With the new $1.5 billion CityLine complex and a $500 million project just announced next door, Richardson is one of the largest commercial real estate centers in the country.
Surrounding cities are getting passed by in the building binge. So how did this one-time farming community win the urban growth game?
Planners and city officials say it’s a combination of location, leadership and luck.
“We have a great location — the first suburb north of Dallas,” said longtime Richardson resident and architect Rick Ferrara. “We had a great school system in the formative years, and we still do.
“And we have the good fortune of consistent city leadership with a good vision for many years.”
Richardson is at the intersection of two of the region’s major roadways — Central Expressway and Bush Turnpike — and is served by DART’s commuter rail line.
“Certainly the toll road bordering the north side of the city made it very easy for both business and citizens to get to Richardson,” said Ferrara, who works with international architect Gensler.
It’s no coincidence that when State Farm Insurance decided it would build a regional campus for 8,000 employees, it found a spot next to the DART station at Central and Bush.
The surrounding 186-acre CityLine development being built by KDC will be one of the largest in North Texas.
Next door, a second, 54-acre project just starting will add even more office space, apartments, hotel rooms and retail.
“When we first started planning for all this, we thought it would take 20 years,” said Jim Wills, a partner in the latest development next to CityLine. “No one thought this would all happen so fast.”
Richardson was founded in the 1870s when the railroads first pushed into North Texas. But by the turn of the century, there were less than a thousand folks living in the little town about a dozen miles north of Dallas.
It wasn’t until the growth spurt after World War II that Richardson caught fire with home construction and development.
In the 1950s, the electronics industry set up shop, creating jobs.
“You have a foundation here that extends back 50-plus years — all the way back to the Collins Radio days — with a business-oriented town,” said Bill Sproull, president of the Richardson Economic Development Partnership.
By the 1990s, Richardson had become one of the country’s high-tech and telecommunications capitals. In 1992, the city trademarked the name Telecom Corridor to identify the booming business district along Central.
Since the dot-com bubble burst and the telecom crash in early 2000, insurance and financial services firms — not high-tech companies — have fueled Richardson’s new wave of growth.
“We have intentionally diversified who we are going after,” Sproull said. “We wanted to stay true to our technology roots, but we knew we needed nontech employers.
“We have access to one of the largest white-collar and technical labor forces in the metroplex,” he said.
These days, the area along Central should really be called the Insurance Corridor. Blue Cross Blue Shield and Travelers, in addition to State Farm, have big employment centers there.
Ferrara said the telecom bust, which left Richardson with millions of square feet of affordable office space, set the stage for the current prosperity.
“It gave us an inventory of buildings to grow into with a more diversified commercial base,” he said.
State Farm has moved into buildings that formerly housed Northern Telecom while it waits for its new CityLine campus to be built.
The city of Richardson has pumped millions of dollars in public-sector funding into new infrastructure, incentives for relocating companies and the revival of older areas.
Drive by the construction at CityLine, and it’s hard to argue with the results.
“Some of the other communities put millions into projects and nothing ever happened,” Ferrara said. “A lot of us didn’t think we would ever seen the densities we are now seeing in Richardson.
“We are creating environments that can weather the ups and downs of economic cycles.”
For more information, please contact me or visit my website:
Chris Boyington, Realtor, ABR
U.S. Army Veteran
Homes For Heroes www.homesforheroes.com/affiliate/chris-boyington Halo Realty Group 214-598-0221 cell
Author:HGR LEADS Phone: 214-239-1889 Dated: February 21st 2015 Views: 1,853 About HGR: ...
We understand that for many people, buying or selling a home is probably the largest investment decision that they will make in their lifetime. Halo Group Realty LLC thus became active in selling Real Estate in 2008 and was setup to make this process a simple and painless transaction. Your dedicated agent will guide you every step of the way to make purchasing or selling your home enjoyable and exciting… as it should be!
Today, Halo Group Realty LLC is at the cutting edge of technology in offering assistance to those in need of real estate services, and we have revolutionized the method of delivering education to consumers. Halo is established as the place for consumers to get the knowledge and assistance they deserve in the process of facilitating the Real Estate transaction, positioning you in the best possible situation to get the best price when you either to buy or sell. With leadership, innovation and forward thinking, Halo Group Realty, LLC is poised to make a huge impression in the real estate market while providing clients the keys to home ownership.
Our goal is to help make your dream a reality and take away all of the stress that goes along with purchasing or selling your home. Whether you are purchasing new construction, an existing home, or just an open space for future enjoyment, representation by a Halo agent is a valuable tool in making your dream become a reality.
Buying a home is one of the biggest investments you'll ever make. An
You have been the best real estate agent that I have ever dealt with. Your advice was invaluable. When I called you, I was about to give up on ever finding a home and you gave me hope. You showed me that there are agents out there that put more value in people than in profits. Thanks to you, we are moving into a wonderful home.
Thank you so much,