Public/Private Partnership in 99-Acre Project Will Debut Addison’s Unique Model for Large-Scale Sustainable Green Development
DALLAS – Town of Addison Mayor Joe Chow, the Addison City Council, City Manager Ron Whitehead, VIPs and other dignitaries were joined by UDR (NYSE:UDR) Chairman of the Board of Directors Bob Larson, Chief Executive Officer Tom Toomey and other key representatives from the company to break ground today on Vitruvian Park, a billion-dollar multifamily, retail and commercial development in Addison, Texas, a thriving community adjoining the north side of Dallas. 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.”
UDR Chief Executive Officer Toomey noted, “Vitruvian Park offers UDR the opportunity to demonstrate our company’s increased focus on high-quality development in exceptional locations. This wonderful site, surrounded by such a thriving town, is bringing UDR a ‘once in a corporate lifetime’ development opportunity and we are delighted to partner in its success with the Town of Addison. Vitruvian Park is a great step forward for our company and shareholders, as well as for this community.”
“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.
Vitruvian Park also introduces a new green-initiative program created by the Town of Addison that is the city’s own hybrid of Energy Star and Leadership in Energy and Environmental Design (LEED) standards to maximize efficiency and minimize environmental impact. These standards will be included in all of the 5,500 dwelling units and 300,000 square feet of office and retail space throughout Vitruvian Park. UDR, Inc. will also recycle much of the waste from the demolition, as well as utilize recycled materials in Vitruvian Park’s construction. The company expects to pursue LEED certification for the project.
Vitruvian Park’s residential and commercial district will feature both public and private amenities including lush landscaping, a spring-fed creek, other expansive water features with bridges, an amphitheater and a broad array of shopping and services within easy walking distance. The development will also encourage pedestrian traffic within the retail and residential areas through its traffic-calming design, widened sidewalks and proximity to the interior main street. Outdoor seating and convenient parking locations are also incorporated into the overall design to encourage pedestrian mobility.
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.
For more information visit www.vitruvianpark.com.
About UDR, Inc.
UDR, Inc. (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment trust (REIT) with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. For over 30 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates. Additional information can be found on the Company’s website at www.udr.com.
About Addison, TX
As the business and entertainment center for the north Dallas corridor, Addison is a great place to live, work and play for more than 100,000 people on a daily basis. Addison packs fine dining at more than 170 restaurants, 4,000 rooms at 22 hotels, nighttime fun, spectacular special events, upscale shopping, friendly neighborhoods, award-winning parks, and over 11 million square feet of office space within its 4.3-square-mile borders. Visit addisontx.gov for more information.