"Their (EDS) business needs have changed," Cindy Harris, Post's development associate for Windhaven, tells GlobeSt.com. EDS has foregone long training sessions that had required the housing component in favor of shorter timeframes, she says.
Harris says EDS had waited until the expiration of its long-term master lease and gave proper notice. EDS has master leased the community for a number of years, she says.
The Atlanta-based luxury developer had delivered the 20-acre complex in 1990. To date, Post has completed cosmetic improvements to some apartments, already leasing 150 units. The balance will be done as EDS vacates the balance of the 34-building community.
Harris says this marks the first time that Post has taken back a property in this fashion, but that it's also the only corporate master lease in the entire portfolio, as far as she is aware. Post Windhaven, located at 5201 Windhaven, is being converted into a family-oriented community as a result of EDS' pullout.
Post Properties also has leased up its third phase, totaling 264 apartments, in Addison Circle. The $21-million project is considered a flagship community, with a mix of for-sale and rental units, office buildings, retail and restaurants. The 80-acre undertaking is mortared in the New Urbanism philosophy for a pedestrian-friendly live, work and play setting. The public-private partnership's goal had been to create a town center for Addison, a north Dallas community that is attracting more empty-nesters and young professionals due to its proximity to downtown and readily accessible transportation, including a DART station.
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