Trammell Crow Residential (TCR) plans several multifamily developments as part of large mixed-use projects in California and Texas. A joint venture led by TCR plans to develop Alameda Point, a $500 million mixed-use project located in the Bay Area city of Alameda. TCR also plans to build a 5-story apartment complex at Legacy Central, a $300 million refresh of Texas Instruments' former Plano facility.
Alameda Point Partners (AAP), which includes srmERNST Development Partners, Madison Marquette, Eden Housing and Cypress Equity Investments, officially closed on the transfer of approximately 30 acres for Site A of the mixed-use, transit-oriented waterfront development.
The first phase of Site A will consist of 673 housing units, including 130 units for low- and very-low-income households and 310 units for middle-income households; eight acres of parks and open space; funding for the Seaplane Lagoon Ferry Terminal; and 93,000 square feet of retail space. Completion of the new infrastructure is expected over the next two to three years, with the first new residences scheduled to open in 2021.
AAP negotiated the sale of several parcels to various builders and developers to coincide with the sale and transfer of the first 30 acres:
Upon buildout, the 68-acre, master-planned development will bring 800 residential units, including 200 affordable units; up to 600,000 square feet of commercial space; 15 acres of parks and public open space; major utility infrastructure benefiting the entire property; and new transportation services and facilities, including a new ferry terminal.
In Texas, with offerings ranging from a massive food hall to Toyota’s North American headquarters, leisure and business visitors are flocking to Plano. Now, developers are hoping to keep those visitors in the city with apartments planned on a former Texas Instruments campus.
The mixed-use development is located at U.S. 75 and Legacy Drive, and the rental units will be located on the 84-acre project’s south end.
The first 385 apartments are being built on a former surface parking lot and are expected to deliver in late summer or early fall 2019.
Los Angeles-based Regent Properties bought the 1 million-square-foot TI campus in 2016 and has since remodeled four existing buildings into office space. It has also added conference and fitness facilities, and a parking garage is under construction.
Along with those projects, the city of Plano has approved zoning for roughly 700 apartments, retail space and a hotel.
Reported by REBUSINESS ONLINE and The Dallas Business Journal (March 21, 2018)
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