News
Media contact:
Christy Hammons
Janie Maddox
Greenway Investment Company
Post Properties, Inc.
(214) 880-9009 ext. 5
(404) 846-5056
Eastside to revitalize
Richardson with upscale retail,
office and residential
-- Post Properties, Skyrise Properties and Greenway Investment Company to breathe life into prime undeveloped corner of Campbell Road and North Central Expressway --
DALLAS (December 1, 2005) – After years of anticipation, a prime parcel of undeveloped land located at the southeast corner of Campbell Road and I-75/North Central Expressway in Richardson soon will begin a transformation into an upscale shopping, office and residential community. Three well-known development companies will work together on the project, which will be called “Eastside” as a tribute to the long-standing neighborhood nickname for the portion of Richardson that lies east of North Central Expressway.
The new project is expected to change the face of the community, bringing more than 500,000 square feet of high-quality commercial, residential and retail space to the prominent intersection. The developers anticipate construction for the retail and office portions of Eastside to commence in the first half of 2006; construction on the residential sections will begin in the second half of the year. Retail space is expected to be open for business by the middle of 2007.
Eastside brings much-needed residential and retail balance to the evolving area. The development team includes Post Properties, Inc., (NYSE: PPS) an Atlanta-based real estate investment trust that specializes in multi-family development; Skyrise Properties, owner of the buildings leased and managed by Fobare Commercial; and Greenway Investment Company, a Dallas-based real estate investment company. The companies will work together to create the mixed-use development that will add upscale restaurants, shops, office space and urban lofts and apartments to the high-profile Telecom Corridor® area.
"The Eastside project is a marvelous vision of how office, retail and residential can intersect at the heart of Richardson," said Bill Sproull, president and CEO of the Richardson Chamber of Commerce and the Richardson Economic Development Partnership.
"With its high-end restaurants and retail shops, this will be a destination address, easily accessible via North Central Expressway and DART for residents and workers in the area, as well as for others in the Metroplex” Sproull continued. “Many high-tech employees and other workers here, plus others who want to live in a suburban setting but still have instant access via mass transportation routes to downtown Dallas and other parts of Dallas, will find the residential component very appealing. It's the kind of visionary project that Richardson relishes; the business community can't wait to see the development launched."
Sproull added that the Eastside development is just one more sign pointing to Richardson’s ongoing vitality as a place to live, work and play. Major employers such as Fujitsu, Nortel, Countrywide Financial Corporation, Lennox International, Samsung Telecommunications America, Blue Cross & Blue Shield of Texas, Fossil, Sherwin Williams, Texas Instruments, Hewlett-Packard and SBC Communications call Richardson home. Additionally, Richardson offers residents and business visitors alike easy access to amenities such as DART light rail, the University of Texas at Dallas and the Charles W. Eisemann Center for Performing Arts and Corporate Presentations.
At Eastside, the developers’ plans call for:
• 225,000 square feet of office space
• 450 apartment and loft residential units
• 90,000 square feet of retail space
• Easy access from DART light rail stations at Arapaho and Galatyn
Post maintains a development office in Dallas and is known nationally for building high-quality for-sale and for-rent multifamily homes. In Dallas, the company is well known for its Addison Circle community, a pedestrian-friendly village of homes, shops, and offices that serves as a town center for the city of Addison, west of Richardson. Post also guided the renaissance of Uptown Dallas in the early 1990s by building a thoughtful mix of housing and retail on many key tracts in the once-blighted area. The company was also the first residential developer at Legacy Town Center in Plano. The company is active in nine markets nationally, including Houston, Tampa, Dallas, New York City, Atlanta and Washington, D.C.
“We’re very excited to be the residential partner at Eastside,” said David Ward, regional investment director for Post. “Post is committed to excellence, and we believe Eastside has potential similar to what we saw in some of our other Dallas mixed-use projects, including Addison Circle and Legacy.”
Greenway Investment Company has been involved in the development or redevelopment of mixed-use facilities throughout the Dallas/Fort Worth area. Skyrise Properties owns numerous buildings throughout Dallas including the former Ericsson Center, Richardson Corporate Park in Richardson, and Preston One in North Dallas.
Retailers interested in securing space at Eastside should contact Dennis Leibovitz and Mitch Traub, The Retail Connection, 214-572-8425.
About Post Properties
Post Properties, founded more than 30 years ago, is one of the largest developers and operators of upscale multifamily communities in the United States. The Company’s mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (REIT), the Company focuses on developing and managing Post® branded resort-style garden and high density urban apartments. In addition, the Company develops high-quality condominiums and converts existing apartments to for-sale multifamily communities. Post Properties is headquartered in Atlanta, Georgia, and has operations in nine markets across the country.
Post Properties owns 21,791 apartment homes in 58 communities, including 545 apartment units in two communities held in unconsolidated entities and 205 apartment units in one community currently under development. The Company is also developing 145 for-sale condominium homes and is converting 248 apartment units in two communities (including 121 units in one community held in an unconsolidated entity) into for-sale condominium homes through a taxable REIT subsidiary.
About Skyrise Properties LLC
Skyrise Properties LLC is a commercial real estate company that owns millions of square feet of office and retail space throughout the United States. Fobare Commerical is the leasing and management organization for Skyrise Properties. Skyrise and Fobare team members are experienced real estate professionals who have worked together since 1989. Team members are not only chosen for specific skills in their day-to-day tasks, but for their overall knowledge of the real estate business.
About Greenway Investment Company
Greenway Investment Company, a Dallas-based real estate investment company founded in 1977, invests in and develops shopping centers, office buildings and credit single-user projects throughout the Southwest.
