Real estate services firm Cushman & Wakefield is leading the effort to identify a master developer for a high-density, mixed-use project.
The City of Richardson along with leading real estate services firm Cushman & Wakefield today issued a request for proposals (RFP) seeking a master developer for a high-density, transit-oriented development (TOD) opportunity at the Dallas Area Rapid Transit (DART) Arapaho Center Station. The estimated 14.47-acre site, located in the 1000 block of North Greenville Avenue just north of Arapaho Road and just east of US 75, is situated at a major entry point to the 1,200-acre Richardson Innovation Quarter (The IQ®), the City’s opportunity-rich innovation district.
To access the RFP, visit www.arapahocenterstationtod.com.The deadline for proposal submissions is Tuesday, June 7, 2022 by 2:00 p.m. CDT.
RFP Goal: Create A TOD Portal for The IQ®
Through this RFP, the City is seeking to maximize the benefits of the Dallas Area Rapid Transit (DART) Arapaho Center Station site at The IQ®’s entrance by creating an Innovation Hub – a cutting-edge, mixed-use development where corporate users, students, employees and visitors are encouraged to create, exchange and take part in next-generation technologies, product streams and ideas from some of the world’s most innovative and prolific firms and institutions. Upon completion, the new development at Arapaho Center Station will include traditional and co-working office space, specialized space for emerging industries, retail shopping and dining, and modern housing.
The IQ® Partnering Efforts: City, DART and The University of Texas at Dallas (UT Dallas)
The site is owned by DART and is currently used for commuter parking and a bus transit station. An additional 24 acres of land sit immediately adjacent to the DART property, which could be part of the overall masterplan, depending on adjacent property owner interest.
The Richardson Innovation Quarter is built on years of City planning efforts, as well as a massive City-initiated rezoning completed in 2019. Today, The IQ® is becoming an aspirational center of collaborative innovation and entrepreneurship, providing a place where different-sized businesses across a variety of industries come together to thrive and support one another within Texas’ premier hub for tech-oriented innovation.
The IQ® is also home to a recently modernized, 27,500-square-foot facility at 1302 E. Collins Blvd. that will soon house the City’s newly established Office of Innovation & Placemaking Initiatives, as well as five newly created UT Dallas research centers and an extension of the university’s Venture Development Center. This new “HQ of The IQ®” is scheduled to open this summer.
“The City of Richardson previously worked closely with the development community on successful transit-oriented development projects at the CityLine, Galatyn Park, Spring Valley and UT Dallas light rail stations,” said Richardson Mayor Paul Voelker. “Now we have a once-in-a-lifetime opportunity to realize our vision for Richardson’s last remaining light rail station, right at the entry to our innovation district. That is why we have been thoughtfully, actively preparing the site over the past five years, working closely with property owners and nearby stakeholders while removing barriers for the development community. We cannot wait to hear from master developers who can help us fully realize our ambitions.”
Global Commercial Real Estate Services Firm Chosen to Lead Effort
Maureen Kelly Cooper, Chris Harden, and Austin Little of Cushman & Wakefield’s Dallas office are leading marketing efforts and providing brokerage and advisory services on behalf of the City of Richardson.
“This premier site, located off Highway 75 and Arapaho Road, will leverage the existing relationship with the Telecom Corridor® area companies and UTD to become the gateway to Richardson’s emerging Innovation Quarter,” said Cooper. “This mixed-use development will draw start-ups as well as ‘scale-ups’ due to its centralized location, access to transit and ability to attract and retain a highly educated workforce.”
“We are excited to officially launch this RFP and look forward to engaging with developers to create a best-in-class development to complement Galatyn Park and CityLine, geared toward cutting edge research and technology that will hopefully energize larger corporations nearby,” Harden added. “We anticipate development will be driven by higher density housing that supports the Innovation Hub along with ground level retail amenities and open space.”
Multi-Modal Transit Site
Arapaho Center Station will serve as the primary gateway to everything the Richardson Innovation Quarter has to offer. A reimagined DART train and bus transit center will create a regional mobility hub to encourage users to utilize non-traditional modes of transportation and ride sharing. Additionally, the incorporation of improved walkable infrastructure, bike facilities and ‘bot-ready’ infrastructure will bolster the development’s ability to support a multi-modal transit model and next-generation technology.
About the Richardson Innovation Quarter
The Richardson Innovation Quarter, also known simply as Richardson IQ® or The IQ®, is a 1,200-acre urban hub in Richardson, Texas, with a rich heritage of innovation and entrepreneurship. As Texas’ premier tech hub, The IQ® is the City of Richardson’s living laboratory for big ideas and groundbreaking technology. The IQ® has historical significance as a home to Richardson’s leading technology and telecommunications firms making up the heart of the larger Telecom Corridor® area. Today it is home to Argo Data, Digital Realty, Ericsson, Honeywell, id Software, Raytheon, Siemens, Verizon and a multitude of smaller nano and other technology operations. In addition, corporate research and development, manufacturers, educational institutions, nonprofit organizations, restaurants, entrepreneurs, designers, researchers, inventors, educators and students also represent a prominent presence within The IQ®. The Richardson IQ® comprises more than half of Richardson’s businesses and is home to 20 percent of the community’s employment base. For more information, visit.
About the City of Richardson
The City of Richardson is widely recognized for its commitment to excellence, its rich history and its bright future, all of which make Richardson a smart choice for residents and businesses. Known globally for its high-tech business leadership, the City of Richardson also offers a high quality of life, diverse array of neighborhoods, convenient Metroplex location, multi-modal transportation infrastructure and outstanding City services. Richardson has been repeatedly recognized as one of the top places to live and work by the national media, and the City remains dedicated to continuous improvement, as well as to the principles of open government and two-way communications with residents. To learn more, visit www.cor.net.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
