enjoyed continued support from the town of Addison. To date, Addison has invested $23.3 million of a $40 million commitment to enhance project-related infrastructure.
Renderings courtesy of UDR