New DART station could bring $200M impact

transit-oriented development

Marci Gilbert, Feb 05, 11.

The recent rezoning of 143-acres of land near the DART Bush Turnpike light rail station in Richardson could bring $200 million in fiscal economic impact through a transit-oriented development project, officials said last week according to the Dallas Business Journal:

The open land could bring development opportunities similar to other transit-centric development projects, including retail, residential and office space, said Gary Thomas, president and executive director of Dallas Area Rapid Transit (DART).

“Housing will be a big part of it, and the other part is people want to work near a station,” Thomas said. “There are all kinds of opportunities.”

US Trust, Bank of America and the Estate of W.W. Caruth Jr., which owns the Caruth Properties, own the parcels of land.

The landowners told the Richardson City Council the rezoning could eventually have more than a $200 million fiscal impact on the city and Plano Independent School District. There are several restrictions from the landowners, such as a maximum of 3,250 multifamily units and a first floor minimum of 15-foot floor-to-ceiling height, among other restrictions.

The site is located off DART’s north-south Red Line and planners hope to eventually have an east-west light rail connection providing access to University of Texas at Dallas and Dallas/Fort Worth International Airport.

Source: Dallas Business Journal