(For more retail coverage, click GlobeSt.com/RETAIL and the multifamily market, click here.)

RICHARDSON, TX-With nearly two years invested into the planning, Legacy Partners Residential Development Inc. has taken down a 4.3-acre tract at the heart of Galatyn Park. Construction will begin Jan. 2 on 285 apartments and about 6,000 sf of Main Street-style retail.

The Foster City, CA-based Legacy and New York City equity partner, BlackRock Realty Inc., plan to begin delivering the Venue in spring 2008. Completion is eyed for late 2008. The musical/theatrical design theme plays off its front row-seat location to the city’s Charles W. Eisemann Center for the Performing Arts.

“It has taken awhile to get the project designed and permitted,” Spencer Stuart, Legacy’s senior vice president and partner, tells GlobeSt.com. “We are very enthusiastic about this project and we think it’s one of the best infill sites in the city. It will be a well-received apartment complex.” The design process has resulted in seven more apartments and roughly a 1,000-sf reduction in the retail component. The all-in development cost hovers $34 million.

The Venue will sit at 2301 Performance Dr., right across the street from regional headquarters office of Calabasas, CA-based Countrywide Financial Corp. and less than a mile from the one-million-sf regional campus for Blue Cross/Blue Shield, which also is slated to begin rising in January. “We have a lot of potential renters in both of those,” Stuart points out. The land also is just 500 feet from DART’s Galatyn Park light-rail station, fronts the Renaissance Richardson Hotel and abuts an empty eight-acre tract that the seller, Galatyn Park Corp., has earmarked for more office and retail space in the city’s 500-acre centerpiece.

The Venue, designed by locally based Humphreys & Partners Architects LP, will be a mix of four- and five-story buildings with a pre-cast structured parking garage. Units will range from 634 sf to 1,860 sf. The average monthly rent will be $1,345. Milestone Management of Dallas will oversee the finished product. Andres Construction Services of Dallas is the general contractor. Guaranty Bank provided construction capital.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.