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

IRVING, TX-The Las Colinas Land Association will soon be asked to vote on a development plan for a transit-oriented project. The 86 acres in question, currently under option, overlook the Four Seasons’ TPC golf course and lay beside a just-sold 246,664-sf trophy office building.

The 4,000-member association members must sign-off on the project because it requires changing the land use to include residential. Once the notice goes out, which will be in 30 to 45 days, the clock begins ticking for a vote within 60 days.

Several sources have confirmed that Opus West Corp.’s Dallas team, which developed the just-sold building, has a purchase option for 86 acres, known locally as the Carpenter Ranch homestead, with GTE Realty Corp. A cast of veteran players in the Las Colinas market are underwriting dynamics of a deal being fueled by Dallas Area Rapid Transit’s plan to put a light-rail station on the land, which fronts Hidden Ridge Drive and Texas 114, and seed a second transit-oriented development in Las Colinas.

The site easily stands up to the development litmus test, with part of the acreage overlooking the seventh fairway of the TPC golf course at the Four Seasons Resort & Club Dallas at 4150 N. MacArthur Blvd., owned by Los Angeles-based BentleyForbes Group. The site also abuts Two MacArthur Ridge at 909 Hidden Ridge Dr., developed in 1999 by Opus and bought just last week by Las Colinas’ largest single landowner, Houston-based Hines, from CalSTRS and ING Clarion Partners LLC. Sources say the Cushman & Wakefield of Texas Inc.-brokered deal brought roughly $120 per sf despite the upcoming 165,000-sf vacancy, which reportedly already has several would-be tenants vying for the class AA space.

GTE Realty, a division of New York City-based Verizon Communications Inc., reportedly plans to keep part of the $50 million-assessed regional campus at 600 Hidden Ridge Dr. and sell the lion’s share of its surrounding vacant land. Internet research shows GTE Realty Corp. bought 56 acres of Opus’ optioned tract in 1997 for $20 million to expand the buffer zone around its 1.2-million-sf headquarters. The job of finding a buyer in today’s world has been handled by C&W’s Daryl Mullin and Robert Edge in Dallas. Neither C&W nor Opus would comment on the development plan.

“The critical part of it is the station that is going through there,” Charles Cotten, principal of CSE Enterprises, tells GlobeSt.com. “It requires transit-oriented development. I think the people will support it.” Cotten and partner Bobby Stewart have been hired to help plan and secure local approvals for the transit-oriented development.

Although it’s early in the game, the development plan will have retail, for-sale and for-rent multifamily product and single-family lots. “Having a rail, lake and golf is why it works for residential so well,” Cotten says. About 20 acres are tentatively reserved for multifamily development, including townhouses and condos.

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