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Vitruvian Park Project Breaks Ground
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SPPRE Project "Vitruvian Park" Phase 1 Under Way
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| UDR, Inc |
Vitruvian Park is a public/private partnership between the Town of Addison and Real Estate Investment Trust, UDR, Inc. (NYSE:UDR) as project owner-developer. UDR broke ground on the $1 billion mixed-use project located approximately one mile north of I-635 / LBJ Freeway in Addison, Texas.
The six-phase, 99 acre development was designed to encourage pedestrian activity and introduces a new green-initiative program created by the Town of Addison. It will include residential and retail components, a spring fed creek, 3 parks, an amphitheater, widened sidewalks and improved parking. Phase 1, scheduled for completion in the first quarter of 2010 will include 667 apartments, 32,100 sf retail, and a 12 acre park. All phases expected to be completed by 2017.
SPPRE served as Public/Private Finance and Development Advisor to the Town of Addison. As a result of our advisory services, SPPRE reduced the requested
public participation from $58.9 to $39.9 million, or by $19.9
million (32.4%). SPPRE’s total fees were under budget and less than 0.3% of client savings.
For more informaton on this project please visit www.VitruvianPark.com
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John Stainback Authors a Chapter in ABA Book!
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American Bar Association:
Redevelopment: Planning, Law, and Project Implementation
| Editors: |
Brian W. Blaesser and
Thomas P. Cody |
| Product Code: |
5330098 |
| ISBN: |
1-60442-034-0 |
| Publication Date: |
June 26, 2008 |
| Pages: |
300 |
| Pre-sales available at the ABA Bookstore |
This book explores the complex process of development for a single use or a mix of uses and addresses important considerations in redevelopment planning, the applicable federal, state, and local laws, and implementing redevelopment ideas. The book will help readers to gain a better understanding of:
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The relationship between the various participants and institutions in the redevelopment process |
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The redevelopment process---from land assembly through the entitlement process, to ultimate management of the redevelopment |
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Current trends and future developments in this ever-evolving field |
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Three categories of redevelopment projects--public-driven, quasi-public driven, and private developer-driven |
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