Sunday, May 11, 2008

UDR, Inc. breaks ground on billion-dollar mixed-use development in Addison

By Pegasus News wire

ADDISON — Town of Addison Mayor Joe Chow, the Addison City Council, City Manager Ron Whitehead, VIPs and other dignitaries were joined by UDR Chairman of the Board of Directors Bob Larson, Chief Executive Officer Tom Toomey and other key representatives from the company to break ground this week on Vitruvian Park, a billion-dollar multifamily, retail and commercial development in Addison.

Photo not provided by UDR

Vitruvius had a special knack for getting your attention

The development is approximately one mile north of I-635/LBJ Freeway between Midway Road and Marsh Lane in Addison’s southwest quadrant. In addition to being the largest development ever undertaken by major real estate developer UDR, Inc., the 99-acre, billion-dollar development is also Addison’s first major sustainable green initiative.

“Vitruvian Park is the type of high-quality development envisioned by Addison leadership and demanded by our growing residential and business population, as well as our numerous visitors,” said Addison Mayor Joe Chow. “We deeply appreciate UDR working with our town to give us the opportunity to have our visions come to fruition of a greener Addison with a sustainable, world-class community. UDR is helping us to create a community that will not only be the envy of this region, but of every city in America.”

“Addison is very excited to have the opportunity to participate with UDR to help bring this exemplary project to reality,” stated Addison City Manager Ron Whitehead. “By our cooperative work, we are creating a dynamic neighborhood that demonstrates Addison’s, and UDR’s, commitment to ensuring a great quality of life for the residents and the surrounding area for years to come.”

Named after Vitruvius, the renowned Roman architect, Vitruvian Park is designed to embrace his concept of designing to human scale. Vitruvian Park’s human-centric layout will encourage pedestrians to move around freely and efficiently. The development designers have gone to great lengths to minimize walking distances and provide an abundance of outdoor spaces and features to keep people interconnected with their homes, businesses and natural surroundings.

The first phase is currently designed to feature 667 multifamily 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. The housing completed in the first phase is expected to provide about 875 new residents to Addison. All phases of Vitruvian Park are expected to be completed in 2017.

Source: UDR

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